Retail news round-up on September 1, 2014: Iceland completes £950m refinancing, Aldi to create 700 deputy store manager positions and major Tesco investor reduces stake in business.
Iceland completes £950m refinancing
Iceland Foods has completed a £950m refinancing to repay loans issued at the time of the 2012 management buy-out, the Telegraph reported. Investment bank Rothschild advised the company on the refinancing, which will lead to a tranche of high-yield bonds being traded on the Luxembourg Stock Exchange.
Aldi to create 700 positions for deputy store managers
German discounter Aldi is to hire 700 deputy store managers as the retailer expands its network of UK outlets and increases its competition to the established supermarkets, the Telegraph reported. A spokesman for the company said that for the first time the deputy manager positions would be advertised externally, rather than to current staff working in lower-ranking positions.
Tesco investor reduces stake in supermarket chain
Harris Associates, Tesco’s seventh biggest shareholder, has more than halved its stake in the troubled business, The Sunday Telegraph reported. The American investment fund said it has cut the investment in the UK’s largest retailer from about 3% of the business to about 1% last month in the absence of a clear strategy.