Pochin family strikes £9.4m deal to take firm private

Aaron Morby 8 years ago
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Jim Nicholson, the grandson of the founder of Pochin, has finally struck a deal to take the publicly-listed contractor private.

Nicholson, the present property development director, led buy-out talks on behalf of the family, which owns around 42% of the business.

The Pochin family has set up a new company called Middlewich to buy the north west business with an offer of 45p a share, valuing it at £9.4m.

Back in December when talks about going private were revealed the Pochin share price stood at 41p, last Friday it was 36.5p.

The family said it had already received the backing of holders of 78% of the shares for the deal.

If the offer is agreed, as expected, it will see £5.4m paid in cash for the business.

Nicholson said: “The completion of the offer will put Pochin’s on a more secure financial footing, better positioned to take advantage of improving market conditions.

“In what has proven to be a very difficult trading period in recent years, I’ve been delighted with the loyalty, passion and commitment shown by all the team at Pochin’s and would like to take this opportunity to thank each of them for their efforts.

“As a family, we look forward to the next stage of development of the business my grandfather founded 80 years ago.”

His grandfather Cedric Pochin founded the joinery firm in Manchester in 1934 and went public in 1965 to fund expansion.

The firm was hit hard during the downturn and was forced to sell its loss-making concrete pumping business for a £1 just over a year ago after struggling to find a buyer.

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