Shares in distribution company Umeco rose by 8 per cent today after reports that it was planning to sell the aerospace supplier Pattonair for over £200m.
Analysts say that such a disposal would transform Umeco’s balance sheet from a £70m net debt position to one with a healthy surplus.
Umeco is believed to have hired NM Rothschild to sell the Derby-based company. Pattonair Ltd recorded pre-tax profits of £2.1m in the year to 31 March 2010 on revenues of £33.6m.
Pattonair provides supply chain services to companies around the globe and includes Rolls-Royce, Boeing and BAE among its customers.
Umeco is believed to want to refocus on its core competencies of supplying composites to aerospace companies, supplying parts to marine, wind turbine and electrical industries and providing global vehicle distribution services.
Several parties are believed to have expressed an interest in the business, and one – Lloyds Development Capital – has already begun negotiations.
Bring to the market this leasehold specialist car sales and servicing facility located in Horncastle, Lincolnshire. The trade was established as a limited company in 2005.
LEASEHOLD
The company is an online vehicle purchasing platform, providing a fast, hassle-free car-selling service for the end user. A competitor to the likes of webuyanycar.com and Motorway, the company is a well-established online vehicle purchasing platform...
Bringing to the market this denim and casual wear retailer, boating a user friendly comprehensive online presence.
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