3i takes £14m writedown on retailer Hobbs
Friday 31 January 2014
Britain's oldest private-equity firm has written down the value of its investment in the retailer Hobbs because of poor trading over the festive period.
3i bought the upmarket womenswear chain for £111m from Barclays Private Equity in 2004 but has been rumoured to be looking at a sale, which it now denies. The company, which also owns Agent Provocateur, said it had banked £557m from disposals during the nine months to 31 December and its net asset value per share rose 3 per cent to 333p.
"Markets remain challenging for a number of our portfolio companies and the good overall performance was offset by a significant value reduction in the period of £14m for our investment in Hobbs, due to trading weakness in the last quarter of 2013," it added.
- 1 Jeremy Clarkson 'does not see a problem' with his racist language on Top Gear, says BBC
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 A third of employers never check job applicants' qualifications, survey finds
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Bin bag full of cats' heads discovered near Manchester's Curry Mile
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
iJobs Money & Business
£25000 - £35000 per annum: Harrington Starr: Junior Quant Analyst - C++, Boost...
£25000 - £35000 per annum: Harrington Starr: Service Desk Analyst- (Desktop Su...
£30000 - £50000 per annum: Harrington Starr: Junior Quant Analyst (Machine Lea...
£45000 - £55000 per annum: Harrington Starr: UNIX Application Support Analyst-...