This paper uses a sample of 55 companies involved in UK public to private buyouts (P-T-P) and DEA to investigate efficiency in the UK manufacturing industry during the period 1997-2007. For the sample used and period investigated, no evidence is found that companies involved in public to private buyout ownership changes operate more efficiently than a control sample of PLCs not involved in buyouts. The results suggest that the policy rhetoric that buyouts promote efficiency in public companies in the UK is not supported.