Roadchef head could make pounds 90m if a sale goes ahead
Tuesday 03 February 1998
A further 42 per cent is tied up in share options for senior management, the majority of which are thought to be in Mr Ingram Hill's hands. Sources said Mr Ingram Hill owned 60 per cent of the company, which is likely to be worth pounds 150m.
Another 400 of the group's employees, who are members of its employee share ownership plan (Esop), would share a further pounds 7.5m between them. Roadchef's employees control a further 5 per cent of the shares through the Esop, which was set up in 1987 and was the first such scheme to be established by a British company.
Roadchef yesterday announced that it was preparing to send details on the company to a wide range of interested buyers. The firm's interest in a trade sale is believed to have been raised by the high price that Granada received for Welcome Break, the service station chain it sold following its takeover of Forte. Investcorp, the Bahrain-based investment group, last year shocked the City with its winning pounds 476m bid for Welcome Break.
If it sells for similar valuations as Welcome Break, Roadchef could fetch a price of pounds 150m. In 1996, the last year for which figures are available, the company made an operating profit of pounds 6.88m on turnover of pounds 113m.
Roadchef is likely to attract interest from a string of buyers. Asda, the supermarkets chain, and transport group National Express each submitted bids for Welcome Break, as did a string of venture capital groups.
Investcorp is also expected to show an interest, and industry sources do not rule out Granada as a potential bidder. Both these firms would face competition hurdles.
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...