Retail news round-up November 4, 2013: Selfridges to invest £100m in stores revamp as sales rise; Poundland edges closer to IPO as it hires Rothschild; Mountain Warehouse management buy out Lloyds Banking Group in £85m deal
Selfridges to invest £100m in stores revamp as sales rise
Premium department store retailer Selfridges is to invest more than £100m on improving its stores after revealing a strong set of results. Turnover increased 6.1% to £1.1bn last year, driven in part by events such as the diamond jubilee. According to figures due to be published this week and seen by the Sunday Times, operating profits were flat at £134m. Selfridges is to invest in its flagship Oxford Street branch, as well as its two stores in Manchester and one in Birmingham.
Poundland edges closer to IPO as it hires Rothschild
Discount retailer Poundland has moved a step closer to floating on the stock exchange by hiring investment bank Rothschild, according to the Sunday Times. The IPO is likely to value the business at between £700m and £800m. US private equity owner Warburg Pincus bought the retailer for £200m in June 2010.
Mountain Warehouse management buy out Lloyds Banking Group in £85m deal
Mountain Warehouse’s management has taken full control of the outdoor clothing retailer after buying out the private equity arm of Lloyds Banking Group in an £85m deal, The Telegraph has reported. Mountain Warehouse boss Mark Neale led the deal with funding from Royal Bank of Scotland and Alcentra.