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West Country group buys Nuttall for Elfin

31st August 1973, Page 13
31st August 1973
Page 13
Page 13, 31st August 1973 — West Country group buys Nuttall for Elfin
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Keywords : Business / Finance

• In a surprise move, the Renwick Group. of Paignton, Devon, has acquired for £1 fm the 550-vehicle, 1000-trailer Wm Nuttall Ltd company based on Manchester. Renwick acquired 91.2 per cent of the Nuttall shares at the first asking, and the offer has three weeks to run. (Once a bidder has obtained 90 per cent of a shareholding, he can acquire the remainder compulsorily.) Mr Roy Leighton has resigned as chairman and managing director of Nuttall; he told CM this week that he considered the Renwick offer to be very good for both the shareholders and the staff, but it did not suit him personally. He preferred to work with small companies rather than large groups.

The Renwick Group has appointed one of its directors. Mr Roger Petty, as chairman of Nuttall, and Mr Ray Dillon, chief executive of Renwick Haulage, as managing director.

Renwick Haulage Co Ltd, a 140-vehicle general haulage and warehousing business based in Exeter, is one of the group's

subsidiares, but most of Renwick's activities are in the leisure field and include travel car hire, VW motor caravan conversions, boatbuilding and a chain of garages.

In June this year Dundee, Perth and London Securities Ltd made an offer of under 50p a share; the Renwick offer is 63p a share — the company entered its bid for Nuttall only in the third week of July.


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