Tegelaars after MBO of Cannons
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Tegelaars after MBO of Cannons

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Y Club
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Cannons' chief executive, Harm Tegelaars and managing director, Martin Oliver, have been granted a period of exclusivity to complete due diligence on a proposed management buyout. The deal, pitched at 155p per share, values the health club chain at £360m and comes three months after Cannons launched its strategic review. The announcement comes as the group released results 'ahead of expectations' for the year to 31 December 2000. Pre-tax profits jumped 41 per cent to £19.5m, with turnover up 32 per cent to £91.4m. Like-for-like sales were also by 8 per cent on the previous year. The MBO, backed by Royal Bank Devlopment Capital, has six weeks exclusivity on the deal. Following the statement, Cannons shares rose 7p to 148.5p.

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Cannons' chief executive, Harm Tegelaars and managing director, Martin Oliver, have been granted a period of exclusivity to complete due diligence on a proposed management buyout.
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