Ennstone confirms takeover approach

Aggregates firm Ennstone has confirmed a preliminary approach from a potential buyer.

The firm said that the move may or may not lead to a takeover.

“The board is considering this approach together with a series of other options to maximise shareholder value in conjunction with its financial advisers, Altium,” said the group.

“However, matters are still at a very preliminary stage and there can be no certainty that an offer will be made for the company,” it added.

The news follows an announcement on Wednesday that chief executive Vaughan McLeod's was retiring from his role as chief executive.

And on Monday the company warned that its results for the year would be “substantially” behind market forecasts.