Thu, 27 Jan 2011 | DIVISION SALE
Derek Coates is preparing to sell his vitamin supplements business as he looks to cut down his own workload.
Deloitte was brought in last year to begin the sale process for Guernsey-based Healthspan, which is said to be valued at £150 million. Second round bids are to be received over the next few weeks, with the aim of finalising a deal in the next couple of months.
Entrepreneur Derek Coates, who also owns the Guernsey airline Blue Islands, two hotels and some other properties on the island, said he felt "some reduction in my workload would be a wise move".
"If a sale should proceed, which is by no means certain, then this will not change the existing management or the running of the business or affect any staff employment or Healthspan's relationship with its customers," Coates added.
Established in 1996 by Coates, Healthspan has grown rapidly. It sells own-brand, low cost vitamins, minerals and health supplements. Customers can order products through the website or by mail order.
Healthspan is the only part of Coates business empire that has been put on the market.
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