Peel Group has submitted a £580m cash offer to acquire Harworth Group.
Under the terms of the offer, which values Harworth at approximately £582.88m, Harworth shareholders will receive 172.5p in cash for each share held.
The offer represents a premium of approximately 20.1% to the closing price of 143.6p per Harworth Share on 5 August 2026 and a 36% premium to the volume-weighted average price of 126.8p per Harworth Share for the three-month period ended 5 August 2026.
The Peel Group is a long-term investor in Harworth, having held various ownership interests in Harworth over a number of years. Goodweather Holdings, a wholly-owned subsidiary of Peel Holdings currently holds approximately 29.96% of the existing issued share capital of Harworth and is the largest individual shareholder.
Peel said Harworth’s current direct development and hold strategy is “capital-intensive, slow to deliver value and increasingly unable to generate appropriate risk-adjusted returns”. It believes Harworth should pivot toward strategic land activities and selective development, “a model that has a lower cost base and is more effectively executed within a private company structure”.
In response to the offer, the board of Harworth said it “has had no substantive engagement with Peel Pepper or Peel about any offer before their announcement today”. It added: “The board is reviewing the terms of the offer with its advisers and a further announcement will be made as appropriate.”
