The largest shareholder in a Lancashire-headquartered global construction consultancy has upped its stake even further.
AB Traction, a Stockholm-based private equity firm which specialising in buyouts and restructurings, has increased its investment in Driver Group from 20.5% to 27.5%, according to new filings with the London Stock Exchange.
AB Traction was already the largest single shareholder in the Rossendale company, ahead of Gresham House.
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Documents filed with the London Stock Exchange also revealed that investment management firm Ruffer has sold its entire stake in Driver Group, which had stood at around 6.6%.
Other major investors in the group include Adrian J Williams, Allianz Global Investors, John P Mullen, The Ramsey Partnership Fund Ltd and Unicorn Asset Management.
The deals come after Driver Group revealed its results for the financial year to September 30, 2022.
The group's revenue fell from £48.7m to £46.8m while it made a pre-tax loss of £2.4m, compared to a profit of £1.8m in the prior year.
At the time, chief executive Mark Wheeler said: "The FY22 trading year encompassed some unpredicted challenges for the group, in particular in the Middle East and APAC markets.
"We reduced headcount and cost very significantly in these regions in a very short space of time.
"Management took steps to minimise the impact of the exit of these people while at the same time taking the opportunity to de-risk these historic problem areas for the strategic aims of the group.
"Our UK and European businesses continued to perform creditably.
"Trading in the first quarter has begun profitably and we are sharply focussed on delivering cost savings and delivering a return to profitability in the current financial year."
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