AIM-listed financial group Davenham has confirmed that it is looking for a buyer.
Following a sharp jump in its share price, from 7p to 10.3p last Thursday, the asset finance, trade and property finance company said it was looking for a bidder who could take on the whole group or buy one of its arms.
“All options are being considered, whether that is acquisition as a whole, or parts of the group,” a spokesperson said.
Davenham made a £55.4 million (€61.9 million) loss for the year ending June 30 2009, and is renegotiating its funding lines this year.
The Manchester-based group also launched an acquisition finance business in January 2007, but had to scale back lending to IFAs last September, after property loans went bad.
Jason T Hesse