Clothing group denies split
Friday 28 March 1997
Chief executive Mark Bunce, who this week revealed he was interested in bidding for the group, was thought to have opposed other board members on the sale of Elvi, the womenswear retailer, and Lerose, the clothing manufacturer. The board is understood to want to focus on the profitable Country Casuals brand.
Andrew Mills-Baker, finance director, said yesterday that the board agreed on the disposals. "It's a piece of fiction. Someone's drawn the wrong conclusion," he said.
The group said it was seeking buyers for the loss-making operations in February, after announcing its second profits warning in three months.
On Tuesday it announced that Mr Bunce, a co-founder of the company, was considering bidding for the group.
"What all parties are trying to do is increase shareholder value. Mr Bunce believes he can accelerate the process in terms of a price," said Mr Mills-Baker.
He said that Mr Bunce had a deadline of weeks rather than months to submit a bid. Sources believe Mr Bunce considers that in the long term the loss- making businesses could contribute to shareholder value.
There was no end-of-year dividend, so the final dividend is 1.70p, down from 5.41p last year. Group pre-tax profits were down 57 per cent to pounds 108,000, in line with last month's profits warning. Elvi made an operating loss before exceptional items of pounds 1.6m, with turnover up 19 per cent. Country Casuals made pounds 3m on increased turnover of pounds 40m, slightly up on last year. The shares rose 2.5p to 115p.
- 1 Frank Lampard's face drops when Holly Willoughby introduces him as a 'Man City legend'
- 2 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 4 The Visit: Trailer for M Night Shyamalan's latest horror film is terrifying
- 5 9/11: Iranian General accuses US of organising September 11 terror attacks
General Election 2015: Tories sack candidate who said she would never support 'the Jew' Ed Miliband
9/11: Iranian General accuses US of organising September 11 terror attacks
General Election 2015: Stephen Hawking says he will vote Labour
Manny Pacquiao begs Indonesia president to spare life of drug smuggler Mary Jane Veloso about to be executed
Yazidi sex slaves undergoing surgery to 'restore virginity' after being raped by Isis militants
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
Andrew Lloyd Webber: Phantom of the Opera writer mocked after issuing a warning about Ed Miliband and Nicola Sturgeon
General election 2015: Labour will toughen hate crimes legislation surrounding Islamophobia
HSBC review into moving headquarters from UK 'underway'
iJobs Money & Business
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...
£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...