Pochin’s takeover talks ‘progressing’
The City's Takeover Panel has agreed to extend the deadline for discussions between the Pochin family and other shareholders over a possible privatisation of the Cheshire-based developer-contractor.
The talks are being led by Jim Nicholson, grandson of the Cheshire-based business's founder Cedric Pochin. Nicholson, property development director, represents other members of the Cedric Pochin Concert Party, which includes Jim's mother and non-executive director Sylvia, daughter of Cedric Pochin.
The Cedric Pochin Concert Party owns 42% of the business.
An initial deadline of 5pm today has now been changed to 5pm on 3 February 2014 for a formal offer to be submitted to allow discussions to progress.
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.
