Sale of warehouse sites boosts cash and carry group
Thursday 31 August 1995
The sale of the three Cargo Club warehouse sites to Sainsbury's earlier this year has boosted profits at cash and carry group Nurdin & Peacock.
Nurdin sold the sites for pounds 45m but received only pounds 8.1m after closure costs and write downs. The cash injection caused Nurdin's profits to jump to pounds 16m in the six months to June compared to pounds 8.9m for the same period last year.
David Sims, chief executive since May, said: "We have bounced back after a difficult year and, with Cargo Club out of the way, we can concentrate on running cash and carries."
Mr Sims said the integration of the M6 cash and carry chain acquired last year was going well and that most outlets were now trading successfully under the new TBW (Trade and Business Warehouse) format. The company is looking for further acquisitions and at the end of June had pounds 15m cash.
Nurdin is still involved in a legal dispute with former chief executive, David Poole, who was instrumental in the development of Cargo Club. Dickie Fulford, chairman, said that Nurdin hopes for an amicable settlement in the next few weeks. Mr Poole was on a three-year contract of pounds 176,000 a year when he left last October, and is claiming compensation. There have been no further developments in Nurdin's "friendly but distant" relationship with Dutch group SHV Makro. SHV owns a 15 per cent stake in the group and earlier attempted to win control.
In the first half, group sales increased by 15 per cent to pounds 780m. The interim dividend was increased by 5 per cent to 2.27p, and shares fell 3p to 187p.
- 2 Why this father didn’t hide his daughter’s heroin overdose in her obituary
- 3 Smartphones are making children borderline autistic, says psychiatrist
- 4 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
Nepal earthquake in pictures: Photos show devastation caused by 7.8 magnitude earthquake
Nepal earthquake: More than 1,100 killed across four countries and in Mount Everest avalanche
Royal baby: Live updates as superbug closes ward at St Mary's Hospital where Duchess of Cambridge is due to give birth
Hermann Goering's daughter fails to reclaim items looted by Nazi deputy during WWII
Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
The sickening truth about food banks that the Tories don't want you to know
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
Rupert Murdoch berated Sun journalists for not doing enough to attack Ed Miliband and stop him winning the general election
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...