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Vp PLC - Harrogate-based equipment rental firm - Launches formal sale process after its controlling shareholder informs the board it wants to sell its entire holding. Ackers P Investment Co Ltd, a company connected to Vp Chair Jeremy Pilkington, has a 50.3% stake. ‘The board intends to seek a buyer who will respect Vp's unique heritage, family culture and committed employee base, support its environmental and sustainability goals and commitments, and enable the company to continue to prosper in the long term,’ Vp says. Rothschild & Co will act as financial adviser for the sale process.
‘Vp's controlling shareholder, a company connected to me, has decided that it wishes to diversify its investments,’ Pilkington explains. ‘This does not in any way reflect a dissatisfaction with the company or its direction. Indeed, they are strongly supportive of management and highly satisfied by the continuing strong performance of the group. But they do have to take into account their current and future obligations to my family as a whole.’
Vp was founded in 1954 and floated on the stock exchange in 1973.
Current stock price: 938.75 pence, up 14% on Thursday
12-month change: up 9.7%
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