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Thursday, 18 September 2014

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Penrith Farmers’ & Kidd’s issues response to H&H Group takeover approach

Penrith Farmers’ & Kidd’s claims to have received a takeover approach from its Carlisle-based rival H&H Group.

The Penrith firm has issued a formal statement in response to “speculation” about its future.

This says: “The board notes the recent speculation and movement in its share price and confirms that it has received an initial, preliminary approach from H&H Group, which may or may not lead to an offer being made for the whole of the issued share capital of the company. There can be no certainty that a formal offer will be made or the terms on which such an offer may be made.

“A further announcement will be made in due course, as appropriate.”

H&H says that Takeover Panel rules mean it is unable to comment.

However, following Penrith Farmers’ & Kidd’s statement, it has 28 days to either make an offer or announce that it does not intend to make an offer.

The deadline expires at 5pm on January 15.

Penrith Farmers’ & Kidd’s, which dates from 1876, sold its livestock-auction business to H&H in 2002.

It has separate divisions offering residential estate agency and valuation, residential letting and management, commercial agency and valuation, land agency, planning consultancy, and fine art, antique and furniture sales.

The head office is close to M6 junction 40.

There are other offices in Keswick, Appleby, Kirkby Stephen and Cockermouth.

The estate agency operates mainly in the Eden Valley and north Lakes but other services are offered on a regional or nationwide basis.

H&H Group owns the Borderway Mart complex at Rosehill, Carlisle.

It has a land-and-property division, an insurance brokerage, printing business, finance company, auction rooms, and an estate agency, and holds motor-vehicle auctions. Profits increased by nearly a quarter to £1.44m last year.

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