TaxAdministrationCredit crunch scuttles Mace sale

Credit crunch scuttles Mace sale

The credit crunch scuttled a ?100m Mace sale before the CGT deadline last April

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.

Further reading:

Clearance stampede ahead of CGT change

End of year rush for CGT clearance

Read
the Building connect story

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