Haynes Publishing puts itself on the market
By Josh White
Date: Friday 15 Nov 2019
(Sharecast News) - Haynes Publishing Group is embarking upon a formal sale process to sell the entire issued share capital of the company, including all subsidiary companies, it announced on Friday.
The London-listed information company said it has appointed Europa Partners as financial adviser to conduct the formal sale process.
Parties with a potential interest in making an offer for Haynes were advised to contact Europa Partners, with Haynes saying it intended to provide interested parties with information materials on the company upon request.
Following receipt of the information materials, interested parties would be invited to submit proposals to the firm.
Hayns said it was not currently in discussions with any potential suitor.
"Haynes' board, management and staff have carried out a highly successful strategic transition over the past five years from an iconic manuals publishing business to being a leading supplier of content, data and innovative workflow solutions for the automotive industry and motorists," said executive chairman Eddie Bell.
"We have increasing revenues, strong profit performance, substantial cash in the bank and an attractive dividend yield record for shareholders.
"Our recent operating performance sits well on the sound foundation of the trusted and respected Haynes brand."
Bell noted that founder John Haynes died this year, one year before the company's 60th anniversary in 2020, with the board now believing that the firm's future would be best secured by the whole group becoming part of an organisation with the financial resources to invest for future expansion, and take it through to the next 60 years of success.
"Following this morning's announcement staff in all our operations worldwide are being briefed by executive management today.
"The company will carry on operating business as usual during the sale process securing a bright, new future for the group, our management, staff, suppliers and customers worldwide."
At 1023 GMT, shares in Haynes were up 5.19% at 426p.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN