Blackpool toy maker poised to revert to the family

Peter, Paul and Phil Cassidy at Casdon which is aiming to de-list from the AIM
Peter, Paul and Phil Cassidy at Casdon which is aiming to de-list from the AIM
0
Have your say

Blackpool toy maker Casdon is at the centre of a management takeover bid.

The family which founded the firm is spearheading a bid to de-list it from the AIM by buying up the shares and taking the company private once more.

I have carefully considered the offer and believe it is in the best interests of Casdon shareholders to accept the offer as I have done so myself

The Cornford Road business, which is best known for making replicas of household named items such as the Henry and Dyson vacuum cleaners and the George Foreman grill, has said it had reached an agreement on an offer and has recommended it to shareholders.

The Cassidy family, which owns 51 percent, has formed a new company, Calder Products, to make the bid which values the company at around £3.3m.

Shareholders would get either a cash consideration of 55p or 60p a share.

Casdon independent director Stanley Wilkinson said: “Paul Cassidy, his wife Lynda and his two sons Peter and Phillip Cassidy wish to provide the other Casdon shareholders, including myself, with an opportunity to sell their Casdon shares in a single, organised event at a fair price.

“I have carefully considered the offer and believe it is in the best interests of Casdon shareholders to accept the offer as I have done so myself.”

Funding support for the move has been provided by The Royal Bank of Scotland’s corporate transactions team through a revolving credit facility and directly from the Cassidys.

Craig Cheetham, director at the Royal Bank of Scotland corporate transactions team, said: “We are delighted to support Casdon who we have worked with for a number of years. The facility provided to Paul Cassidy and his family is designed to help fund the offer. We wish all parties every success.”

Phil Cassidy said the family had been working hard on the deal and further details of their vision for the company would be forthcoming after it was completed.

He said: “The idea is to return full control of the business to the immediate family. It is very exciting.”

In the year to April 2014 Casdon had a turnover of £7.5m, up 15.78 per cent on the previous year thanks to activity in the USA, and made a profit of £289,651.

At the time the company statement revealed its plans to de-list from the stock exchange to allow the management to concentrate more on the development of the products and business.