A management buy-out at Enterprise, led by chairman and chief executive Owen McLaughlin, could be on the cards as a result of an unsolicited approach for the group by an unnamed private equity firm.
As a result, all matters relating to the approach will be evaluated by Enterprise’s two non-executive directors, Nick Woollacott and Alistair Hetherington.
In the latest financial year, Enterprise made a pre-tax profit of £30m on a turnover of £450m. Divisional analysis showed that the best operating margin was achieved in the group’s utility services division with a figure of 7.5%.
Enterprise has pulled out of some contracts in the south “on an amicable basis”. They contributed £35m-£40m to annual turnover. “We exited because we couldn’t make any money,” said Neil Kirby, finance director.