Unigate to raise pounds 150m in US float
Saturday 03 April 1993
There are 211 outlets, half family restaurants trading under the Black Eyed Pea brand and half Taco Bueno's, which serves Mexican fast food. Both parts will be sold together.
If successful, the cash raised should pay for Unigate's three acquisitions this year.
It paid pounds 54m for Glass Glover, the warehousing and distribution outfit, at the start of February. It has also paid pounds 17m for the milk business of the Co-operative Wholesale Society and pounds 50m for the Clifford Foods dairy, but has yet to get MMC clearance for these two deals. The ratio of debt to net assets will fall to 15 per cent from 60 per cent.
Ross Buckland, chief executive, said he expected to raise between dollars 200m ( pounds 145m) and dollars 250m ( pounds 164m). If Mr Buckland achieves his target the price will be between 11 and 12.3 times Black Eyed Pea's operating profits for the year to 31 March of pounds 13.3m.
Mr Buckland said Unigate wanted to concentrate on food distribution and manufacture. It sold its other main US operation, in cheese, last September.
It is planned to get a listing for Black Eyed Pea on the New York Stock Exchange.
Unigate's shares rose 6p to close at 373p yesterday.
The party's potential nominations read like a high school race for student body president
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
Ball pool for adults opens in London
Amal Clooney gives excellent response to fashion question at European Court of Human Rights
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...