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Network Data fails to find buyer for broker business or HQ

Network Data Holdings has revealed that it failed to find a buyer for the broker business or its mansion headquarters after two months of negotiation.

The group announced on January 28 that it had received a preliminary approach for the company, and since then the board has held discussions with a number of interested parties regarding the possibility of an offer.

But it has admitted that none of the discussions have resulted in an acceptable offer for the company.

As a result, the board has announced that no offer has been made for the group’s ordinary shares and it is no longer in discussions with any party regarding the sale of Network Data Holdings as a whole.

It also revealed that it is in the midst of trying to agree a deal with its bank so that it can carry on running the group while it continues to seek a buyer for both its mortgage broking business and its headquarters Botleys Mansion, currently being marketed at a guide price of £5m by Knight Frank.

The board says it will continue to “pursue interested parties” in trying to sell the group’s broker network.

In a statement to the stockmarket, Network Data said: “The board has concluded that in light of the financial position of the company and the current difficult trading conditions in the mortgage broking market, it is in the best interests of the company to pursue the approaches for the mortgage broking business.”

The group also says the original bidder for Botleys Mansion, rumoured to be celebrity chef Gordon Ramsay, will not be able to complete the purchase of the property.

A spokeswoman for Gordon Ramsay Holdings would not confirm or deny that it has made an offer for the property.


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