The majority shareholder of global staffing firm Impellam Group plc announced he intends to sell his majority stake in the UK-based company.
Lord Michael Ashcroft, who owns 62% of shares in the company, asked to open discussions with the board regarding options for the sale.
“This decision to exit is part of my restructuring of assets to focus on my philanthropic and other activities,” Ashcroft wrote in a note to the board. “I wanted to make this move around two years ago but felt that it had to wait until the easing of Covid. I am 76 and that time is now.” Ashcroft also serves as Impellam’s chairman.
He noted the company is in a strong position.
Impellam reported in a regulatory filing that it plans to work with Ashcroft, but neither he nor the company are currently in discussions with any potential buyer. It also noted that at this time there can be no certainty that a sale of all or any of Ashcroft’s shareholding will take place.
However, it’s possible a sale could impact other shares if it does occur.
“The sale of Lord Ashcroft’s shares to a single acquirer, or multiple parties acting in concert, would trigger the requirement for a mandatory offer under Rule 9 of the code for the remaining issued and to be issued ordinary shares in Impellam, except with the consent of the Takeover Panel,” Impellam wrote in is regulatory filing.
Impellam, which ranks among the world’s largest staffing firms, reported revenue of $3.05 billion in US dollars for 2021. It also recently sold its US light industrial staffing business Corestaff earlier this year.
Ashcroft has appeared on SIA’s Staffing 100 Europe list.