14th Apr 2014 08:09
LONDON (Alliance News) - Pawnbroker H&T Group PLC Monday said it has ended talks about possible acquiring some of the assets of rival Albemarle & Bond Holdings PLC, which went into administration last month.
H&T had said last week that it had made a proposal to Albemarle & Bond's administrators to buy some of its former rival's assets.
Over the weekend, The Telegraph reported that Peter Burt, the former Bank of Scotland chief executive, is set to buy the majority of failed pawnbroker Albemarle & Bond out of administration, although the paper didn't say where it had got the information.
Burt is looking to acquire the company through his Promethean Investments private equity vehicle, which is unlikely able to take on all of Albemarle & Bond?s 183 branches and around 900 staff, the paper said. The Telegraph added that it is understood that the bid will be backed by US private equity group Apollo, who will be buying up the stricken pawnbroker?s debts. Promethean declined to comment to the paper.
H&T Group shares were down 2.9% at 175.00 pence early Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
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