Thorntons juggling bid approaches
Confectioner looking beyond MBO
October 29 2003
Thornton’s chief executive Peter Burdon faces potential rivals to his planned management buyout of the business.
John Thornton, chairman of the chocolate retailer and manufacturer, told shareholders at Thorntons’ annual meeting their had been several other approaches from potential bidders.
Earlier this month, the company announced that the management team led by had been given permission to talk to potential sources of finance for an MBO that would take the company private.
Thornton said that since then, “a number of additional preliminary approaches have been received from interested parties independent of the management team.”
On recent trading, the chairman said that since September, Thorntons has seen an improvement in like for like sales in company-owned stores.
He said: “The outcome for the first half-year will, as always, depend upon Christmas trading. We continue to gain new product listings in other retailers as part of our strategy to widen product distribution outside our own shop estate.”
