Reports today suggest private equity firm 3i is close to starting the selling off process of coach operator Shearings.
Although the operator’s press office dismissed newspaper and website reports this morning that PricewaterhouseCoopers, which 3i asked to search for a buyer last year, was about to start an auction process, it is thought buyers have been lining up for the £40 million sale.
Last year 3i asked Deloitte to find a buyer but a subsequent sale failed.
A spokesman for Shearings said: “Our investment partners are working with advisors on an ongoing basis to review strategic options for the business. There is no sale process underway.”
by Dinah Hatch
