IPD’s senior management has seized on an opportunity to increase their ownership in the business thrown up by the winding down of Invista.
A group of 45 individuals, including IPD chairman Rupert Nabarro, founding director Ian Cullen, Laurent Ternisien, Peter Hobbs and Alasdair Evans; most of the non-executive directors; and directors and staff from the firm’s seven global offices bought Invista’s 5% stake this week.
The group paid £1.3m for the shareholding, which takes the staff’s stake in the business to almost 50%.
Nabarro said: “It is great to see such an interest in the business by IPD employees Shares in the company are very rarely available – indeed, this is only the third significant block of shares that have been traded in our 26-year history.”
Invista Real Estate Investment Management said that it would return proceeds from the sale to its shareholders.
