New Wilcon boss hints at possible sale

Nov. 1, 2001
<b></b> New Wilson Connolly chief Allan Leighton has admitted that a sale of the business could be on the cards following the company&amp;’s revelation that full year profits will be lower than City expectations.<br>Former Asda boss Leighton - who became chairman of the group in January - took over control late last month after chief executive John Tutte resigned. Wilcon recorded disappointing half year profits which were blamed on poor performances in Scotland and the north west. The firm set up an action plan but says it has failed to carry these out.<p></p><p>A full review of the business will now be carried out with financial advisor Cazenove and will be complete at the end of January. </p><p>&amp;“We are now in a vulnerable position,&amp;” Leighton told PA News. &amp;“You are either prey or a predator and we are certainly not a predator. We will be looking at all avenues of increasing shareholder value and cannot rule anything out.&amp;”</p><p>Wilcon said that reservations and thus completions have not stayed in line with expectations.</p><p>Ex McAlpine boss Graeme McAlpine has been brought in as a regional chairman to help with the review which will look at management, margin improvement and the full use of its …

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