EIGHT Bradford-based electronics entrepreneurs are expected to share a £44 million paper fortune after they agreed to enter exclusive talks to sell their gadgets business to Montagu Private Equity for £240 million, The Times has learnt.
Should the deal go ahead, Dr Keith Pacey, the group’s chairman, who holds a PhD in electronics, and Graham Caldwell, Maplin’s managing director, will share the paper fortune with six others. It is understood that Mr Caldwell stands to reap about £8 million of the sum.
All the directors, who are expected to continue to manage the firm, would reinvest about half their stake in the company after a possible sale.
At a valuation of £240 million, their holding sees its value increased sixfold since 2001.
The group was founded in 1972 by Roger Allen and Doug Simmons as a mail-order business operating out of a bedroom in Essex.
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Today the retailer has more than 80 stores as well as a website and the original catalogue, offering everything from radio-controlled cars and disco lights to a kit to build computers.
In the year to last December Maplin made pre-tax profits of £12.2 million on sales of £99.2 million.
It is understood that Montagu Private Equity has fought off competition from about ten other potential buyers.
Montagu has just completed its acquisition of Dillons, the corner-shop chain, from Tesco to add to TM Group, its convenience stores chain, and also completed the £146 million buyout of Servitec, the specialist survival equipment firm, last week.
A source close to Montagu said it was keen to buy Maplin because of its strong management team.
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Maplin is currently owned by the management and Graphite Capital, a private equity firm that bought 70 per cent of the company when it backed a £42 million management buyout in 2001.