Mon, 17 May 2010 | BUSINESS SALE
A handful of private equity groups are competing to buy a group of motorway service stations, which is being sold in the latest restructuring of assets backed by Lloyds Banking Group's distressed debt.
Swayfields, which has a portfolio of stations worth £240 million, entered administration this year after a struggle to service its debt. Most of the debt was from loans from Lloyds, although some debt was lent from Deutsche Postbank.
Administrators PwC have entered negotiations with M3 Capital Partners, but other interested parties including Pears family-owned Telereal Trillium, and private fund manager Mountgrange.
M3 is thought to have entered a bid of around £240m for the nine sites in the sale, which is £10 million less than the total debt of £250m understood to be backing the properties.
Accepting that offer would lead to a minimal loss for Lloyds, although the write-down would be relatively limited when considered against other problem loans elsewhere in its portfolio of properties.
Swayfields – the smallest of the major motorway chains – is the latest sale aimed at recovering as much as possible from Lloyds' problem debts. The total yield would be less than six per cent.
The chain's annual revenues were £13 million, but chose to enter administration in March in order to facilitate the restructuring of its profitable operations.
We are delighted to present an exceptional opportunity to acquire an illustrious establishment nestled in the heart of Downton, Wiltshire. This well-established gastro pub offers a unique chance for investors and aspiring publicans to own a thriving...
LEASEHOLD
Introducing a successful British contracting firm that has seen remarkable growth under their visionary leadership. As a respected player in the industry, they specialise in hassle-free renovation projects that are in high demand among both residenti...
A well-established family business that has been in operation for over 40 years, covering London and the Home Counties. Founded in 1979 by the current owner’s late father, the business has a rich history of success. Since 1983, it has expanded its se...
08
|
May
|
Assets to be sold as steel processing firm ceases trading | ADMINISTRATION
A steel processing business based in the Liverpool City Regi...
07
|
May
|
In vitro diagnostics regulatory consultancy acquired by listed firm | BUSINESS SALE
Abingdon Health, a listed diagnostic test manufacturer based...
07
|
May
|
UK administrations update: April 30 – May 7 | ADMINISTRATION
Since our last update, the following businesses have been co...
08
|
May
|
Assets to be sold as steel processing firm ceases trading | ADMINISTRATION
A steel processing business based in the Liverpool City Regi...
07
|
May
|
Plant and vehicle hire group acquired out of administration | BUSINESS SALE
A Leicestershire-based supplier of specialist plant and vehi...
07
|
May
|
UK administrations update: April 30 – May 7 | ADMINISTRATION
Since our last update, the following businesses have been co...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.