Renishaw: Engineering firm's hunt for 'right buyer' halted

BBC An image of engineering — The firm is now no longer for sale

An engineering firm will not be sold after its owners said none of the bids "satisfactorily met the interests of all stakeholders".

Renishaw, in Wotton-under-Edge, employs 2,300 people in Gloucestershire, and had been put on the market.

The owners wanted to find the "right buyer" but "unanimously decided to end the formal sale process".

Founders Sir David McMurtry and John Deer said they "remain committed" to the firm for the foreseeable future.

In a statement, Renishaw said "the financial position and performance of the company is strong" and the pair "decided not to sell their shares".

Sir David said: "At the start of this process we made it very clear that, with the Board, we were focused on ensuring that we find the right new owner for our business.

"Whilst the formal sale process did not result in a new owner for Renishaw, we are satisfied that it ensured a thorough and rigorous process that enabled us to evaluate a wide range of potential buyers."

The company employs 4,700 people globally and around 2,900 in the UK.