Pilot sale likely as backer bails out

Pilot is likely to be sold as the owners consider all options, including a management buy-out or a trade sale.

Hong Kong-based Retrofit, which owns 74 per cent of Pilot and is advised by SKG Equity, wants to sell its stake, expected to be valued at between£30 million and£40 million.

Managing director Jeremy Whaley, who owns the remaining 26 per cent with buying director Mark Walsh, said: 'Retrofit's intention was always to realise the equity.' He said options include raising cash 'to buy the business myself'.