Fri, 25 May 2018 | BUSINESS SALE
Electra, one of the City's most reputable investment firms, has put itself up for sale after 42 years just two months after activist Ed Bramson stepped down from the board.
The private equity group, which is still 29.9 per cent owned by Mr Bramson's investment vehicle Sherborne, has announced the appointment of investment bank Greenhill as part of the wind down process, signalling that long-term plans will be either the full sale of the business or the division of the business into separate parts.
According to Electra, which owners TGI Fridays and Hotter Shoes, the firm is not currently in talks with potential buyers and is open to offers from any interested parties.
They added: "However, the company has received expressions of interest from several parties regarding certain groupings of portfolio assets and also for the entire portfolio."
According to reports, Electra has been struggling since Sherborne built up its stake, with resulting in Mr Bramson taking the lead for almost two years. However, Electra now only manages £317 million of investments and has stopped making fresh investments in light of the potential sale.
Mr Bramson, who took control of the group in 2015, announced that he would be stepping down in March after launching an assault on British banking giant Barclays, having built up more than a five per cent stake in the company.
Although it has been confirmed that he met with the banking group, neither Mr Bramson nor Barclays has publicly commented on his proposals.
An opportunity has arisen to acquire the client base and associated work in progress (WIP) of an FCA-regulated claims management business. The asset includes a portfolio of clients who have signed instructions for claims-related services, representin...
This steady two-partner practice located within Greater Glasgow was established in the 1940s and is on the market for sale.
This profitable accountancy practice, which was established over 50 years ago, is seeking a genuine acquirer.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.