Hamleys' management wants to go private
Britain's famous toy business Hamleys yesterday announced that two of its directors intend to take the group private.
Finance director Ian Parker and chief operating officer John Watkinson are preparing for a management buyout that could value the toy group at £35m.
Hamleys confirmed to the London Stock Exchange it had given the two managers authorisation to seek financing for a possible buyout, but said matters are at a very preliminary stage and may or may not lead to an offer being made.
Hamleys added that a committee of independent directors comprising chairman Simon Burke and non-executive directors John Napier and Jim Hodkinson will consider any proposal put forward.
Following the news, shares in Hamleys rose to 8pc to 134.5pc after knowing a slump of 25% since November. Industry observers believe a minimum price for handing over control of the group will be 150pc.