好色先生TV

The Rydon Group, a construction and housing business based in East Sussex, is set to be sold to its management team.

好色先生TV has learned that the company, which has net assets of about 拢21m, is being sold by the three principal shareholders to a management buyout team led by Bob Bond, managing director of Rydon Construction. Bank of Scotland is financing the deal.

The buyout team, which is being advised by consultant KPMG, also includes John Kitchin, the group's legal director, and Paul Wright, group finance director. Heads of terms have been agreed and the deal is expected to be completed by early December.

Bond said it was 鈥渁n extremely exciting time for the management team and staff鈥� and said that no significant changes were being proposed to the organisation of the business or management.

The deal arose when the three shareholders decided to exit the business and appointed Pricewaterhouse Coopers to advise them on their options.

It is understood that they explored the possibility of breaking up the business and selling it in separate parts. PWC approached several companies with documents on the business but the shareholders have now opted for the buyout.

It is an exciting time for the management team and staff

Bob Bond, Rydon Construction

It is the latest in a long line of corporate deals involving housebuilders in the past year.

Most recently, US housebuilder Centex last week sold its UK company Fairclough Homes to the Scottish-based Miller Group.

Rydon also follows in the footsteps of Linden Homes, the Surrey-based housebuilder that went private in 2000, and Countryside, where chairman Alan Cherry led a management buyout at the beginning of the year.

Rydon, however, is perhaps best known as a contractor. It has recently expanded into the PFI sector and won NHS LIFT contracts including the 拢47m Medway project to build three primary care facilities in the north Kent area.