Tomkins names CSFB and Cazenove as advisers

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The Independent Online

Tomkins said yesterday it had appointed two banks to help carry out a strategic review of the conglomerate. The move could result in the break-up of an empire ranging from handguns to car parts.

Tomkins said yesterday it had appointed two banks to help carry out a strategic review of the conglomerate. The move could result in the break-up of an empire ranging from handguns to car parts.

The intention to carry out the review was announced along with the resignation of the chief executive, Greg Hutchings, after an investigation into his behaviour uncovered evidence of "corporate excesses".

Tomkins said CSFB and Cazenove would be joint financial advisers to help the board in the strategic review of the group's options. McKinsey, the management consultants, have been appointed to advise the board on business strategy.

Tomkins has seen its market value slide to £1.3bn from £4bn in 1998 as the group, which includes Smith & Wesson guns and a car wiper-blade maker, lost favour with investors.

An insider familiar with the review process said: "Of course [a break up] is one option," but he added that there were "a lot of others". The review would be done "as quickly as it can be done properly," he said. Tomkins provided no time-frame for the review. The shares rose 0.75p to 159.75p.

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