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Sir David Murray ‘considers sale of Premier Hytemp’
Posted on Wednesday, 20 June 2012 14:08
Scottish businessman Sir David Murray is mulling over a possible management buyout of speciality steels business Premier Hytemp, according to Herald Scotland, which did not cite its sources.
The paper said former Glasgow Rangers owner Murray could offload his holding in the Edinburgh-based company to current managing director and longtime accomplice Donald Wilson, and that discussions are taking place.
It also quoted Murray as saying that a sale of his general steels business is ongoing and that Wilson could be interested in buying Premier Hytemp.
However, he added that the latter process was in its early stages.
No financial details have been disclosed as yet, but Herald Scotland has described the potential buyout as a multi-million-pound deal.
Murray has denied reports that a wider divestment of his holdings is underway, in spite of debts estimated at GBP 470.00 million by the Scottish paper.
Premier Hytemp provides engineered solutions and supplies stainless steel, as well as die forged products to the oil and gas, shipbuilding, aerospace, nuclear and water processing sectors.
The company has been operating for more than 30 years and supplies customers throughout Europe, Scandinavia, North and South America, Canada, the Middle East, Africa, the Far East and Australasia.
In addition to its UK operations, it also has an office in Texas and a facility in Singapore.
Herald Scotland said Premier Hytemp recorded turnover of GBP 52.00 million last year.
Sir David Murray formed his first company, structural steel distributor Murray International Metals, at the age of 23.
He is arguably best-known as the former owner of Glasgow Rangers Football Club, which he bought in November 1988 for GBP 6.00 million.
A period of great success followed for the club, which Murray sold in May 2011.
However, he has since come under criticism as a result of Rangers’ spiralling debts that ultimately saw the club enter administration in February and subsequently forced into liquidation last week.
© Zephus Ltd