3rd Feb 2014 07:43
LONDON (Alliance News) - Discount retailer B&M is preparing for a stock market flotation that could value it at GBP2 billion, the Guardian newspaper reported Sunday.
The retailer, which was founded by Malcolm Billington and originally stood for Billington & Mayman, was set up in Blackpool in 1978 for just GBP750.
The flotation is one of 15 high street names, worth more than GBP6 billion, expected this year, including Poundland, House Of Fraser and Appliances Online.
B&M Chairman Terry Leahy was a former Tesco PLC chief executive and also is a senior adviser to Clayton, Dubliner & Rice, a US private equity firm which owns 60% of the chain.
CDR is expected to make hundreds of millions of profit from the float, after paying around GBP900 million for its stake in 2012
B&M expanded from 21 stores to 370, with 15,000 staff since 1999 and made an GBP84 million profit on sales of GBP935 million in 2012.
The Guardian did not say where it received the information regarding the planned flotation.
http://www.theguardian.com/business/2014/feb/02/b-and-m-discount-retailer-stock-market-flotation
By Tom McIvor; [email protected]; @TomMcIvor1
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