Logistics Development Group (LDG) is an AIM-listed investment company. It holds minority stakes in a bakery, a consumer-health business, a French digital agency and a UK logistics group, all alongside funds run by its manager, DBAY Advisors. Its estimated net asset value reached 28.0p a share at 30 June 2026, and in October 2026 DBAY made an unsolicited takeover proposal at 20p a share, which the board rejected as insufficient.
A listed window on DBAY's private deals
LDG does not run businesses. It holds stakes through a wholly owned subsidiary, Fixtaia, and DBAY Advisors manages them. The company says it became an investing company in December 2020. Its investing policy was approved in January 2022. It reports at fair value, so profit comes mainly from changes in the value of its holdings.
At 30 June 2026 the holdings were: 25.31% of Finsbury Food Group, a Cardiff bakery making bread and branded celebration cakes for Tesco, Sainsbury's and KFC; 24.54% of Alliance Pharma, owner of Kelo-Cote scar treatment and Nizoral anti-dandruff shampoo; 10.62% of SQLI, a Paris-based digital commerce agency serving Nestlé, Airbus and LVMH; and 38.25% of WS Holdco, a UK logistics group being built by acquisition. All four are private, taken off the market or built by DBAY funds. 29 Sep 2026 15 May 2026
Buying into companies DBAY was taking private
In 2023 LDG built its portfolio. It held 12.4% of Finsbury when DBAY's vehicle agreed a 110p cash offer, which completed in November 2023 and left LDG with a larger stake in the private company. It also took a see-through stake in SQLI, bought Alliance shares and made smaller holdings in Trifast and Mission. In February 2024 it put £10m into 15% loan notes of Nash Squared.
The year to November 2023 showed a £12.0m underlying loss, driven by mark-to-market losses on holdings. The Nash Squared investment later returned about £13.1m after the sale of its NashTech division, a net return of about 36% a year. Over this period LDG also bought back shares, repurchasing 37.4m at an average of 13.6p. The shares traded between roughly 11p and 13p. 27 Mar 2024 9 Feb 2024 22 May 2025 23 Aug 2024
The shareholder revolt of 2024
In August 2024 the board sought approval for a further buyback to narrow the gap between the share price and a net asset value of 18.89p. The plan needed a waiver of a takeover-code rule. Shareholders voted it down, with 86% of waiver votes against, and the buyback did not go ahead.
A requisition from shareholder Huntress then proposed an extra director. The board opposed it and shareholders rejected it on 16 October 2024, with 62% against. In November Colin Kingsnorth and Mark Butcher joined the board and Peter Nixon left. The shares stayed at about 11.2p from August to November. 13 Aug 2024 4 Sep 2024 16 Oct 2024 29 Nov 2024 23 Aug 2024
Alliance goes private and cash goes back
In January 2025 DBAY offered 62.5p a share for Alliance Pharma, raised to 64.75p in March. The deal became effective on 14 May 2025. In April shareholders approved a £21m tender offer at 19p a share, and LDG bought back and cancelled 110.5m shares, about 21% of its capital.
The board also set a rule that it would distribute 50% of net cash profits from each asset sale. Estimated net asset value per share rose from 22.3p at the end of 2024 to 26.7p at June 2025. The shares ended 2024 at 13.0p and reached 16.8p in July 2025. 10 Jan 2025 28 Mar 2025 22 Apr 2025 24 Apr 2025 22 May 2025 25 Sep 2025
From distributing cash to reinvesting it in logistics
In July 2025 LDG put £15m into a DBAY-led platform to build a national UK logistics group, starting with a 78% stake in parcel network APC. In January 2026 Finsbury refinanced and returned £11.4m to LDG, cutting its exposure there to £2.8m. The board moved £10m of that into WS Holdco on the same terms as the first investment, rather than returning it to shareholders. The company has not said how the 50% distribution formula applied to this return.
WS Holdco then bought EV Cargo Solutions and Distribution, Walkers Transport and Madex Logistics. LDG's stake fell to 38.25% at June 2026. The enlarged group expects annual revenue above £400m. 18 Jul 2025 27 Feb 2026 29 Sep 2026 17 Mar 2026 15 May 2026
What drove the record
Most of the gain came from buying quoted companies that DBAY then took private. The portfolio was entered at about 6.0x EBITDA and marked at 7.5x at the end of 2025. The manager's policy is to hold an asset at its take-private price for up to 12 months, so some uplift arrives later. That explains why Alliance's revaluation lifted net asset value only in mid-2026.
Alliance has also shrunk. Revenue is shown as £144m for 2025, against £180m a year earlier, after a sale of its prescription portfolio in January 2026 that cut net debt from £275m to a forecast £175m. The company has not set out the full effect on earnings. Governance friction in 2024 came from the manager's close role in LDG's affairs, but the company's filings do not explain the votes beyond reporting them. 15 May 2026 29 Sep 2026 27 Feb 2026 4 Sep 2024
Board, manager and the distribution promise
Adrian Collins is chair. DBAY Advisors makes the investment calls, and DBAY funds own about 27% of LDG, according to a December 2023 notice. Richard Griffiths held 19.03% by October 2026. David Facey retired from the board in June 2026 and the board does not expect to replace him. Singer Capital Markets became sole corporate broker in November 2025.
Management has kept its promise to publish quarterly net asset values. It also returned £21m through the 2025 tender and about £27m in total since December 2020. The cash left in the company is small. 15 May 2026 22 May 2025 29 Nov 2024 29 Sep 2026 6 Nov 2025 18 Dec 2023
“I confirm that we continue to have an agreed formula for distributing cash to Shareholders on any future realisations and will continue to publish quarterly unaudited estimated net asset values.” 15 May 2026
28 pence of NAV, little cash, an approach from DBAY
For the six months to 30 June 2026, profit before tax was £5.4m, down from £15.3m a year earlier. Net asset value was 28.0p a share, up 6.2% in the quarter on Alliance's revaluation. Investments were valued at £113.7m and cash was £1.8m. No dividend was paid or recommended, and a £514k deferred tax asset was written off.
The shares closed September at 20.2p, up from 14.3p in June. The latest close, on 21 October 2026, was 22.0p. On 8 October the board said it had rejected a DBAY approach at 19p, later raised to 20p, as insufficient. 29 Sep 2026 28 Aug 2026 8 Oct 2026
A deadline in November and open questions
DBAY must announce a firm offer or a statement of no intention to bid by 5 November 2026. The company has not said what happens to the portfolio or distributions either way. Management gives no financial targets, only that the board and DBAY remain focused on managing the portfolio and creating long-term value.
Within the portfolio, Finsbury has forecast higher revenue in the year to June 2026 and slightly lower margins before they widen in the following year. WS Holdco plans a rebrand and cross-selling across its acquisitions. Open questions are how much WS Holdco's acquisitions add to value, how Alliance fares after its disposal, and whether further cash reaches shareholders under the 50% formula. 8 Oct 2026 29 Sep 2026 15 May 2026 17 Mar 2026
Written by AI from Logistics Development Group's own announcements since Oct 2023 · every paragraph links to its sources