Luxury home developer confirms takeover talks

Kasmira Jefford
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NORTHACRE Group, the ultra high-end residential developer, yesterday confirmed it has received two takeovers offers, one of them led by its chief executive Ken MacRae.

The Aim-listed firm, which helped develop the Lancasters apartments next to Hyde Park, said it is in preliminary talks with Law 2492, MacRae’s management buyout vehicle. It has also received an approach from Abu Dhabi Capital Management.

“The discussions are at an early stage and there can be no certainty as to whether an offer for the company will or will not be made,” the group said.

Its shares surged 23 per cent on the news yesterday to 18p, valuing the firm at around £21m.

Northacre cut its losses before tax to £6,000 in the six months to 31 August compared with the same time last year £3m.