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.
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Two Partner Solicitors’ Practice based in Mid Essex. The Partners are interested in selling as a going concern due to their wish to pursue other activities but both would consider remaining as consultants after disposal to assist with a smooth transi...
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Two partner solicitors’ practice on the Berkshire/Surrey borders. The Partners would be interested in potentially merging the practice with a forward looking firm for the mutual benefit of all parties. Offers invited.
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