Wickes to stop expansion abroad
Wednesday 04 December 1996
The decision to concentrate solely on the UK will mark the end of former chairman Henry Sweetbaum's international ambitions, which saw the company open stores in South Africa, Belgium, France and Holland as well as a conservatory business in the US.
Last year's annual report contained a statement by Mr Sweetbaum which boasted of his belief that the "opportunity exists to develop the Wickes concept around the world".
It is expected that these operations will be sold to concentrate on the 120 UK stores. Wickes has 21 stores in Holland, 19 in Belgium, three in South Africa and two in France.
Next week's document will also include the restated 1995 accounts, the results for the first six months of 1996 and a trading forecast for the rest of this year.
It is likely the group will confirm it has completed negotiations with suppliers on new terms. These are likely to cause additional provisions, which is one reason why the rights issue figure has been increased from pounds 30m to pounds 50m. A new non-executive director will also be announced.
The rights issue document will alert possible bidders to pore over the figures for Wickes, which include Ready Mixed Concrete and Kingfisher, which will report booming third-quarter sales figures at its B&Q DIY subsidiary today.
Analysts think the buoyant DIY market and the possibility of takeover action will prove persuasive to investors. "I think people will grumble, but cough up the cash," says Nick Bubb at Mees Pierson.
- 1 Michelle Watt's father says TV presenter killed herself because she was in constant pain
- 2 Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
- 3 'Help me I'm trapped in a factory' messages keep being found on bottles of vitamin water
- 4 North Korean defector flees to Finland 'with evidence of chemical testing on humans'
- 5 Greek debt crisis: The photograph that conveys the despair of Greece's elderly
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...