- Engineering group Renishaw said it had put itself up for sale following a decision by founders and major shareholders David McMurtry and John Deer to sell their large stakes in the company.

McMurtry and Deer, who were Renishaw's chairman and deputy chairman, respectively, owned about 53% of the company including their own holdings and those of persons connected to them.

The company's board, after consulting with its advisers, determined that launching a sale process was in the best interests of all shareholders.

UBS was acting as sole financial adviser and corporate broker to the company in relation to the sale process.

Renishaw said it nor its founders were currently in discussions with any potential buyers.

'We are both grateful for our continued good health, however we recognise that neither of us is getting any younger,' McMurtry and Deer said jointly.

'Now finding ourselves in our 80s, our thoughts have increasingly turned to considering the future of our shareholdings in the company and how we can actively contribute to securing the future success of the business.'

'With that in mind, we approached the rest of the board to indicate that we felt the time was now right to discuss the best way to achieve this.'

Story provided by