Brammer delisting and sale gets go-ahead

The High Court has given the green light for struggling Cheshire tooling company Brammer to be delisted from the stock market and sold to Al Robin Ltd.

A1 Robin Ltd, trading as Bidco and a subsidiary of US private equity firm Advent International Corporation, will pay £221.5m in an all cash deal.

The Knutsford-headquartered company, which warned in October it would not make pre-tax profit in its full year, had said that to turn the business around while it was listed would be complex, require significant structural and behavioural changes, incur significant cash reorganisation costs and take at least three years to implement.

It added that Advent’s significant equity investment would greatly reduce the company’s debt burden.

Advent International has invested in more than 315 private equity transactions in 40 countries and, as of June 30 2016, had $40bn in assets under management, with a track record of investing in both the distribution and power manufacturing sectors.

Dealings in Brammer shares on the London Stock Exchange’s main market for listed securities will be suspended tomorrow and the company will be delisted on February 7.