Venture capital firms approach De Vere

31 October 2005
Venture capital firms approach De Vere

De Vere group has reportedly received interest from two private equity groups about a takeover.

The 19-strong hotel company, which is valued at about £460m, is thought to have attracted attention because of its asset-rich balance sheet.

Despite selling its flagship Belfry hotel in Warwickshire to Irish property group Quinn Group in February for £186m, it is not looking to sell off large parts its bricks and mortar.

One City source was not surprised at the news. "It's a well-run company and has been a perennial takeover target for as long as I can remember."

A De Vere spokeswoman said the company refused to comment on industry speculation.

by Tom Bill

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