Going private will free our hands says prospective Hamleys chief

Making Hamleys private will give the retailer more time to focus on driving profits and sales, directors claimed following Tuesday's Baugur-backed bid.

Prospective chief executive John Watkinson, currently chief operating officer said the regular grind of results and short-term profit horizons left senior management with insufficient time to concentrate on some core issues. He said renegotiating agreements with suppliers was one thing that was 'more difficult to do' in a public company.

Hamleys will continue to pursue its strategy of driving sales and profits though own-brand and other opportunities overseas if the bid is successful.

Watkinson, who with Baugur lodged a 205p per share, valuing Hamleys at£47.4 million, said the retailer's strategy would remain broadly in line with the existing plan devised by executive chairman Simon Burke.

He said it was unlikely that the retailer would open foreign stores for 'the next five years' at least and saw the way forward as being wholesaling, licensing and franchise agreements.