Time Out owner Oakley Capital hit by sterling as Daisy Group receives takeover offer

 
Michael Bow
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Time Out is owned by Oakley Capital
The trust backed by Time Out owner Oakley Capital Investments has said a slump in the value of its Daisy Group stake helped knock 4.5 per cent off the value of the fund.

The firm’s net asset value per share slumped from 200p on 31 December to 191p at the end of June. Oakley’s companies, which include Time Out Group, Broadstone and Daisy, were hit by the strength of the pound, which rose four per cent against the euro during the period.

The value of Daisy Group, which is 13.6 per cent owned by Oakley, also declined during the period, from 177p a share at 31 December to 137p on 30 June, heaping more woe on the value of the fund.

Oakley was founded by T-shirt and tech entrepreneur Peter Dubens. He said: “This has been a busy period for Oakley Capital Investment as we focus on maximising the value of Fund I and building a strong and diversified portfolio for Fund II.

“A number of interesting potential acquisitions are well progressed through the deal pipeline and we expect to make further investments before the end of the year.”

Daisy has since received a 190p a share takeover offer from the firm’s chief executive Matthew Riley, in an offer backed by fund groups Toscafund and Penta Capital.

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