The founders of engineering, scientific and health tech company Renishaw have announced their intention to sell their shareholdings in the company.
Executive chairman Sir David McMurtry and non-executive deputy chairman John Deer founded Renishaw in 1973 and own a collective 53 per cent of the issued share capital of the company. Through a statement they expressed a preference for the disposal of their entire combined shareholding.
The founders, now in their 80s, explained that their thoughts have increasingly turned to how they can actively contribute to securing the future success of the business.
According to the statement Renishaw’s Board has concluded that it would be appropriate to investigate the sale of the company, and that neither the company nor its founders are currently in discussions with any potential buyers.
McMurtry and Deer commented: “As 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 therefore focused on ensuring that we find the right owner for our business – one who respects and will continue to nurture these important attributes.”
Following the announcement, Shares magazine reported on concerns about potential overseas buyers, stating that the UK stock market is ‘already facing an identity crisis’. AJ Bell’s investment director Russ Mould commented: “One could imagine an Asian company would be interested in owning Renishaw, but such a buyer may have different views on whose culture should prevail.”
Sir David Grant, senior independent non-executive director at Renishaw described McMurtry and Deer as ‘exceptional stewards’, evidenced by the company’s ‘long-term track record of innovation, success and value creation’.
He added: “Following the indication from David and John that they would like to sell their shares, my fellow directors and I have thoroughly considered various alternatives in partnership with our advisers. In considering these options the board, including David and John, has had regard to the interests of all the company’s stakeholders.”