Pochin family consider taking business private

Jim Nicholson, grandson of the Cheshire-based developer and contractor's founder Cedric Pochin is leading talks to possibly take the business private after 50 years publicly listed.

Nicholson, property development director, and other members of the Cedric Pochin Concert Party, which includes Jim's mother and non-executive director Sylvia, daughter of Cedric Pochin, are in early talks which may lead to a cash offer for the company.

The Cedric Pochin Concert Party owns 42% of the business. Pochin's said the indicative offer received is below the closing price of 41p on Friday 6 December 2013.

Nicholson and the family have until 5pm on Monday 6 January 2014 to make a formal offer.

Cedric Pochin founded the business in 1935 as a joiner in Manchester. He was later joined by his brother Arthur. Pochin's went public on the Manchester Stock Exchange in 1965. The company today is based in Middlewich, Cheshire and listed on the London Stock Exchange, which it moved to in 1973.

Shares in Pochin closed on Monday at 44p, valuing the business at £9m.