Quayle Munro is going private

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Merchant bank Quayle Munro is preparing to leave the stock exchange to save money and simplify its structure.

The company, which disposed of its Edinburgh office last year through a management buyout, is writing to shareholders to invite them to a meeting on 1 August.

They will be asked to approve the departure from the Alternative Investment Market and given the option of cashing in their shares or taking a stake in Quayle Munro as a private firm.

The group said its shares were illiquid, with just one transaction every two days on average, and the move would save it at least £140,000 a year.

Four former directors led the buyout of the Edinburgh office, which was renamed Quayle Munro Project Finance. The merchant bank has retained a 30 per cent stake in the spin-out.

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