City File: Rothschild creeps up on sleepy giant

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The Independent Online
DOES Lord Rothschild know something we don't about Great Universal Stores? His investment group, St James Place Capital, has quietly increased its holding in GUS ordinary shares - the ones with votes - to a not insignificant 6.73 per cent. The ordinary shares have gone up nearly 10 per cent in the past week, closing at 2865p on Friday.

GUS has said it is considering enfranchising the non-voting 'A' shares. But it has not set a date and the market is starting to lose it patience. And anyway, enfranchising the 'A' shares would do nothing directly to help the value of the ordinary shares. So what is Lord Rothschild's interest?

Perhaps he thinks the Wolfson family is finally going to loosen its grip on the mail order company, and somebody will be able to release the massive potential of the sleepy giant of the retailing sector.