Austin Reed family bidder misses deadline
Great-grandson of founder to table proposal next week
April 25 2003
The great-grandson of Austin Reed has missed a deadline set for bids for the upmarket UK retail business.
However, entrepreneur Nigel Robertson told newspapers he still plans to table a bid for the ‘family firm’ by the end of the month.
Merchant banker Close Brothers set the Thursday deadline for potential bidders to declare their interest. Details of those which complied have not been announced, but almost certainly include retail investor Richard Thompson and Scottish operator Slater Menswear.
Robertson told the Guardian newspaper: “It may be a deadline for Close Bros, but it is not a deadline for us. Austin Reed is a public company and should be looking to maximise shareholder value. If the bid comes next week they will still have to look at it.”
Robertson has considered a bid for the firm bearing his great-grandfather’s name in the past, but was left chasing the two other bidders to get finance in place when Slater lodged its offer.
