Peterborough engineering giant could get second new owner in two years
Iconic Peterborough engineering company Peter Brotherhood could be facing a second change of ownership in less than two years.
The 150-year-old company, in Papyrus Road, Werrington, was bought by Luton-based Hayward Tyler in November 2015 for £10 million from the American engineering giant Dresser-Rand.
Now Hayward Tyler is in talks with Avingtrans, of Chatteris, which is seeking to buy the Luton firm.
Avingtrans’ proposal was announced to the London Stock Exchange. Avingtrans also owns Metalcraft, in Chatteris.
Hayward Tyler recently revealed it has a record order book of £49.8 million - boosted by significant contribution from Peter Brotherhood. The firm has also reported a £3.9 million loss for the year to the end of March 2017.
Managing director Ewan Lloyd-Baker stated in the firm’s annual results: “I’m pleased in Avingtrans we have found a company that understands the long term nature of our business and the significant opportunities from growth with Hayward Tyler and Peter Brotherhood on the back of our record order book and the improving market fundamentals.
“With the financial security of the Avingtrans balance sheet, we have a solid foundation on which to grow.”
Mr Lloyd-Baker said: “Shareholders will be recommended to approve Avingtrans’ offer by the end of July.
“Subject to that approval we hope to complete by August 31.
He added: “The focus will still be on Hayward Tyler and Peter Brotherhood. Avingtrans will give us a strong balance sheet to develop and grow the Peterborough business.”