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Blacks still assessing takeover bids


Outdoor clothing and equipment retailer Blacks Leisure has revealed that it is still assessing expressions of interest in the company, according to an interim management statement (IMS) published today.

The company appointed McQueen Limited as advisers on the matter in October in order to assess the seriousness and deliverability of these acquisition approaches, and a further progress statement is set to be made in due course.

Today’s IMS also indicated that total sales in December for the group’s outdoor business were up 12.9 per cent year-on-year, with like-for-like (LFL) trading up by 10.2 per cent.

Black’s outdoor business saw LFL sales grow 1.2 per cent between August 28th and December 30th 2010, but total group LFLs slipped by 0.1 per cent.

Winter has been encouraging for the business, with total group sales over the last three months reaching £85.4 million, representing a £10.4 million decline on the previous period.

The statement said this reduction was primarily a result of the stores closed in the company’s restructuring programme last year, and the board is confident that results for the full year will meet internal management expectations.

Neil Gillis, CEO of Blacks Leisure, commented: “I am pleased to announce that the group has performed strongly during the key Christmas trading period highlighting the strength of our offering in what continues to be a challenging retail market.

“The turnaround programme remains on track and we enter the new year in a positive financial position and focused on continuing to deliver the benefits of the turnaround strategy.

“The store opening programme has performed well this year and we are due to continue this with a further new store in February 2011 and additional opportunities in the pipeline for our new financial year beginning in March 2011.”

Published on Tuesday 04 January by Editorial Assistant

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