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Provident to buy out London Scottish?
It has recently emerged that Provident Financial are one of a number companies looking to take control of the troubled London Scottish. London Scottish has confirmed that they are still making a loss despite 'refocusing' the companies' interests, and have been approached by a number of parties with a view of a takeover.
Provident stand out as one of the strongest parties from the list of interested firms due to increase in profits over the past year.
London Scottish has until 31st October to make up a capital shortfall of 32.5m under the terms of its loan facility.
It is unlikely that the whole group will be sold off, there would be companies interested in doing this, but in the current market conditions, will be very unlikely.
Robinson Way collections are a part of the London Scottish group, which could be sold to raise funds, with a possible number of interested firms looking to extend their portfolio.
Although London Scottish have presently declined to comment if this is the case or not.
