The sale of the NEC Group has entered the second phase with strong interest being shown from potential bidders.
In a statement released on 1st July, the West Midlands venue group confirmed the process has now moved on a stage and is on target to complete by the end of the year. The sale proceess is highly confidential but it is thought that bid interest has been expressed by over a dozen parties.
In early March, Birmingham City Council (BCC) announced that it had resolved to seek offers for the NEC Group and initiated a pre-qualification process whilst sale preparations were finalised.
The latest NEC statement said: “First round bids were received as scheduled at the end of May. We’re now in Round Two of the process with the NEC Group sale attracting strong bid interest from a number of potential investors. Both Birmingham City Council and The NEC Group have a strict duty of confidentiality to all parties, so cannot make any comment on the names or nature of prospective bidders.”
The BBC spoke to Mash Media's Julian Agostini about the sale yesterday. You can see that report here.
The NEC Group is an important contributor to the West Midlands economy, delivering an economic impact of over £2bn a year, while supporting around 29,000 jobs in the region.
In addition to its four venues, the NEC Group has successfully established a number of related businesses. These include national ticketing agency The Ticket Factory, catering business Amadeus and NEC Group International, which is taking its venue management expertise into the operation of third party-owned venues.
Potential buyers are believed to include Genting Casinos who have a vested interest in the Group as they are behind the current build of Resorts World, Merlin Entertainments who own Alton Towers and Warwick Castle, and a potential bid from China.