Robert.Jervis_43227 Nov 20

Clipper Logistics founder fashions £300m takeover bid

Clipper Logistics founder fashions £300m takeover bid image
Steve Parkin and Sun Capital Partners are plotting a £300m bid to take Clipper Logistics private
Steve Parkin is plotting a £300m takeover of a firm which helps retailers such as John Lewis fulfil online orders

The founder of Clipper Logistics is plotting a £300m takeover of the company which helps retailers such as ASOS and John Lewis fulfil growing volumes of online orders.

Steve Parkin, who founded Clipper in 1992 and floated the company on the London stock market five years ago, has approached fellow board members about a potential bid.

Mr Parkin is working on the bid with Sun Capital Partners, a US-based private equity firm, insiders said on Tuesday evening.

The Clipper founder, who is the company's executive chairman, owns almost a third of its shares.

Alongside allies and including his own stake, Mr Parkin is understood to be able to count roughly 40% of the company's shares in support of his approach.

Clipper's independent non-executive directors are now forming a committee to oversee a formal offer from Mr Parkin and Sun Capital.

Source: Sky