YORK GROUP 1988 - 91: BUYOUT TO BROKE
24th October 1991, Page 6
24th October 1991
Page 6
Page 6, 24th October 1991
— YORK GROUP 1988
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91: BUYOUT TO BROKE
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Summer 1988: Jim Davies Ipictured) and 25 colleagues raise £61m to buy York from industrial giant Bunzl in leveraged buyout. Spring 1989: Davies announces his intention to float as pan-European manufacturer after buying Piacenza. Summer 1989: first signs of recession hit UK. Davies continues to set sights abroad, snapping up Titan. Spring 1991: odds OMT to portfolio. Franchises parts operation. Monday 14 October: Stock Market flotation called off due to recession. Thursday 17 October 1991: Davies and board call in receiver after debt-equity swap proposals are rejected by syndicate of backers.