The credit crunch scuttled a ₤100m Mace sale before the CGT deadline last April
Accountancy Age, 27 Jun 2008
The sale of Mace before the Capital Gains Tax (CGT) deadline in April, was scuttled because of the impact of the credit crunch on the turnover consultant and construction group’s valuation.
The identity of the failed bidder is not known but according to industry sources, the price tag is believed to have been about £100m and sales options had included a trade sale and the involvement of private equity, according to Building connect.
The abolition of taper relief on CGT means partnerships and individuals now pay a flat rate of 18% on the profit when they sell, compared with a maximum of 10% before the deadline in April.
Documents filed at Companies House, show Mace has 24 directors, including Stephen Pycroft, chief executive, and David Vaughan, finance director, all of whom could have cashed in as part of any deal before April 6.
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