Upmarket housebuilder Raven Mount’s board said this morning that it was “no longer in discussions” with British Land about a potential offer.
It is thought that British Land’s deal to buy Anton Bilton’s Raven Mount fell through because of the potential deficit in Raven’s pension fund.
Two weeks ago Raven Mount announced a pretax loss of £2.1m for last year, following a pretax profit of £3.8m in 2002.
Turnover fell by more than £6m to £59.4m.
The group traded as Swan Hill for most of last year but in December a fresh management team was drafted in after receiving the go-ahead from shareholders.
The name of the firm then changed to Raven Mount.
Raven Mount was set up by ex-investment banker Glyn Hirsch and property entrepreneur Anton Bilton with the sole intention of taking over Swan Hill.
The management team promised to turn round the financial performance of the firm or secure value for shareholders in some other way, possibly by selling it.
Miller Homes has also been linked as a potential bidder for the housebuilder.
If that deal also falls through, then Raven Mount is likely to remain on the AIM with Bilton and Hirsch at the helm.
References: EGi News 14/06/04
