Storehouse pulls out of joint venture with LET
Four years ago Storehouse, the BhS and Mothercare group, injected stores and other property worth pounds 111m into the venture, Oppidan Estates, in return for cash and a 50 per cent stake.
Then Storehouse was short of cash and property expertise and BhS was shrinking, explained Richard Dixon, a spokesman. Now it is cash-rich and BhS is expanding.
The cash impact on the group will be a pounds 37.5m outflow. However, the impact on earnings will be neutral in 1993/4 and enhancing thereafter as the rental savings increase. Net assets are unchanged.
LET, which was sold by the Beckwith brothers to the Swedish life assurer SPP in 1990 in a deal valuing it at pounds 500m, said the change fitted with its strategy to concentrate on portfolio investment.
LET lifts its holding in Oppidan to 100 per cent. It will retain 15 Oppidan properties and also plans to buy back from Storehouse three properties worth pounds 2.1m. The price of the deal was in line with an independent valuation for the properties in December 1992.
Storehouse is seeking a chief executive following the abrupt departure of David Dworkin. Mr Dixon said he did not expect the search to be completed for some time, though some candidates had been contacted.
Jeremy Paxman reveals he has heard senior Tories calling activists 'swivel-eyed loons'
Gay couple beaten in park urge MPs to moderate language on gay marriage
Strewth mate. Aussies wave goodbye to Britain as it becomes too pricey to stay
X marks the spot: The find that could rewrite Australian history
'There are empty spaces where there used to be living rooms, bedrooms, classrooms': President Barack Obama says America is praying for Oklahoma in wake of tornado that claimed 24 lives
- 2 Austerity has hardened the nation's heart
- 3 Gay couple beaten in park urge MPs to moderate language on gay marriage
- 4 Why Arsène Wenger must spend to put icing on the cake and buy likes of Stevan Jovetic for Arsenal
- 5 'It was just like the movie Twister': Man survives Oklahoma tornado by taking refuge in horse stall
BMF is the UK’s biggest and best loved outdoor fitness classes
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£180 - £230 per day: Orgtel: Operations Analyst - Leading Bank in the City of ...
£500 per day: Orgtel: A top tier banking client urgently requires Finance Busi...
£425 - £550 per day: Orgtel: Senior Finance Project Manager - £550 - Bristol -...
£150 - £250 per day: Orgtel: KYC Analyst - London - Banking - £150-250/day C...