Rumours circulating around New Milton suggest that Firstport is engaged in talks to bring about a management buyout.
The target date is said to be around August 2016.
Electra under their new owners are anxious to rid themselves of Firstport, having lost 6m pounds in the first six months of the year on their investment in Firstport.
An outside purchaser is not thought to be likely as any new invevestor will be concerned by the extent of unresolved legacy issues and the material uncertainties that still afflict Firstport.
Therefore, despite the large number of management buyout failures, it would appear that a MBO is the only option left.
The hope would be to separate Cirrus/Careline from Firstport and hope the Firstport side of the business could keep around 1,000 developments under their management.
This would equate to a loss of around 30% of their current developments.
Consequently, more redundancies are planned as the company is forced to downsize.
Those who are "in the know" about these plans are already campaigning to make sure they emerge on the right side and to ensure they are not in line to lose their jobs.
Possibly this is the reason for the sudden "We Love Chris Owens" posts?
Chris Owens remains a bully and serial liar.
