Engineering firm Renishaw calls off its sale after failing to find any suitable buyers
Engineer Renishaw has called off its sale process after failing to find buyers who fitted the bill.
The London-listed company, which makes measuring devices and analytical tools for healthcare and manufacturing, was up for sale as its founders wanted to sell up and retire.
Sir David McMurtry, Renishaw’s 81-year-old executive chairman, and his non-executive deputy John Deer, 83, own 52.8 per cent.
Renishaw, which makes measuring devices and analytical tools for the healthcare and manufacturing industries, had put itself up for sale as its founders wanted to sell out and retire
But they turned all their offers down.
The board was only interested in buyers ready to respect the ‘unique heritage and culture of the business, its commitment to the local communities in which its operations are based, and who will enable it to prosper in the long-term’.
McMurtry and Deer said: ‘Whilst the process did not result in a new owner, we’re satisfied it ensured a thorough and rigorous process that enabled us to evaluate a wide range of potential buyers.’
The pair have no intention of selling for the ‘foreseeable future’.