Tycoon eyes Phoenix

PHOENIX Natural Gas could be taken over by a multi-millionaire financier, it has emerged.

Ownership of the company, which supplies natural gas to homes in the North, could change hands if a £435 million deal by businessman Guy Hands for water group East Surrey Holdings goes through.

Mr Hands’ Terra Firma Investments will also take control of water supply to areas including boroughs in south London, east Surrey and parts of Kent and Sussex if the deal is struck.

The financier said the business fitted in well with Terra Firma’s strategy of buying firms operating in basic service industries. The deal is subject to shareholder and regulatory approval and could go ahead by the end of June.