The sale of a controlling stake in Argus Media is set to close next week after a two-month delay caused in part by tax issues, including one related to the energy reporting company’s executive chairman. Adrian Binks, who is also its publisher, is credited with turning what was once a small London-based energy newsletter into an almost £1bn enterprise over the course of the past 30 years.
After the transaction was agreed, Mr Binks planned to sell £10m of shares and claim relief from UK tax authorities under a special allowance for entrepreneurs.
Mr Binks appears to have had an issue with gaining tax clearance from HMRC involving a deal that passed distributable earnings to the buyer, presumably on a £1 for £1 basis, to gain entrepreneurs relief there upon. (Editor)