Possible buy-out at Enterprise

A management buy-out at Enterprise, led by chairman and chief executive Owen McLaughlin, could be on the cards following 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 of 7.5% was achieved in the group’s utility services division.

Enterprise has pulled out of some contracts in the South “on an amicable basis”. They contributed £35m to £40m to annual turnover.

[Contract Journal, 15 November 2006, p 10]