Prestbury added to takeover panel after rivals swoop to buy

Prestbury has admitted in its annual results today that its received a number of offers from interested parties looking to buy it.

The official approaches will mean that the firm now has to go onto the takeover panel.

Profits at the network for the year ending on October 31 2006 have increased by 30% from 1.7m in 2005 to 2.3m in 2006. Turnover grew by 24% from 8.2m in 2005 to 10.2m in 2006. Overheads were also slashed by 20% from 2.3m to 1.85m.

The company adds that the results beat analysts predictions by around 60%.

But success has meant that despite Prestbury taking a predatory stance towards its competitor networks and that it is actively looking to buy firms, it has now itself been subject to a number of approaches from rival firms looking to snap it up.

In todays results, MP Francis Maude, chairman of the Conservative Party and chairman of Prestbury, says: It is widely accepted that the mortgage and insurance distribution market needs to consolidate.

Whilst Prestbury is an active consolidator we wish to make shareholders aware that we have received a number of approaches from parties interested in facilitating the consolidation process or making an offer for the company or the business.

The Board is currently considering a number of these strategic options, which may or may not lead to the sale of the business.

Mortgage Strategy reported last week that rumours were rife in the industry that Skipton – which owns network and packager Pink Home Loans – had been one of the firms. At the time though, Skipton denied this was the case and Prestbury declined to comment.