Instore defers results as shares poised to change hands

Variety store group Instore has delayed its results - originally scheduled for tomorrow - because majority shareholder Tradegro is to sell a big chunk of its stake.

The retailer has also hinted that there will be management changes following the transaction, which will deliver a stake of up to 29.9 per cent to the mystery buyer.

Tradegro controls 64.6 per cent of Instore, which has suffered at the hands of supermarkets and rival value retailers.

Seymour Pierce analyst Richard Ratner believed that chief executive Trevor Coates would depart as a result. He said: 'No doubt another dream team will be installed, along with a huge fanfare of what it will do for the company.

'No doubt, we will all be sucked in again, forgetting that this company has been a dog for at least 20 years.'