Mon, 17 Sep 2012 | BUSINESS SALE
The sale of Citation is nearing completion as the company's owners have received a number of offers from private equity and trade buyers.
The employment law and health and safety consultancy is based in Wilmslow and a deal is expected to be reached before the end of the year.
At the moment, PwC corporate finance experts are advising the shareholders on the sale process. Paul Hogarth has a stake of around 45 per cent, while chief executive Lindsay Hill has a 30 per cent stake. Chairman Anthony Bloor, investor Phil Hughes and finance director Julie Moran also hold shares in the business and stand to benefit from a windfall when a sale goes through.
A source commented to the Manchester Evening News: “There's a lot of interest in the business and quite a number of bids have been made. These are currently being sifted. A deal could take place within the next couple of months.”
Citation was founded in 1995 and has 220 staff, including 130 in its headquarters. Its other employees work on a consultant basis nationwide, offering assistance to SMEs on matters such as regulatory compliance, disciplinary and grievance issues and redundancy programmes.
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