Founders of Britain’s biggest stockbroker will bag £844m windfall from its £5.4m takeover
THE founders of Britain’s biggest stockbroker will bag an £844million windfall from its upcoming takeover.
After months of talks, Hargreaves Lansdown bowed to a £5.4billion acquisition bid by a financial services consortium.
The deal with CVC Capital Partners, Nordic Capital and the Abu Dhabi Investment Authority is priced at £11.40p-a-share, while investors will also get a last 30p dividend.
Shares in the firm rose by 2 per cent after the long-awaited deal was announced.
Peter Hargreaves, 77, will cash in half his 19.8 per cent stake for £535million, while Stephen Lansdown, 71, will sell off his entire 5.7 per cent stake for £309million.
The broker duo started their DIY investment platform from a spare bedroom in Bristol back in 1981.
They have already bagged £80million from share sales after the business floated in 2007.
Some analysts suggested the firm was still another UK giant sold on the cheap, since it manages assets worth £155billion.
But Hargreaves Lansdown’s board said it was struggling agsinst rivals and needed a turnaround.
Revved down
REVOLUTION BARS is shutting 25 of its sites after a court sanctioned its restructuring plan to cut losses.
The chain will axe nearly a third of its 89 cocktail bars after a weak recovery from the pandemic and punters cutting back on nights out.
Boss Rob Pitcher said it now had a “more secure financial base”.
Pound’s woe
THE pound is on track for its worst losing streak against the euro in two years — just as many Brits head away on holiday.
Sterling slumped to €1.17 after the Bank of England cut rates for the first time in four years last week.
Market volatility also weakened the pound against the dollar to $1.27.
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