The founder of one of the UK’s largest private banks is in talks to sell a minority stake that would net hundreds of millions of pounds in cash.
Sky News has learned that Together Financial Services, which specializes in areas such as mortgage lending and auction finance, has asked private equity firms to submit indicative offers this month, which are likely to be worth in excess of £1.5bn.
Sources said Cinven was among the buyout groups expected to make a bid, while Warburg Pincus is also said to have expressed interest.
Rothschild is advising Cheadle-based company Together and its founder Henry Moser on the trial.
Mr Moser, who founded the company in 1974, is believed to value Together at between £1.7billion and £2billion, although it was unclear this weekend whether any of the bidders would live up to his expectations.
He is believed to be open-minded about the size of the minority stake to be sold, but a 49% stake even at the lower end of his valuation range would be worth in excess of £800m to him and the other shareholders of Together.
Last year’s Sunday Times Rich List put the fortune of Mr Moser and his family at £1.1billion.
In 2006 he sold a minority stake in the company to Equistone and Standard Life Investments for £113.5million and bought it back a decade later.
Together is one of several consumer finance groups considering a sale, with volatile stock markets and the escalating UK cost of living crisis effectively ruling out IPOs as an alternative option.
A spokesman for Together declined to comment, while Cinven also declined to comment.
Buyout firms weigh bids for £2billion financial group Together | business news
Source link Buyout firms weigh bids for £2billion financial group Together | business news