|Blacks Leisure Group
||EPS - Basic
||Market Cap (m)
Blacks Leisure Share Discussion Threads
Showing 1376 to 1393 of 1400 messages
|Well I did try and warn you all.
Thats the end folks.
Wonder how much HYPER AL has lost ?|
|This recession is far deeper than anything in recent history. Lehmans, Bear Sterns, and numerous prestigious names that have been around for a century are being hit.|
|Hyper Al - 21 Apr'11 - 12:20 View 'Hyper Al' profile
I believe Blacks Leisure Group has a good future, from what is certainly a low point in it's history. I seem to remember it having problems in the early 1980's and it made a strong recovery.
|No wonder Banks are not lending...instead hoarding cash from BOE as they know there are more companies that might go belly up & not get their money back....|
|So why did the bank invest if the business model was not working, what about the investors in the last placing.
My bank lost £16m of depositers money, so what the heck did they invest for. Share holders have lost and so have bank depositers.
If listed businesses can't get money from the market place and/or can't trim the business back then they should go bust! The banks should not even consider helping listed businesses.
It those banks had gone bust, Blacks may have still been here.|
|no just make sure the business model is working and sell out before any maor trouble.It's not like there weren't any warnings|
|So basically never invest in ANY listed company tat has a bank loan, because the bank has fist ption on those assets and call in the loan at any time.|
|Because they lend against the company's assets which includes cash, property, tangibles and intangibles. They've taken a hit of £16 million. The hit taken by shareholders was the value of the company at suspension.
So all that you suggested would not come about has come about within four days. Suspension, administration and delisting. However my thoughts go out to all ADVFN investors.|
Sorry to shareholders, who end up with diddly squat.|
Or not as they case maybe.|
|I think he'll stick to mining.|
|Hyper Al, will you ever give this one up?|
|Just making the point that JD might not be the frontrunner. They prbably would look to take over the renegotiated leases at a few choice locations (nothing much here for Blacks) plus buy brands such as Peter Storm. Typically what JD do is buy mid-market to premium brands then flog them cheap - they already did this with Fenchurch, Canterbury, Peter Werth and through licence Fila etc.
Can't see there being enough to pay back the bank let alone something for shareholders.|
|and if it gets competitive then £37m would secure it all, only £17m above the suggested £20m already on the table.|
|Other party or parties could also be in advanced talks for certain assets...|
|JD confirms itself as (a) frontrunner...|
|Who needs a dragon when you have JD?
KPMG will put Blacks through a pre-packaged administration on Monday
Ben Gurr for The Times
Post a comment
Follow stories about
Lloyds Banking Group plc
KPMG will put Blacks through a pre-packaged administration on Monday Ben Gurr for The Times
Helen Power M&A Correspondent
January 7 2012 12:01AM
Blacks Leisure saved by high street rival
JD Sports Fashion is close to rescuing its struggling high street rival Blacks Leisure, in a £20 million deal that will safeguard thousands of retail jobs.
Blacks' board approved JD Sports as preferred bidder yesterday afternoon after a protracted meeting with its advisers, KPMG, and lender, Lloyds Banking Group.
The deal will see JD Sports, whose shares rose 11.4 per cent to 660p as news of the acquisition leaked out, take on nearly all of Blacks' 300 British stores.
The takeover will save most of the company's 3,600 staff, although its head office and distribution centre will almost certainly still be closed.
KPMG will put Blacks, which also trades as Millets, through a pre-packaged administration on Monday after hammering out the final details of the deal with JD Sports, which lodged the highest bid and offered to save the most jobs. But Lloyds, which is owed £40 million by Blacks, will get less than half its money back, with nothing left over for other creditors. KPMG told Blacks' shareholders yesterday that they will get nothing.
The underbidder, the Dragons' Den star Peter Jones, announced his decision to walk away on Twitter yesterday, saying : "To quell all rumours I'm not buying Blacks Leisure."
Fellow Dragon Duncan Bannatyne tweeted back: "What do you mean you are not buying Blacks Leisure? I was going to invest with you so you could show me how to make real money!"
Sports Direct, the retail giant founded by the Newcastle United owner Mike Ashley, also lodged an offer, but was well off the pace of the auction. JD Sports was attracted by Blacks' own brands Peter Storm and Eurohike, but was also keen to prevent the chain falling into the hands of Mr Ashley, who tried and failed to buy it in 2010.
JD Sports' majority owner, the Pentland Group, also owns Berghaus, a key supplier to Blacks.
The sale of Blacks will be formally announced on Monday when another high street name, La Senza, could be put into administration.
KPMG, which is expected to be appointed as the administrator, was locked in talks with potential buyers for the underwear chain yesterday.
As there are no buyers for the entire 250 store portfolio, bidders have been allowed to cherry-pick the most profitable stores. This will lead to significant redundancies among the chain's 2,500 staff as the worst-performing shops are shut down. Bidders include the German lingerie chain Triumph International and Limited Brands, the company behind Victoria's Secret, which already owns the La Senza brand in North America.
HMV will also update the market on its Christmas sales. HMV is expected to say like-for-like sales are down on last year when the snow kept shoppers off the high street before Christmas. However, it is believed that sales were good enough to persuade its lenders, led by state-backed Royal Bank of Scotland, to continue to support the business.
It is believed that lenders will allow HMV up to three months to sell its music division HMV Live in order to pay down its debt.|