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Gloucestershire Business News

Renishaw on market as founders sell stake

Renishaw, one of Gloucestershire's biggest companies, has been put up for sale after its founders opened to sell their majority stake.

The board of the precision engineering firm, based near Wotton-under-Edge, unanimously agreed to launch the formal sale process after executive chairman Sir David McMurtry and non-executive deputy chairman John Deer opted to sell their combined 53 per cent holding.

The news has seen shares in Renishaw - which have already doubled in the past year - soar by 17 per cent today.

The pair founded the company in 1973.

Since then, it has grown into one of the world's leading engineering and scientific technology companies with expertise in precision measurement and healthcare.

Last month it reported a pre-tax profit of £43.4million in an interim report for the last six months of 2020, while the company helped to produce more than 13,000 ventilators as part of the UK Ventilator Challenge consortium during the coronavirus pandemic

In a joint statement, the founders said: "We are both grateful for our continued good health, however we recognise that neither of us is getting any younger.

"Finding ourselves in our 80s, our thoughts have increasingly turned to considering the future of our shareholdings in the company and how we can actively contribute to securing the future success of the business.

"With that in mind, we approached the rest of the board to indicate that we felt the time was now right to discuss the best way to achieve this."

The statement continued: "As the founders of Renishaw, we understand the importance of Renishaw's culture, our place in the communities in which we operate, our commitment to research and development, and the loyalty of our staff, our suppliers and the customers we serve - these together have been the foundation of our success for almost 50 years.

"With the board, we are focused on ensuring we find the right new owner for our business - one who respects and will continue to nurture these important attributes."

The company said no talks are in progress with a potential buyer but is looking for new owners who will "respect the unique heritage and culture of the business, its commitment to the local communities... and who will enable the company to continue to prosper."

Senior independent non-executive director Sir David Grant said: "David and John have been exceptional stewards and majority holders of Renishaw as evidenced by the company's long-term track record of innovation, success and value creation.

"The board intends to seek a buyer who will recognise the value of Renishaw as an innovation-led business."

UBS is acting as sole financial adviser and corporate broker in relation to the sale process.

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