Pochin’s confirms takeover approach

CHESHIRE construction group Pochin’s has confirmed that its property development director James Nicholson has made an approach to potentially buy the company.

The company, responding to some fluctuation in share price – shares closed last night at 45p a share – said Mr Nicholson and the members of the Cedric Pochin concert party had not yet made an offer and that the approach may or may not lead to a cash offer with a share alternative being made for the company.

It did say that the indicative offer received was below the closing mid-market price of a Pochin’s share of 41p on 6 December 2013.

Pochin’s saw losses widen in the year to May, reflecting the tough environment in the sector and lower property values.

During the period the Middlewich-based company reported a pre-tax loss of £6.7m, down from £1.1m, on revenues of £77.9m, up from £71.6m.