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.
- 1 Scottish referendum: So how about the English now being given a chance to split from England?
- 2 Friends 20th anniversary: Alison Jackson photographs reunited cast
- 3 Friends 20th anniversary: The highs and lows of the cast's careers since 2004
- 4 The response to my Pizza Express review has been overwhelming, and taught me a lot about journalism
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Scottish independence: Despite defeat history may still point to Alex Salmond as the victor
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish referendum: Police struggle to control Unionist rally in Glasgow's George Square
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...