Clarke to become chief executive at Asda while Bond steps up to chairman May 11, 2010 CHIEF operating officer of Asda, Andy Clarke, has been appointed to the role of chief executive and president of the US-owned supermarket. His promotion follows last month’s announcement by Andy Bond that he would step up to become part-time chairman at the retailer. Clarke joined Asda in 1992 but left in 2001 for roles at [...]
Former Matalan boss joins Hut April 15, 2010 Angus Monro, the former Matalan chief executive is to join the board of online retailer The Hut Group. Monro is already among a list who have invested in the company, including fund managers Artemis and William Currie, and technology venture capital group Balderton Capital. Hut Group has been earmarked as the UK’s fastest growing online [...]
Matalan owner in line for payout March 7, 2010 JOHN Hargreaves, founder of discount clothing and homeware chain Matalan, could reap a £250m dividend as part of a refinancing deal. Hargreaves is reported to be looking at a £525m refinancing after the failure of the Lancashire-based company’s £1.5bn sale last year. One of the most substantial for a British retail company, the payout would [...]
Matalan nixes £1.5bn sale on price dispute February 10, 2010 MATALAN owner John Hargreaves has abandoned an auction of the budget fashion retailer after potential buyers refused to match his £1.5bn asking price. Hargreaves, who founded the chain in Preston in 1985, appointed Goldman Sachs and PricewaterhouseCoopers to explore a sale of the business in December after receiving unsolicited offers from private equity groups. Buyout [...]
Travelport in pole position in float queue January 17, 2010 TRAVELPORT looks set to become the most expensive company to float on the stock exchange in two years. It will be amongst the first in a slew of companies seeking an IPO in the coming months. The airline and hotel reservations firm, which operates in 160 countries, has plans for flotation in London and hopes [...]
BEST OF THE BROKERS January 13, 2010 BARCLAYS Execution has initiated coverage of Barclays with a “buy” rating. The broker said revenues at BarCap should be relatively sustainable due to its diverse fixed income business and revenue growth from its organic investment programme. It also sees Barclays as the best European investment bank on tangible equity to assets. BG GROUP Collins Stewart [...]
Matalan price gets a boost January 13, 2010 FASHION and homewares retailer Matalan has boosted its £1.5bn auction by revealing further strong growth over the Christmas period. The group revealed that like-for-like sales rose 13.7 per cent in the five weeks to 2 January. The upbeat trading statement came despite tough comparatives with positive trading figures seen a year earlier. Five private equity [...]
Matalan auction boosted by Xmas sales January 12, 2010 FASHION and homewares retailer Matalan has boosted its £1.5bn auction by revealing further strong growth over the Christmas period. The group revealed that like-for-like sales rose 13.7 per cent in the five weeks to 2 January. The upbeat trading statement came despite tough comparatives with positive trading figures seen a year earlier. Five private equity [...]
CITY MOVES | WHO’S SWITCHING JOBS January 10, 2010 Office of Fair Trading The consumer watchdog has appointed Sheldon Mills, a senior associate at law firm SJ Berwin, as its new director of mergers, effective from 15 February. Mills joined SJ Berwin in 2006 from rival Jones Day. Simon Holmes, head of EU and competition at SJ Berwin, said: “While we will miss him, [...]
Private equity giants enter first stage fight for Matalan November 19, 2009 MATALAN, the discount clothing chain, is believed to have entered the first stage of its sale process as five private-equity titans go head to head in the preliminary bidding process. TPG, Blackstone, Warburg Pincus and BC Partners are all understood to have entered the first round of bidding for the retailer, which has so far [...]