The shellmeister is at it again. Michael Edelson has announced plans to reverse Maybeat, a holding company owned by Archie Norman (ex-Conservative Party and Asda) and Julian Richer (Richer Sounds), into his Knutsford Group, which floated on AIM in September. Other backers include Nick Leslau and Nigel Wray of property group Prestbury (which counts ex-Wallaby Michael Lynagh amongst its employees). Maybeat plans to inject £5m into the group to help it fund acquisitions in the retail, property and leisure sectors. The four Maybeat directors will between them hold 90% of the new Knutsford shares with the balance being held by Edelson and the two other existing Knutsford directors. This looks like a dream team, with the clout and experience to pull off some ambitious acquisitions. The shares subsequently rocketed by over 1,500% following the reinstatement of trading.

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