Fri, 25 May 2018 | BUSINESS SALE
Electra, one of the City's most reputable investment firms, has put itself up for sale after 42 years just two months after activist Ed Bramson stepped down from the board.
The private equity group, which is still 29.9 per cent owned by Mr Bramson's investment vehicle Sherborne, has announced the appointment of investment bank Greenhill as part of the wind down process, signalling that long-term plans will be either the full sale of the business or the division of the business into separate parts.
According to Electra, which owners TGI Fridays and Hotter Shoes, the firm is not currently in talks with potential buyers and is open to offers from any interested parties.
They added: "However, the company has received expressions of interest from several parties regarding certain groupings of portfolio assets and also for the entire portfolio."
According to reports, Electra has been struggling since Sherborne built up its stake, with resulting in Mr Bramson taking the lead for almost two years. However, Electra now only manages £317 million of investments and has stopped making fresh investments in light of the potential sale.
Mr Bramson, who took control of the group in 2015, announced that he would be stepping down in March after launching an assault on British banking giant Barclays, having built up more than a five per cent stake in the company.
Although it has been confirmed that he met with the banking group, neither Mr Bramson nor Barclays has publicly commented on his proposals.
Legal practice primarily providing high volume fixed fee conveyancing, will writing and probate services, predominantly to a private client base, across England and Wales. The company covers 13 specialisms, with growing penetration of commercial & ni...
Independent brokerage firm specialising in arranging the placement of cash deposits for a number of the UK's largest asset managers, the company works with a network of leading banks, suited to the criteria of its clients. The company assists clients...
Recruitment consultants specialising in permanent executive and senior-level positions in the legal sector. Offers a comprehensive range of services including advertising campaigns, contingency search, search and selection, CV advice, interview prepa...
|
19
|
|
Jan
|
Luxury lodging group enters administration | ADMINISTRATION
An Essex-based company which operates eight luxury lodge par...
|
17
|
|
Jan
|
Fine paper business enters administration | ADMINISTRATION
Arjowiggins UK, which operates a number of trading companies...
|
15
|
|
Jan
|
Hawk Plant enters administration | ADMINISTRATION
The Shropshire company, that has previously undertaken landm...
Sign up to receive our acquisition alert emails to get your FREE guide
|
02
|
|
Feb
|
Owner of TGI Fridays UK considers sale | BUSINESS SALE
The owners of the UK division of US-inspired casual dining c...
|
15
|
|
May
|
Britain's largest caravan park company may soon be up for sale | BUSINESS SALE
Parkdean Resort, the largest caravan park company in the UK,...
|
04
|
|
Jan
|
Grainger to sell retirement division for £325 million | DIVISION SALE
Property management company Grainger has done the paperwork ...
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