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.
- 1 What happens to your body when you give up sugar?
- 2 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 3 Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
- 4 Penis size: Study revealing 'what's normal' sends international media into meltdown
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
Ayesha Ali death: Mother and her girlfriend found guilty of manslaughter of eight-year-old
George Clooney and Amal fail to get special treatment at New York restaurant
Cindy Crawford 'un-PhotoShopped' viral Marie Claire image was doctored, claims photographer
'A girl is more responsible for rape than a boy': The statement that shocked the world... except India
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...
£36,000 - £40,000: Christine McCleave: Are you looking for a new opportunity a...
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...