B Elliott to go private

Engineering group B Elliott is quitting the Stock Exchange, saying that the market is no longer interested in ‘small’ companies. The move follows the forced abandonment of a rights issue last year, despite a turnaround in the company’s performance, and the decision from main current venture capital backer, AP Moller Tanker Liners, to sell its […]

Engineering group B Elliott is quitting the Stock Exchange, saying that the market is no longer interested in ‘small’ companies.

The move follows the forced abandonment of a rights issue last year, despite a turnaround in the company’s performance, and the decision from main current venture capital backer, AP Moller Tanker Liners, to sell its 40% stake.

Michael Frye, chief executive, and two other directors – Ian Clubb, chairman and Martyn Everett, finance director – have secured backing from venture capitalists Morgan Grenfell Development Capital and Foreign Colonial Ventures for the buy-off, which values Elliott at £43.5m.