Fri, 17 Dec 2010 | BUSINESS SALE
The Queen's favoured paint firm, Crown Paints, has been put up for sale with a price tag of at least £100 million.
The sale comes just two years after the firm was subject to a £70 million management buyout, backed by turnaround specialist, Endless, from then owners, Dutch chemical firm Akzo Nobel. Endless has now appointed advisers to explore strategic options for the prestigious company.
Figures released last week showed that the Lancashire-based business was on course to double its underlying pre-tax profits to £20 million for 2010, on sales of £180 million. Only earlier this year the company managed to secure a £25 million funding programme that allowed for significant investment in its plant and machinery and the revamping of its 120 decorator centres.
An insider said Endless was looking to capitalise on its investment in the company while the timing was right and the strong management team remained in place.
"It's been a fantastic investment for Endless, which has now appointed advisers and will be looking to sell the business for more than £100m during 2011," the insider said.
The company has been under the leadership of CEO, Brian Davidson, who has succeeded in bringing the business out of the red in 2009, through a restructuring of its operations and management and the shedding of 150 jobs. Strong promotional strategies and a number of product launches have seen Crown Paints increase its UK market share by two per cent to 19 per cent.
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