MBO likely for chain of newsagents
Thursday 20 April 1995
"We don't want to go back to that market," a WH Smith spokesman said. "The Forbuoys stores are also too small at around 750 to 1,500 square feet. These days 2,000 square feet is small for a branch of Smith's."
John Menzies, the Edinburgh-based chain that has around 2.7 per cent of the market, said yesterday: "We are not interested."
Forbuoys was put up for sale earlier this year by Gallaher, the tobacco group. Kleinwort Benson is handling the sale and bids must be tabled by tomorrow. Between 20 and 25 potential buyers have emerged for the chain, expected to fetch about £60m.
Forbuoys' management, led by the chairman, James Lancaster, has made an offer for the newsagent group, and industry experts view a management buyout as the most likely outcome for the chain.
The acquisitive T&S stores is another candidate. From origins in Wolverhampton, the company has grown from 59 outlets in 1984 to more than 600, and is now the second-largest player in the sector. The company is strong in the West Midlands but has only 23 per cent of its outlets in the South- east, which is Forbuoys' stronghold.
Martins, the chain owned by a consortium of banks together with News International, has 760 outlets, but the geographical spread of its stores is believed to be too similar to Forbuoys' to make a takeover worthwhile.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Doctors remove 80 teeth from boy's jaw
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 4 Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
- 5 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Germany and ECB set for fight over money-printing
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...