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Charcol on verge of MBO

Bradford & Bingley is understood to be very close to agreeing a management buy out for Charcol. The bid is believed to include Charcol founder John Garfield and to have venture capital backing.

The MBO team will include head of product development Walter Avrili and senior technical manager Ray Boulger. B&B bought the firm for 102.5m in 2000. The sale is being handled by Goldman Sachs.

The two most sought after aspects of the Charcol business are its brand and the money making Charcol online operation.

A B&B spokeswoman says: “There is a process ongoing and we expect to complete it before the end of the year but at present we have no comment.”

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