Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Float off as Baldwins fails to agree terms

BALDWINS Industrial Services, the Slough-based mobile crane hirer, has postponed plans to oat on the Stock Exchange because the terms available were not acceptable to the family shareholders.

Chairman Richard Baldwin said: Basically, we just cant agree terms at this time. The pricing was unacceptable to us.

But Mr Baldwin said the company will try again to oat the company later this year.

A statement said the com-

pany and the shareholders the Baldwin family are reviewing their options in conjunction with their professional advisers. The firms merchant bank was Singer & Friedlander and the broker was Albert E Sharpe.

Mr Baldwin has denied the firm had been hit by a downturn in trading. He said the company is currently busy.

The firm was planning to oat at least 28 per cent of its shares and had visited several City institutional investors to promote the company. It hoped to raise 8-10 million, valuing the company at 20-25 million. The groups prospects of a oat were not helped when plant hirer Ashtead raised 66 million in a rights issue last week.

The group, which has a 40 per cent share of the heavy lifting market in the UK, had hoped to use the proceeds to reduce its 16 million debt and follow the oat with a push into overseas markets and acquisitions.

If it does oat, Baldwins will be the only independent quoted crane hirer. The business, which employs 200 staff, made operating profits of 3 million on a turnover of 15.2 million in its last full year.