VCH goes it alone for Libro

Despite the breakdown of a planned partnership with Alchemy, the UK-based private equity firm, VCH, the Austrian venture capitalist group, has decided to soldier on alone in a bid for Libro.

VCH, the Austrian venture capitalist group, is planning to continue its plans to bid for Libro, the Austrian music and books retailer and internet service provider.

The plans come despite the announcement that Alchemy, the UK private equity firm, has decided to drop out of plans to partner VCH in a bid for the company.

VCH is embarking on no small undertaking. It will face competition from a group of private equity firms led by Euro Invest Bank, based in Austria, and as many as three more as yet unidentified bidders.

Libro has been facing tough times of late. It has debts to the tune of ?167.1m to banks and ?39.5m to its suppliers.

Alchemy declined to comment on the matter.