The Vp board announced on 28th April 2022 that it was launching a formal sale process (FSP). After reviewing proposals with its advisers it has concluded that none were good enough. The sale is now off.
Vp's controlling shareholder Ackers P Investment Company, a company connected to Vp chairman Jeremy Pilkington, has indicated to the board it remains committed to Vp and has no intention of selling its shares on the market for the foreseeable future.
Jeremy Pilkington has been chairman of the company founded by his late father for more than 40 years.
The Vp 聽group includes UK Forks, Brandon Hire Station, Groundforce, TPA, ESS, MEP Hire, Torrent Trackside, Airpac Rental and TR Group in Australasia. Market capitalisation is currently 拢380m.
Jeremy Pilkington said: "In the original FSP announcement I commented that Vp's controlling shareholder, a company connected to me, had decided that it wished to diversify its investments.
鈥淔ollowing a review conducted with our advisers, we, as a board unanimously concluded that it would be in the best interests of all the company's stakeholders to launch the FSP. The process was focused on identifying the right owner for the business and whilst we were pleased with the level of interest shown, the FSP did not lead to the identification of a suitable new owner.鈥�
Chief executive Neil Stothard said: "When we announced the FSP on 28th April 2022, we made it clear that having regard to the interest of all the company's stakeholders the board concluded that it would be appropriate to investigate the sale of the company.
鈥淲hilst we received a good level of interest throughout the process, the board concluded that none of the proposals submitted met our original objectives.
鈥淲e are pleased that the controlling shareholder (Ackers P Investment Company Limited), a company connected to our chairman Jeremy Pilkington, has indicated to the board that they remain fully committed to Vp.
鈥淭hroughout the FSP it has been a case of business as usual within our trading divisions with distractions successfully kept to an absolute minimum. At our recent AGM on 21st July 2022, Jeremy commented that 鈥榯rading within the business has been positive into the new financial year.鈥� We have strategic growth plans in place for all of our businesses and we intend to execute those plans and continue to deliver on our long-term track record of creating shareholder value."
Vp began life in 1954 as Vibratory Roller & Plant Hire Limited, set up by civil engineer Geoffrey Pilkington. It became Vibroplant in 1960, floated on the London Stock Exchange in 1973 and聽 was re-launched as Vp in 2001 following a move away from general plant hire to specialist equipment rental.
Got a story? Email news@theconstructionindex.co.uk
