Allders reports slide in trading
Like-for-likes down as Minerva offer posted
December 23 2002
Department store group Allders has seen sales continue to slip during December.
A trading statement to shareholders included in the formal offer document for the business from Scarlett Retail reports a “slower than anticipated” start to the key Christmas sales period, and a fall in like-for-like sales.
The statement said: “Whilst Christmas trading is perhaps less important for Allders than for other retailers, given its product range and mix, the Allders Group’s performance over Christmas will clearly have an impact on its results for the full financial year and on the market’s perception of the value of the Allders Group.
“Early indications show a slower than anticipated start to pre-Christmas trading; in the 11 weeks and five days to December 19 2002, sales are up 1.5 per cent in total and are down 3.3 per cent.on a like for like basis.”
Scarlett Retail is an investment vehicle set up by property company Minerva for its agreed a 160p-a-share offer for Allders. Former Debenhams and Bhs chief executive Terry Green and former Asda finance director Phil Cox are also shareholder in Scarlett, and will lead the management team for the store chain once the bid is complete.
Minerva’s main interest is in securing Allders’ lease agreement as the anchor for the Park Place retail development in Croydon. Minerva announced today that it has transferred its 26.23 per cent majority shareholding in Allders to Scarlett Retail.
Allders shareholders have until January 15 to accept the offer.
