Styles & Wood may go private
SHOPFITTER Styles & Wood may once again return to private ownership in a move the group claims will strengthen its balance sheet.
The Altrincham-based firm said today that it is exploring a number of options including a potential equity fund raising and sale to private equity. The news saw its shares nudge up 4.3% to 7.25p.
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.
In a statement the group said: “While the results for the year ended 31 December 2008 will be affected by exceptional items, underlying trading since the year end remains in line with management expectations.
“Since the arrival of the new management team in June 2008, Styles & Wood’s customer base has remained intact. The company is also benefitting from decisive and immediate action taken on costs by the new team, with annualised costs savings of in excess of £4m.
“As at 23rd March 2008, Styles & Wood’s order book was in line with management’s expectations at £77.4m. The company’s bank remains supportive of the business and the above process.”
However it added that there can be no certainty that either an offer will be made or that it will be successful in raising any additional equity capital.
