UK Fast Bid Rejected
Posted on May 16, 2010
The founder of Manchester-based web hosting firm UKFast says he’s turned down a £53 million offer for the business.
Crain’s Manchester Business is reporting that Lawrence Jones rejected the deal because he didn’t think the buyer would have been good for the company’s long term prospects.
Lawrence Jones is one of Manchester Camerata‘s newest board members, and UKFast hosts Camerata’s website. It’s also sponsoring Manchester Camerata‘s forthcoming concert on 25 September 2010.
The business paper says he declined to say who had made the offer for the business, which valued the firm at 25 times profits, but said it was not operating in the same space as UKFast.
He said he believes the business has significantly greater growth prospects and likened it to a recoiled elastic band which was on the verge of propelling forward.
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