Schroder Ventures leads bidding for Staveley arm
Monday 06 December 1999
The management buy-in is expected to value the services division at around pounds 30m and could be announced this week.
That would leave Staveley with its largest business, British Salt, left to sell. A shortlist of bidders has been drawn up and an announcement is expected shortly. Staveley has a huge market share in industrial salt. Its operations are regulated by the Office of Fair Trading, which sets inflation-adjusted price caps for the business.
Staveley, in which Guinness Peat Group has built up a 29 per cent stake, last week reported a fall in interim pre-tax profits to pounds 4.6m from pounds 6.3m.
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