26 Oct 2012

Guiness Peat Group name to disappear

12:34 pm on 26 October 2012

Guinness Peat Group, founded by Sir Ron Brierley, is to be renamed Coats next year.

The firm is in the process of selling all assets except threadmaker Coats, and returning the proceeds to shareholders.

GPG chairman Rob Campbell says the firm is also considering ways of raising money for Coats' s needs from new investors in the northern hemisphere.

He says the best support for the business will be found in the UK market, which happens to be the primary listing of GPG, so the firm will be relaunched there.

Mr Campbell says GPG has lifted the amount it will spend on buying back shares from $20 million to about $140 million as a way of returning capital to shareholders.

He says GPG has disposed of more than 50% of its assets, and he expects to be rid of all of them, bar GPG's various pension schemes, by the time it changes its name.