Jon Moulton sees £9.7m offer for Clarity rejected

 
Steve Dinneen
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JON Moulton has seen his £9.7m bid for Clarity Commerce rejected, after the offer was branded “highly opportunistic” by the firm’s board.

Clarity said the unsolicited bid by Enigmatic – a vehicle controlled by Moulton’s buyout company Better Capital – “undervalues the company and its prospects”, adding the board decision to recommend its rejection was unanimous.

The firm, a provider of software solutions to the entertainment, retail, hospitality and leisure sector, posted a loss in its last financial year, which it blamed on reduced demand in the retail sector.

Clarity, chaired by Sir Colin Chandler, the former chairman of easyJet, said it has since restructured its operations and has achieved significant cost reductions. The cost reduction programme and a round of UK redundancies, which completed last month, are expected to remove a further £1m from its cost base.

Venture capitalist Moulton holds a 9.4 per cent stake in Better Capital, which he founded in 2009 with a focus on turnaround investments after quitting Alchemy Partners.