News

Cooper Clegg has moved a step closer to a sale after parent company Pindar confirmed that it is in the early stages of due diligence proceedings with a mystery buyer regarding its Tewkesbury-based magazine printing arm.

Pindar, which announced its intention to sell Cooper Clegg earlier this month, received what it described as "a bona fide offer" last week and began a non-exclusive due diligence process on Friday (17 October).

Group chief executive Andrew Dalton said: "We have had quite a few expressions of interest and we have had one formal bona fide offer and that party is now going through the early stages of due diligence."

Dalton said that, while the offer was financially acceptable to Pindar, any sale was far from a done deal, as several other companies have shown interest.

He said: "We’ve entered into due diligence with the one party on a non-exclusive basis and we’re waiting to see whether or not we get any other offers."

Pindar acquired Cooper Clegg, which it subsequently renamed Pindar Tewkesbury, in March 2007.

Pindar chairman Andrew Pindar has said that the company would "fit better with an organisation which has a larger presence in the publishing market or a publisher looking for a guaranteed supply chain".