Ian Murgitroyd

The firm has been bought by Project Petra Bidco, a newly-incorporated entity indirectly controlled by funds managed by Sovereign Capital Partners, at 675p a share.

Bidco “does not intend to effect any headcount reductions within Murgitroyd as a result of the acquisition and expects that existing employees of Murgitroyd will continue to contribute to Murgitroyd’s ongoing success”.

Commenting on the acquisition, Ian Murgitroyd, chairman of Murgitroyd, said: “Almost 20 years since Murgitroyd Shares were admitted to trading on AIM, the board of Murgitroyd is pleased to have reached agreement on an offer which provides an opportunity to engineer an orderly ownership transition for all shareholders in the Murgitroyd Group and the certainty of an immediate cash return which fairly reflects the near term prospects for the group.

“Sovereign’s evident commitment to support the Murgitroyd Group as it continues to invest to build scale in a fast-changing market and the particularimportance attached by them to the skills and experience of the Murgitroyd Group employees and management team were key factors in the Murgitroyd Directors’ considerations.

“I am delighted to confirm that the Board intends unanimously to recommend the offer to shareholders.”