Formal sale process at Renishaw ended

ENGINEERING business Renishaw has ended its formal sale process after the board failed to find the right buyer.

The octogenarian founders and two largest shareholders of the company announced in March plans to sell their stakes in the company.

Executive chair Sir David McMurtry and non-executive deputy chair John Deer, who set up the Gloucestershirebased FTSE 250 business nearly 50 years ago, said they wanted to “secure the future” of the firm.

The duo said they would sell their combined 53% holding in the Wotton-underEdge company, which makes precision measurement and health equipment, prompting the board to explore a takeover.

But the board said after considering proposals by potential buyers, it “unanimously concluded” that none satisfactorily met the interests of all stakeholders.

Sir David and Mr Deer said they have “no intention” of selling their shares in the company for the “foreseeable future”.

“At the start of this process we made it very clear that, with the board, we were focused on ensuring that we find the right new owner for our business,” the founders said.

“Whilst the formal sale process did not result in a new owner for Renishaw, we are satisfied that it ensured a thorough and rigorous process that enabled us to evaluate a wide range of potential buyers.

They added: “We continue to enjoy good health and as we consider the future of our shareholdings in due course, we intend to follow an orderly process that continues to take into account the interests of all stakeholders.

“Renishaw is a very special business with a highly successful business model and a very exciting future. We would like to thank all our employees for their dedication to the company.”

Sir David Grant, senior independent non-executive director at Renishaw, said the business and its stakeholders had “every reason” to remain optimistic about the future.

“The business is in a strong strategic and financial position,” he added.