Merger gives Harveys listing
Saturday 06 July 1996
The Harris family, which controlled a 43 per cent stake in the Harveys home furnishings chain, will see its stake in the new company reduced to just over 20 per cent, valuing it at pounds 16m.
Sir Harry Solomon, the Harveys chairman will become chairman of the new company which will be re-named H&C Holdings. Lord Harris will stay as a non-executive director. Most of the stores will be re-branded as Harveys.
Sir Harry said: "The industry is very fragmented and this provides us with a unique opportunity to be a major player. We had a number of options. We could have gone it alone or bought other companies. But his gives us a quotation."
Harveys' textile ranges, such as curtains, will be introduced to Cantors furniture stores. The number of stores will be expanded from 300 to 400 over the next three to four years. Around 12 stores will close as part of a rationalisation programme.
The Cantor family, which owned a 40 per cent stake prior to the deal, will see its shareholding cut to 17 per cent. Cantors' chairman Nick Jeffries said: "It is sad that Cantors will not be the major trading name, but it will not disappear. This is a good deal and I'm very enthusiastic about it."
However, Cantors staff criticised the company for failing to keep workers informed.
As part of the deal, Cantors has announced a placing of an open offer to raise pounds 8.3m to fund the costs of the merger and to provide working capital. The one-for-three placing and offer is priced at 165p.
The merger is on the basis of 883 Cantors shares for every 50 Harveys. This values each Harveys share at pounds 29.14.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 4 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
- 5 UK weather: 'Coldest night of the year' tonight as freezing temperatures plummet to -10C
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
AirAsia flight QZ8501 missing: Search for plane carrying 162 passengers from Indonesia to Singapore suspended overnight
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...