French Connection looking to sell business
“The Board confirms it is currently reviewing all strategic options in order to deliver maximum value for it’s shareholders, which includes the potential sale of the Company,” the UK-based retailer said in a release to investors.
The release pointed out that there can be no certainty that an offer will be made, nor as to the terms on which any offer would be made, but that following the announcement it would be considered in an “offer period”.
Numis Securities Limited has been appointed as financial adviser for the potential sale.
According to The Guardian, shares in the fashion retailer spiked 30 per cent to 56p (AU$1.04), reaching a market value of £52 million (AU$96.29 million).
In its recent report for the six months to July 2018, French Connection saw group revenue drop 2.4 per cent to £58.1 million (AU$107.59 million), leading to a half-year loss of £5.8 million (AU$10.74 million).
At the time, the retailer said it was looking to close six stores in the second half of the year, with more to be identified, but added that it was “on track to return Group to profitability for the full year”.
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.
What can Australian retailers learn from their counterparts in China? Here are 7 key insights from a global expert.… https://t.co/9Pd1eqqhXg1 hour ago
Coles underpaid hundreds of workers an estimated $20 million over the last six years. The announcement overshadowed… https://t.co/mV1XEPAK0l12 hours ago