Peel Pepper (UK) Limited acquires Harworth Group plc for GBP 582,880,000 (2026)

Deal facts

Buyer: Peel Pepper (UK) Limited
Target: Harworth Group plc
Deal value: GBP 582,880,000
Announced: 6 August 2026
Status: Completed
Sector: Real Estate
Country: United Kingdom
Consideration: cash

Sources

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Deal timeline

4 updates

14 Oct 2026Delisting
Delisting and Cancellation of Trading HWG Shares
Disclaimer* 14 October 2026 Harworth Group plc (‘Harworth’) DELISTING AND CANCELLATION OF TRADING OF HARWORTH SHARES 1. Introduction On 25 September 2026, Peel Pepper (UK) Limited (" BidCo ") announced the terms of an increased best and final cash offer for Harworth at a price of 187 pence per Harworth Share (the " Best and Final Offer "). BidCo also announced
LSE RNS
29 Sept 2026Wholly unconditionalClosed
Offer Declared Unconditional
FOR IMMEDIATE RELEASE 29 September 2026 RECOMMENDED INCREASED BEST AND FINAL cash offer for HARWORTH GROUP PLC ("Harworth") by PEEL PEPPER (UK) Limited ("BidCo") , A COMPANY INDIRECTLY WHOLLY-OWNED BY PEEL HOLDINGS GROUP LIMITED RECOMMENDED INCREASED BEST AND FINAL CASH OFFER BECOMES UNCONDITIONAL Introduction As at 1.00 p.m. (London time) on 29 September 2026, BidCo counted 170,247
LSE RNS
17 Sept 2026Revised offer
Mandatory Cash Offer for Harworth Group Plc
FOR IMMEDIATE RELEASE 17 September 2026 MANDATORY CASH OFFER for HARWORTH GROUP PLC by PEEL PEPPER (UK) Limited , A COMPANY INDIRECTLY WHOLLY-OWNED BY PEEL HOLDINGS GROUP LIMITED On 6 August 2026, Peel Pepper (UK) Limited (" BidCo "), a company indirectly wholly-owned by Peel Holdings Group Limited (" Peel Holdings "), and which is part of the wider Peel Group, announced a cash offer to a
LSE RNS
6 Aug 2026Firm intention
Cash Offer for Harworth Group plc
FOR IMMEDIATE RELEASE 6 August 2026 CASH OFFER FOR HARWORTH GROUP PLC BY PEEL PEPPER (UK) Limited , A COMPANY INDIRECTLY WHOLLY-OWNED BY PEEL HOLDINGS GROUP LIMITED Cash Offer by Peel Pepper (UK) Limited of 172.5 pence for Harworth Group plc at 36.0 per cent. premium to the three month volume-weighted average share price 1. Introduction Peel Pepper (UK) Limited (" BidCo "), a comp
LSE RNS

OpinionExit Mode editorial

We see Peel Pepper (UK) Limited taking Harworth Group plc private for a cash price of £582.88 million. The transaction closed shortly after the 6 August 2026 announcement, turning a listed real-estate company into a wholly owned subsidiary of a private vehicle. Both parties are UK-based, so the deal fell under the UK Takeover Code, required FCA clearance and, given the size of the target, a CMA review for competition concerns would have been expected. The cash-only consideration eliminates any share-based earn-out or escrow, but it also means the seller’s shareholders needed to agree to a full cash surrender of their holdings.

Our view is that the move signals a growing appetite among private investors for consolidating fragmented real-estate assets in Britain. By buying a public REIT and delisting it, Peel Pepper can restructure debt, streamline governance and pursue longer-term development plans without the quarterly reporting pressure of a listed entity. For founders of SME property firms, the deal underlines how a clean cash offer can be an attractive exit when market valuations feel constrained by public-market volatility. However, the regulatory path is not trivial: any offer that reaches the 30 per cent threshold triggers a mandatory offer under the Takeover Code, and the CMA may intervene if the combined entity reaches the €5 billion EU turnover test or UK market-share limits. Change-of-control covenants in existing loan agreements will also be scrutinised, so sponsors must be ready to renegotiate financing on the new private balance sheet.

For the SME founder reading this, the immediate step is to map the thresholds that would force a mandatory cash offer under the Takeover Code for your own business. Arrange a brief call with your legal counsel this week to confirm whether a 30 per cent shareholding by any party would trigger a compulsory bid, and use that insight to shape any future discussions with potential private-equity partners.

Editorial opinion. Not financial or legal advice.

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