AIM-listed financial group Davenham has confirmed that it is
looking for a buyer.

Following a sharp jump in its share price, from 7p to 10.3p last
Thursday, the asset finance, trade and property finance company
said it was looking for a bidder who could take on the whole group
or buy one of its arms.

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“All options are being considered, whether that is acquisition
as a whole, or parts of the group,” a spokesperson said.

Davenham made a £55.4 million (€61.9 million) loss for the year
ending June 30 2009, and is renegotiating its funding lines this
year.

The Manchester-based group also launched an acquisition finance
business in January 2007, but had to scale back lending to IFAs
last September, after property loans went bad.

Jason T Hesse

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