Styles & Wood ends talks with suitors
SHOPFITTER Styles & Woods has ended talks with potential suitors in a move that will see the Altrincham firm remain on the stock market.
The news follows last week’s announcement that it had struck a refinancing deal and will raise cash through a new share offer to take the strain off its balance sheet.
Styles & Wood will raise £12.25m in a share offer and swap £22.7m of bank debt for equity.
Its banker has also committed to advance a further £5.1m to support the group’s long-term strategy as part of the renegotiation of Style & Wood’s £28.5m bank facility.
In March, the group revealed it was exploring a number of options including a potential equity fund raising and sale to private equity in a move to strengthen its balance sheet.
However, following the refinance deal, Styles & Wood said it is “no longer examining a potential sale and has ceased all talks with potential acquirers”.
Last year the group’s former chairman Gerard Quiligotti and chief executive Neil Davies failed in their attempt to take the group private. Both then stood down from the board. Mr Davies, who had been with the firm almost 15 years, was replaced by Ivan McKeever last June.
