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Renold poised to sell Machine tool businesses
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01/08/2006
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Renold PLC is in the final stages of selling its machine tool businesses to Venture Private Equity.
The sale includes Holroyd Machine Tools of Rochdale and Jones & Shipman of Leicester and was made public in April, in the company’s annual report.
In a Renold PLC presentation to analysts in July, Venture Private Equity was named as the buyer.
Venture Private Equity (previously called Venture Turnaround Ltd) is headquartered in Pall Mall, London. The company’s secretary is Mark Franckel, ex-president of Jones & Shipman, Farmington, Connecticut, US and previously sales director at Jones & Shipman, Leicester. Its director is named as ex- Jones & Shipman employee Stephen Moon.
Renold PLC has already announced the sale of its loss-making automotive business to Schaeffler KG, for £3.8 million in cash. The sale of the machine tools and automotive businesses will be used to reduce debt by about £10 million, said Renold in the presentation made to analysts.
The same presentation put machine tool turnover at £20.8 million with an operating profit of £100,000 before exceptional items, which became a loss of £200,000 before tax.
The Rochdale Observer (www.rochdaleobserver.co.uk) reports that Holroyd Machine Tools could move to a new purpose-built site following the sale.
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Author
Andrew Allcock
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