26th Nov 2024 09:33
Marks Electrical Group PLC - Leicester, England-based electrical products retailer - Frasers Group PLC has a 6.4% stake in Marks, all in shares, up from none reported previously, according to a regulatory disclosure on Tuesday. No other information is provided. Frasers owns 6.7 million Marks shares as of Monday.
The Shirebrook, England-based owner of the House of Fraser, Sports Direct and Flannels retail chain and its majority owner Mike Ashley are known for collecting stakes in other UK retailers. These have tended to be clothing and fashion retailers, including stakes in both boohoo Group PLC and Asos PLC, which are online fast-fashion rivals, and in handbag maker Mulberry Group PLC. However, last year, Fraser also bought a sizeable stake in online appliances retailer AO World PLC and electronics retailer Currys PLC.
Marks Electrical recently has struggled with rising costs, something it says will be worsened by higher employer national insurance contributions and a higher national minimum wage in the UK. Last month, Marks reported a swing to pretax loss of GBP1.1 million in the six months that ended September 30 from a profit of GBP1.2 million a year ago, even as revenue rose 8.5% to GBP58.4 million from GBP53.9 million.
Current stock price: 51.20 pence, up 1.4% in London on Tuesday for GBP53.7 million market capitalisation
12-month change: down 42%
By Tom Waite, Alliance News editor
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