Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Hostels operator Safestay said it would undertake a review of strategy options including the sale of the company, after receiving a 'very early' stage potential takeover approach.
The company said it had made progress on its strategy to protect the business and secure capital to enable it to re-emerge strongly. The cost base was 'substantially' reduced and the company completed the sale of two assets to raise £16.8 million.
Following, a 'very early' stage and approach from a party interested in buying the company, Safestay said it had would undertake a review of the strategic options.
'These options include, but are not limited to, a sale of the Company which will be conducted under the framework of a "formal sale process" in accordance with the Takeover Code,' it added.