Blacks Leisure in takeover talks
Troubled UK retailer Blacks Leisure is today in takeover talks with "a number of interested parties" although no formal offer has yet been received. This is a company which has been very much in the headlines over the last few years due to reduced trade, financial difficulties and management changes. So could the final chapter of the Blacks Leisure story be one the way?
Those who follow the company through thick and thin will be well aware of its volatile past and volatile nature. The shares are up around 25% this morning at just under 43p with rumours of interest from retail companies and Private Equity ventures. Whether this is indeed the end of Blacks Leisure as a stand-alone operation remains to be seen but it is interesting to see that there is takeover activity on the high street even in these difficult economic times.
The company instigated a £20 million emergency fundraising earlier this year to ensure there was sufficient funding available to continue trading. As a consequence the 29% stake held by Sports Direct was subsequently diluted to 14.5% although whether or not Sports Direct is involved in the early stage takeover talks remains to be seen.
Share this..
Related stories
Johnston Press pulls out of website subscription trial
Johnston Press, one of the leading UK local press companies, has today announced the ending of a trial which saw the Southern Reporter and the Whitby and Northumberland Gazettes charge customers to access news on their relevant websites. The four-month trial was the first major attempt to gauge public opinion regarding news site subscriptions and the fact the company has ended the trial does not b...
Read MoreNorwich and Peterborough building society in the headlines
The Norwich and Peterborough building society is today facing potential legal claims on behalf of a number of customers who allege that they were mis-sold bonds provided by Keydata Investment Services. This is a company which collapsed in June 2009 and is under investigation by the Serious Fraud Office. A number of customers believe they were mis-sold various bonds associated with the company and...
Read MoreBuy-to-let is a rich man's game, says Rics report
The buy-to-let market is now almost exclusively a rich man's game, with the market now almost inaccessible to the average investor, according to a Royal Institute of Chartered Surveyors (Rics) report published today. Interest rates and levels of rental cover ratios for mortgages have made buy-to-let investments an unattractive proposition for many, with would-be-investors needing a £65,600 depos...
Read MoreBarclays Confirms Plans For £5 Billion Fund Raising
News that UK bank Barclays is hoping to firm up investment plans to raise in the region of £5 billion over the weekend has been well received by the stock market. The talks had been rumoured for a number of days although there was no official comment from the company. While initially the talks had centred upon two existing shareholders it now appears to have widened to take in four potential pa...
Read MoreSo Mr Brown, Will The Taxpayer Lose Money On Northern Rock?
Those close to the Northern Rock situation have been very vocal over the last couple of weeks with regards to a statement made by Gordon Brown on the 18th February, soon after the troubled Northern Rock bank was nationalised. In his press conference in the aftermath of the move he insisted that the move was not a bad one and could see tax payer actually make a profit as and when the bank was sold...
Read More