A controversial PPE supplier has hired advisers to sell a stake which could value the business at more than £1billion.
Manufacturer Globus has consulted bankers at Rothschild as it considers its financing options to fund potential large acquisitions.
The Mail on Sunday understands that several options remain on the table, including an equity stake sale or forms of debt financing. Private equity firms and specialist debt funds are said to be interested. A full sale of the business is not being considered.
Supply chain: The pandemic initially hit revenues in the firm’s industrials arm but aided its business supplying high end FFP3 respirators and gloves to hospital staff
The pandemic initially hit revenues in the firm’s industrials arm – which supplies protective gear including helmets and ear defenders – but aided its business supplying high end FFP3 respirators and gloves to hospital staff.
Profits had already risen 92 per cent to £6.3million in the year to May 31, 2020, when revenues spiked 20 per cent from £50million to £60million. A £483,000 dividend was paid out. City sources said revenues had ballooned to more than £100 million since the Covid-induced demand for PPE.
Globus was founded 25 years ago in the Shetland Islands and is now headquartered in Manchester. It is run by Icelandic businessman Haraldur Agustsson, who is the majority shareholder.
The Tory donor hit the headlines last year when Globus was awarded a £93.7 million Government contract to supply PPE without a competitive tender under emergency pandemic rules.
Sister firm Alpha Solway was awarded a £53million contract to supply NHS Scotland.
Globus has given more than £365,000 to the Conservative Party since 2016. There is no suggestion of impropriety by Globus and its directors.
It is understood that the financing will help to fund expansion abroad and to bolster manufacturing in the UK. The company declined to comment.
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