Rumours of MBO at Charcol.(Charcol Insurance Brokers)(Management buy-out)(Brief Article)

Financial Adviser, July, 2004

A potential management buy-out of Charcol has received a lift from venture capitalists who have approached the company's bosses.

When asked if he had received any advances from potential financial backers, Ricky Okey, Charcol's managing director, refused to deny it, simply saying: "If I had had any approaches I would have passed then on to Goldman Sachs [parent company B&B's adviser]."

Mr Okey conceded that an MBO was "clearly an option" but added that he was not "actively involved" in any potential bid.

He said: "I have been looking at the process from a seller's perspective, not a buyer's perspective. My role is selling the business on behalf of the group."

He added that he had no notion of the viability of an MBO because he had...

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