Desmond firm increases Barlo stake

DERMOT DESMOND is inching closer to blocking the management buy-out of the plastics and radiator group Barlo.

The financier’s investment vehicle IIU said yesterday it has acquired 1.04 million shares in Barlo, bringing its total to more than 25 million, or 14.84% of the company.

Mr Desmond paid 42c per share, which is 2ct higher than what Tony Mullins, the Barlo chief executive, is offering to take the company private, indicating that Mr Desmond is seeking a higher offer.