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Parkman confirms £10M buyout

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PARKMAN'S MANAGEMENT buyout was confirmed this week when six senior managers confirmed they had secured 95% unconditional acceptances from shareholders.

The £10M deal at £3.20 a share went ahead this week after the group of managers last week admitted it was canvassing shareholders over the buyout (NCE 4 May).

The deal will be backed by finance house Gresham, with banking facilities from the Royal Bank of Scotland. It is expected to enable Parkman to expand its local authority procurement activities in response to Best Value legislation and also to prompt acquisitions.

Parkman chairman Richard Archer, who led the buy-out group and becomes chief executive, said: 'We see an increasing opportunity to expand our activities even more in this sector, especially as the Best Value legislation takes hold.

'The Government is supporting increased expenditure on both infrastructure and the environment, which, combined with a strong property market, is generating a high level of activity in all of Parkman's service sectors.'

He added: 'We will be looking to move forward with acquisitions in the environmental and water services. The acquisition will enable us to have access to the necessary funds to grow and develop our services.'

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