Bids close for Red Star
10th November 1994, Page 7
10th November 1994
Page 7
Page 7, 10th November 1994
— Bids close for Red Star
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Keywords :
Finance, Business, Corporate Finance, Management, Management Buyout, Private Equity, Buyer, Auction Theory, Auctioneering, Business / Finance, Human Interest
• British Rail's Vendor Unit has shortlisted four bidders for the sale of Red Star, its £.20mturnover same-day and overnight parcels delivery business.
A management buyout led by Red Star's sales and marketing manager John Holmes is among the bids under consideration.
The unit expects to recommend a buyer to the BR Board within three weeks; it says the
sale should be completed by the end of the year.
The successful bidder will acquire the goodwill and brand name of the Red Star business; leases on parcel delivery points at railway stations; and an agreement to use train space.
The new owner should be able to make the business break even by June next year, says the Vendor Unit.