LONDON, UK: Vp plc announced that its controlling shareholder Ackers P Investment Company Limited, a company connected to Vp’s Chairman Jeremy Pilkington, has indicated to the Board its desire to explore opportunities to sell its entire shareholding in Vp. The Controlling Shareholder controls approximately 50.26% of the issued share capital of the Company.
The Board has considered various options with its advisers. In considering these options the Board, including the Chairman, has had regard to the interests of all the Company’s stakeholders. The Board has unanimously concluded that it would be appropriate to investigate the sale of the Company and is therefore launching a formal sale process for the Company.
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 has a long and distinguished history as a major specialist rental business. Since its foundation in 1954 and flotation in 1973, Vp has developed a resilient and proven business which operates through a wide range of sector leading, specialist rental businesses serving a diverse range of end markets in both the UK and internationally. Vp has a long-term track record of creating shareholder value driven by excellent organic growth, value-enhancing acquisitions and an operational focus on first class asset management, investment in talent and driving sustainability.
Rothschild & Co is acting as financial adviser to the Company in relation to the sale process. Parties with a possible interest in making a proposal should contact Rothschild & Co using the contact details set out below.
Jeremy Pilkington, Chairman of Vp, commented: “Vp’s controlling shareholder, a company connected to me, has decided that it wishes to diversify its investments. 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.”
Neil Stothard, Chief Executive of Vp, commented:”Following the indication from the Controlling Shareholder that they would like to explore opportunities to dispose of their shares, the Board thoroughly considered all strategic options in partnership with our advisers. In considering these options the Board, including Jeremy, has had regard to the interests of all the Company’s stakeholders. The Board has unanimously concluded that it would be appropriate to investigate the sale of the Company and is therefore launching a formal sale process.
The Board intends to seek a buyer who will respect our unique heritage and highly valued employee base, whilst supporting our longer-term growth ambitions and ensuring we continue to develop our business and maintain an environment whereby the business can continue to deliver long term, quality returns, to our shareholders.”