Note of discord in Boosey bids

BIDDING for sheet music and instruments maker Boosey & Hawkes is being held up by corporate finance staff cuts at Deutsche Bank, potential suitors claim.

A number of potential buyers competing for the historic company's musical instruments and sheet music divisions told the London Evening Standard's Business Day section of their frustration over staff changes at Deutsche, which is auctioning the famous firm. On-off bid talks have dragged on since the company put itself up for sale last October, and suitors have cited unrealistic price expectations by Boosey as the cause.

However, the latest block in the process has been put down to what one suitor called 'a lack of continuity' among the Deutsche staff working on the deal. 'It is happening on a lot of potential transactions at the moment - the jobs axe has taken a huge toll on most banks' corporate finance teams,' said one private equity bidder.

Deutsche's Simon Eccles-Williams, who was leading the team on the sale, last month jumped ship for corporate finance boutique Hawkpoint Partners. However, sources at the bank said the team under his replacement Jeremy Lucas remained intact and denied it was responsible for delays.

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