Family management buyout at Casdon to go ahead

A family management bid to takeover Blackpool toy firm Casdon is set to go ahead.

The family which founded the firm is at the centre of a bid to de-list it from the AIM by buying up shares and taking the company private.

Casdon has now reached an agreement on the terms of a recommended offer by Paul Cassidy, chairman of Casdon, Phil Cassidy, joint managing director and Peter Cassidy, joint managing director.

The Cassidy family – who currently owns 51 per cent of the company – now wishes to provide shareholders with an opportunity to sell their shares in a single event.

“I have carefully considered the offer and believe it is the best interests of Casdon shareholders to accept the offer as I have done so myself,” said Casdon independent director, Stanley Wilkinson.

Phil Cassidy, said: “The idea is to return full control of the business to the immediate family. It is very exciting.”