City analysts have voiced their disappointment at Rugby Group's sale of its UK and Australian joinery business to private US manufacturer Jeld-Wen for £86.5m.
The group announced in March that it was in the advanced stages of selling off all its joinery interests to concentrate on its core business of lime and cement. But the sale has taken much longer than hoped and Rugby has secured a buyer for only two of its joinery arms – Rugby Joinery in the UK and Stegbar in Australia – leaving some still unsold.
One analyst said: "It is an embarrassment, frankly. It has taken them three-and-a-half months from being in the 'advanced stages' and they have sold it for less than its net asset value." Rugby Group chief executive Peter Johnson it had been sold at an "attractive price".
