Fri, 21 May 2010 | BUSINESS SALE
The company behind the Priory rehab clinic could be privately sold by the Royal Bank of Scotland (RBS), after plans for a public offering were dismissed.
RBS, as the majority owner of the Prior Group, is looking to dispose of the company as part of efforts to raise more than £1 billion. Plans to float the business were shelved due to turbulence in the capital markets, and RBS is understood to have held discussions with several private equity groups about the sale.
While the group is most famous for its Roehampton celebrity rehab facility, its portfolio includes more than fifty hospitals, care homes and schools across the UK.
While no formal sale process is yet underway, the cogs have been set in motion in recent months, after RBS was approached by a number of interested investors. An insider said full due diligence has not yet taken place but some aspects had become clear. "An IPO is not the right direction for this kind of business so a private sale is now much more likely," he said.
The Priory decided to look at an IPO last year, with hopes that the stock market would continue to rally into 2010. The market turbulence since Easter, however, has seen several companies that were looking at flotations call them off.
Neither the Priory Group nor RBS have formally commented on the situation.
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