Jones seeks legacy and rules out UKFast sale
ENTREPRENEUR Lawrence Jones has denied speculation that he is looking to sell his data centres business UKFast, and says he has shunned a £200m deal.
In the last few weeks several credible corporate finance sources told TheBusinessDesk.com that a sale process was active, but Mr Jones said he plans to create a “legacy” at the Manchester-based business.
He made the comments as the company announced an 18% lift in revenues to £23m in the year to December, and a 35% increase in earnings before interest, tax, depreciation and amortisation to £8.2m.
“The people I admire, Richard Branson and locally the Timpsons and the Oglesbys (owners of Bruntwood), have retained and grown their brand, and that is what I plan to do.
“There will be a time one day when I want to hang up my clogs I’m sure, but it’s not in my thinking at all. I have quite recently turned down a £200m offer from a private equity firm. It was very flattering to receive such an offer, but UK Fast is a family business – it’s almost like one of my children – so I said ‘no’.”
He said the speculation in relation to a possible sale was probably sparked by meetings he has had in the last few months with advisers regarding the next stages of growth for the £20m turnover entrerprise.
“Obviously you have to look at options, particularly when you see the successful recent flotations of businesses like AO – but I don’t think being a listed business would sit well with me. I would not want to sell a stake to a private equity firm either, so we are staying as we are.
“It’s an exciting time for UKFast I have a great team – and my personal journey is not over yet.
“We are always looking to acquire other businesses, but people’s expectations seem to have gone off the scale a bit.”
Having promoted his cousin, Jonathan Bowers, to the role of managing director nearly two years ago, Mr Jones said his role is focused around UKFast’s strategic direction. The move had also allowed him more time to spend with his three young daughters, he said.
“In the past I may have sacrificed time with my family, so I have have redressed the balance a little bit.”
