Bosses buy out Lynx
Page 8
If you've noticed an error in this article please click here to report it so we can fix it.
NFC is selling its parcels operator Lynx is to its management with help from a venture finance company.
NFC says negotiations are underway to sell Lynx to a manarement team led by managing director Philip Rose. The deal is deing partly financed by Nat West Ventures.
The news confirms months of rumours about a buyout; NFC says that the negotiations will take several weeks to conclude—the price to be paid is believed to be in the region of .230m.
Several months ago NFC made it known that it wished to sell off businesses in the group that didn't fit into what it sees as its core activity, logistics. Following a number of years of losses, Lynx returned to profit last year and has expanded into Europe through its Euro Express network. In 1996 Lynx turned over £94m; it has a net asset value of £25m.