31st Jul 2023 10:27
(Alliance News) - Dr Martens PLC shares climbed after Sky News reported Saturday that activist investment manager Sparta Capital Management Ltd has built a stake worth "tens of millions" in the bootmaker.
Sky News also added that Sparta has engaged with the Dr Martens board to try and boost the fortunes of the FTSE 250 constituent.
Sparta Capital, based in London and founded by Franck Tuil in 2021, is now a top-10 shareholder in Dr Martens. Tuil founded Sparta after departing from Elliott Investment Management.
https://news.sky.com/story/activist-fund-sparta-builds-stake-in-dr-martens-after-share-price-slump-12929833
Shares in Dr Martens were 5.3% higher at 153.60 pence each in London, among the best FTSE 250 performers on Monday morning, though the stock has fallen some 20% so far this year. Shares are down 58% from its 370p initial public offering price.
In June, it reported a rise in annual revenue but a decline in profit, blaming "operational mistakes". It reported supply bottlenecks at a Los Angeles distribution centre, with people and process failures leading to missed wholesale shipments, and costs of GBP15.0 million in the year ended March 31.
By Eric Cunha, Alliance News news editor
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