Car manual publisher Haynes Publishing Group PLC is seeking a buyer for the company and all its subsidiaries in the interests of "securing a bright, new future for the group".
The news it is embarking on a formal sale process, to sell the entire issued share capital of the company, comes the year of its founder John Haynes' death and one year before the company's 60th anniversary in 2020.
According to Eddie Bell, Haynes' executive chairman, the company's management and staff have successfully transformed the company over the last five years "from an iconic manuals publishing business to being a leading supplier of content, data and innovative workflow solutions for the automotive industry and motorists".
In addition to this "highly successful strategic transition", Bell said the company had "increasing revenues, strong profit performance, substantial cash in the bank and an attractive dividend yield record for shareholders".
Haynes reported its third successive year of growth in September, seeing a 7% increase in revenues to £36.2m and an adjusted profit boost of 24% to £3.6m for the year ended 31st May 2019.
However, the Board had come to the conclusion its future would best be secured "as part of an organisation with the financial resources to invest for future expansion".
"Our recent operating performance sits well on the sound foundation of the trusted and respected Haynes brand," said Bell. "Our founder, John Haynes died this year; one year before the Company’s 60th anniversary in 2020. The Board now believes our future will be best secured by the whole Group becoming part of an organisation with the financial resources to invest for future expansion and take the Company through to the next 60 years of success."
Following the announcement this morning (15th November), staff in all Haynes' operations worldwide are being briefed by executive management. The company will carry on operating business as usual during the sale process.
Haynes has appointed Europa Partners as financial adviser to conduct the formal sale process, and parties with a potential interest in making an offer for Haynes should contact Europa Partners.
The company confirmed it is not in discussions with any potential offeror at this time.