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Business News

EDP on brink of buyout

The management of Electronic Data Processing, the London-listed technology group, is believed to be readying itself to make a bid for the firm as early as this week.

The Sheffield-based group, which sells computer equipment and data processing services to distribution firms, would carry a price tag in excess of its current £13m market capitalisation.

Leading fund managers with interest in the company include Invesco, Herald Investment Management and Schroder Investment Management's small cap fund manager, Andy Brough.

The firm's interim results in May showed turnover grew by 5 per cent to £3.5m, with profits before tax coming in at £1.23m. The group was forced to appoint an interim chief executive, Julian Wassell, following the sudden death of Richard Jowitt in May. Shares in EDP closed at 52.5p on Friday.