Ultimate Finance has received an approach from Renovo Group PLC that may or may not lead to a takeover bid in the legalese jargon of the Stock Exchange.

Ultimate have confirmed that discussions have been on going with Renovo which is a non trading company with a net asset value of £27m and a previous history in the pharmaceutical industry.

To the outsider this is a very unusual fit as Renovo is a shell company with no expertise in any form of finance let alone a niche product like invoice finance and it does make me think why, with a history in pharmaceuticals they have decided that a factoring company is the way forward for them.

It makes me wonder if there is more to this than meets the eye and if Renovo Group are in league with someone else who does have industry expertise – but there again I’ve always loved a conspiracy theory 🙂