Clipper Logistics confirms preliminary takeover approach

Clipper Logistics on Wednesday said it has received a preliminary takeover approach, marking an audacious £300 million move by the founder to take the group private.

The deliveries and returns business, which works with retailers such as PrettyLittleThing and John Lewis, has been approached by private-equity fund Sun European Partners about a deal.

Shares in the firm, which has a market capitalisation of £293 million, soared 415p, or more than 17%, to 283.95p.

Clipper Logistics, which sponsors Leeds United, gave the update after a report by Sky News last night said founder Steve Parkin was working with Sun European Partners on a potential £300 million takeover.

Parkin, who founded the business in 1992 and owns almost a third of its shares, has “become exasperated by the volume of corporate governance-related commitments that were associated with running a public company”, the report said.

Sun European, which owns beds retailer Dreams, has until December 18 to make an offer or walk away.

Clipper, which makes numerous deliveries into London, said: “There can be no certainty that an offer will be made for the company, nor as to the terms on which any offer will be made.”

Numis is advising Clipper on the takeover talks.