Fayrewood ends takeover talks
Time for a plan B
Fayrewood has ended takeover talks with North Atlantic Value LLP which could have led to the company being bought.
Distributor Fayrewood, which trades as Interface Solutions, had been in talks since November 2007. It is not the first time the company has been rebuffed by a suitor - previous takeover talks in 2005 were also mysteriously ended.
The company has assets of £36.9m, of which £32.2m are in cash. Barclays Bank holds €6m of this to cover guarantees relating to UMD SA, which was sold to Esprinet SpA.
The board is now looking at other ways of returning cash to shareholders. Trading at Interface Solutions is in line with expectations. ®