2/7/2008 10:25:00 AM
Redstone buyout rumours rubbished
Rumours of a management buyout at Redstone’s mobile distribution arm have been dismissed by bosses.
Sources close to the company told Mobile that current MD Dave McGinn, financial controller Jamie Macrae and Anglia Telecom founder Aidan Coughlan, are planning a management buyout.
However, McGinn and Coughlan both rubbished the suggestions, while Macrae was unavailable to comment.
Rumours of a potential buyout have been rife since the publication of an Edison investors report on 12 December 2007, which said that Redstone was likely to sell its mobile distribution arm.
It said: ‘We anticipate that the distribution business will be retained for the next 12 months, thereafter a disposal could be likely. Symphony originally paid £10m for this operation in 2005.’
It is thought that any sale would be for considerably less than the amount paid by previous owner Symphony, but there is no evidence that McGinn, Coughlan or Macrae will be involved should a transaction take place.