Mitie has agreed to a £3.1 billion takeover by private equity-backed rival OCS. The combination would create a UK-headquartered facilities-management group with approximately £8.5 billion of annual revenue, while raising questions about employment, competition and the continuing loss of companies from the London stock market.
EasyJet has reached an agreement in principle on a proposed £5.5 billion takeover by US investment firm Castlelake, valuing the airline at £6.90 per share. The deal would take one of Britain’s best-known airlines private, but it is not yet complete and still faces shareholder approval, a formal offer deadline and regulatory questions over European airline ownership rules. The proposal highlights both the value of easyJet’s brand, slots and holidays business, and the risk that UK-listed companies are being bought while public market valuations remain subdued.
Gymshark founder Ben Francis is reportedly in talks to buy back part of the 21% stake sold to General Atlantic in 2020, a move that would increase his control of the British sportswear brand. The talks come as Gymshark remains a major UK success story, with revenues of about £647 million, but faces slower growth, falling profits, restructuring costs and tougher competition in the global activewear market.
TG Jones, the former WH Smith high street business, is set to close up to 150 stores after the High Court approved a restructuring plan designed to prevent administration. The deal gives the retailer breathing space by allowing store closures, rent reductions and debt compromises, but it also raises wider questions about who bears the cost of high street rescue deals, including suppliers, landlords, councils, staff and local communities.
Boots’ future has been thrown back into uncertainty after Australia’s Sigma Healthcare, owner of Chemist Warehouse, withdrew from talks over a potential $10bn acquisition. The decision leaves private equity owner Sycamore Partners weighing its options, including a sale to another buyer or a possible London listing, while Boots continues to show stronger trading in beauty, pharmacy services and weight-loss treatments.
