Retail news round-up on February 12, 2016: Supergroup founder offloads stake to finance divorce settlement and Kroger looks to buy Fresh Market.
SuperGroup founder offloads stake to finance divorce settlement
Julian Dunkerton, the founder of fashion retailer SuperGroup, is looking to raise more than £53m by offloading a 4.9% stake in the business.
He is thought to be selling 4m shares to finance a recent divorce settlement.
This marks his first share sale since the firm listed on the stock market six years ago.
Dunkerton will still be left with a 27.2% stake worth £292m, continuing to be the biggest investor in SuperGroup.
Former Sainsbury's chief says business rates 'most significant inbalance' in tax system
Ex-Sainsbury’s chief executive Justin King has said business rates are a bigger problem for British retailers than the corporation tax scandal.
King said it was unfair that traditional retailers must pay hefty rates bills for services such as roads and waste collection, while their online competitors paid little but reaped the same benefits.
“Business rates are by far the most significant inbalance in the tax system. Business rates for most retail businesses are a much more significant part of the tax burden than any other part of the tax system”, he added.
Kroger eyes Fresh Market takeover
The Kroger Co is considering snapping up US specialty grocery retailer Fresh Market that has been seeking a sale, Reuters reported citing sources.
The US grocer is in the second round of an auction process that also has private equity firms Apollo Global Management, KKR & Co and TPG Capital participating, according to sources.
There is no certainty that Kroger will prevail in the auction or that Fresh Market will agree to sell itself to any party, the people added.