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Lord Harris Bids £850m For CarpetrightShares in Carpetright jumped by more than 5 per cent in early trading today as the retailer revealed that a buyout team led by Lord Harris of Peckham, its founder and chief executive, had tabled a proposed £850 million bid for the business. As well as tabling a £12.50p-a-share cash offer, Lord Harris has also offered an alternative all-share proposal, under which the peer and members of the senior management team would retain a 25.7 per cent holding in the group. The offer today comes after Lord Harris was given permission in June by the Carpetright board to explore a takeover of the business he founded in 1988. The bid has the backing of Olayan, the Saudi group that holds a 14.9 per cent stake. &&&§ionName=IndustrySectorsRetailing,mywindow,menubar=0,resizable=0,width=615,height=655); Related Links Lord Harris of Peckham Carpetright rues ‘big ticket’ fall Carpetright confirms buyout approach by founderShares rose 59p to £12.20 despite details of a bid coming alongside a trading statement from Carpetright showing that uncertainty surrounding the UK economy had hit sales in August and September. Like-for-like sales in the UK over the past ten weeks were 4 per cent down on a year ago, after a 2.4 per cent jump in the previous quarter. Carpetright added that more than 100 jobs had gone since January and reiterated that it had sub-let space in 50 stores to Sleepright, a start-up bed retail format. Ian Kenyon, the finance director and part of Lord Harriss buyout team, said: “A range of things have made customers more cautious, what has happened at Northern Rock, whether interest rates are going up or down. It is a range of things.” Despite pressure on UK sales, a stronger performance in Belgium and the Netherlands pulled sales for the first half to October 6 up by 10.3 per cent. Mr Kenyon said that he expected the takeover bid to follow the “normal course of events”. Carpetright’s independent directors have allowed the consortium to begin due diligence. Commenting on the deal, Mr Kenyon said Lord Harris believed that the group could function better in the private sector. He said: “You have an opportunity to do things in the private sector which are the right things for the business without having to have an eye on how it looks in quarterly terms.” After Lord Harris started the business from a single store in Canning Town in East London, Carpetright floated in 1996 and it now runs 658 stores across the UK, Ireland, Belgium, the Netherlands and Poland. In a short statement with the trading update, Lord Harris said: “We are pleased with our overall performance across the group, particularly in Europe.” Tag CloudExternal InformationAdditional InformationCarlyle fund crisis escalates as banks move in...Even the Insured Feel Strain of Health Costs... Cupid Takes to the Road, Too... Free financial advice service piloted... Where Am I?News Main Page - Business - Lord Harris Bids £850m For Carpetright |
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