Firm to go private

11:38am Thursday 21st February 2008

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ALDERLEY Edge-based financial services group, Prestbury Holdings, are in talks to go private.

Chief executive, Lee Birkett, and his management team are aiming to conclude a deal, although the company's chairman, Francis Maude, has said there is no certainty an offer will be made. This is because the costs associated with being quoted on the stock market may make it harder for Prestbury to increase shareholder value.

The business, which provides mortgages, life assurance and critical illness policies was established in 1994 by Mr Birkett and chief operating officer Steve Keenan. It floated in 2002.

Prestbury unveiled a £100,000 increase in gross profits for the six months to October 31 to £900,000, on turnover of £4.7m, up from £4.5m.