Mon, 04 Jan 2016 | DIVISION SALE
Property management company Grainger has done the paperwork for sale of its retirement services arm, in a deal tipped to be worth £325 million.
The buyer, Turbo Group Holdings, owned by Patron Capital Partners and Electra Private Equity, will be taking on Grainger Equity Release Ltd, Grainger Equity Release Management, and the division's 3,671-strong residential property portfolio, and its home reversion brand Bridgewater.
The estimated £325 million to Grainger will manifest as £175 million in cash and the transfer of £150 million of debt to the buyer, to be secured on the assets sold.
The deal is set to be completed on or before 30 May 2016.
Gross sales of £35.9 million, with profits of £6.1 million and a loss before tax of £5.4 million was posted for the year to 30 September 2015.
Grainger, established in Newcastle in 1912 to buy and manage residential property, plans to use the net funds of the sale to bring down its debt and plough some cash back in to the development of its private rented sector business.
Helen Gordon, chief executive for Grainger, said: “This is an important transaction for Grainger. It accelerates the transition to a business focused on the residential rented sector and will simplify the group.”
Find a business for sale
Il Bacio Express, an authentic Sardinian restaurant which was established by our client in 2000. Our client is now looking forward to moving back to Sardinia. Il Bacio Express opened in 2000 as a pizza and pasta café. Since then the business has grow...
LEASEHOLD
Specialises in providing complete, responsive loss adjusting services for property, motor, goods in transit and liability insurance claims. The shareholders are offering the business for sale due to their retirement plans. Offers invited.
FREEHOLD
Gas leakage repair solutions and pipeline corrosion protection to the utilities industry. Strong second-tier management team in place able to run the day-to-day operations of the business. Offers invited.
LEASEHOLD
|
22
|
|
Jan
|
Jewellery retailer enters administration | ADMINISTRATION
A Nottingham-based jewellery and watches company has fallen ...
|
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...
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...
|
16
|
|
May
|
Sale of Peverel property company officially started | DIVISION SALE
The sale has begun of the administration-struck property com...
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