Vp sale process ends, with no buyer
16 August 2022
Having put itself up for sale in April after its controlling shareholder announced its desire to sell its stake, the Vp group has concluded the process saying that none of the offers received would satisfactorily meet the interests of all stakeholders.
Vp group businesses include Brandon Hire Station; shoring and piling specialist Groundforce; the portable roadway business TPA; safety specialist ESS; mechanical and electrical equipment provider MEP Hire; Torrent Trackside; UK Forks; energy equipment supplier Airpac Rental; and the TR Group calibration specialist serving Australasia.
On April 28, Ackers P Investment Company Ltd, which is connected to Vp's chairman Jeremy Pilkington, said it wanted to dispose of its entire shareholding, representing approximately 50.26 per cent of the issued share capital of the company.
However, following this latest development, the company says it remains committed to Vp and has no intention of selling its shares on the market for the foreseeable future.
Jeremy Pilkington commented that the sales process had been “focused on identifying the right owner for the business and whilst we were pleased with the level of interest shown, the formal sale process (FSP) did not lead to the identification of a suitable new owner.”
Neil Stothard, chief executive of Vp, said: “Whilst we received a good level of interest throughout the process, the Board concluded that none of the proposals submitted met our original objectives," adding that “throughout the FSP it has been a case of business as usual within our trading divisions with distractions successfully kept to an absolute minimum.
“We have strategic growth plans in place for all of our businesses and we intend to execute those plans and continue to deliver on our long-term track record of creating shareholder value."
When it announced the sales process in April, Vp stated that its intention was “to seek a buyer who will respect Vp's unique heritage, family culture and committed employee base, support its environmental and sustainability goals and commitments, and enable the company to continue to prosper in the long term.”
