Blacks Leisure Share Discussion Threads

[jpjp100] 31/10/2011 13:37

the future is not bright for Blacks

I read that the new CEO is getting on with some stuff that really is critical (but basic)

Losing £16.6m on sales of £81.8m is pretty impressively bad and it doesn't seem to be getting better... "Since the end of the period we have continued to experience tough economic and trading conditions and like-for-like sales have declined by 14.2%. Margins are tracking at approximately three percentage points below the comparative period last year. "

The balance sheet is horrible. I am concerned that the £29m trade payables is simply too big - surely suppliers are questioning further supplies at that point?

Boy do they need a good xmas selling season.

and I note "The Directors acknowledge that the Group will need additional funding in order to execute its strategic plans. The Board is therefore considering other financing options, including strengthening its capital structure, to ensure that an appropriate platform is in place for the Group's future requirements. This review is ongoing and the Board will update shareholders on progress in due course."

It will be expensive funding if any is forthcoming

[hyper al] 27/10/2011 09:14

It seriously needs to get into profit! RESULTS out today

Half-Yearly Results for the 26 weeks ended 27 August 2011

Like-for-like sales declined by 7.2% to £81.1 million (2010: £86.8 million) in an extremely challenging period for the business and the UK retail sector more widely
· Loss before tax from continuing operations of £16.0 million (2010: £7.2 million)
· Reduced gross margins of 43.7% (2010: 48.8%) reflecting a tough consumer environment and clearance of excess stocks
· Levels of stock reduced by 27.6% to £28.5 million (2010: £39.3 million)
· Board continues to evaluate future funding options

[jpjp100] 06/10/2011 07:49

basically, its skint

[hyper al] 03/10/2011 17:38

what's going on with this one?

[strutt12] 03/10/2011 17:32

Well, I won't ask about the 17% drop then!!!

[strutt12] 29/9/2011 16:01

Any ideas on the 10% drop???

[jpjp100] 21/9/2011 11:19

I wonder how the search for a replacement CFO is progressing?

Surely not the most enticing of opportunities?

[jpjp100] 11/8/2011 13:49

So does this

"Mr Williams was an executive director of JJB Sports plc at the time of its company voluntary arrangement in May 2009"

[hyper al] 11/8/2011 12:47

This stands out!!

"Senior Independent Director of ASOS plc"

[jpjp100] 11/8/2011 11:54

New interim Ch. appointed:

Peter Sellers

[strutt12] 08/8/2011 07:53

The board of camping equipment retailer Blacks Leisure is understood to have opened the door to talks with corporate stalker Sports Direct amid speculation that its owner, Mike Ashley, wants to buy the business

[strutt12] 04/8/2011 08:01

Mike got his way then!!!!!

[strutt12] 03/8/2011 18:40

Mike Ashley, the billionaire founder of Sports Direct, has escalated his campaign against David Bernstein, calling for the Blacks chairman to resign.

Sports Direct, which owns a 21pc stake in Blacks, last week voted against 10 out of 13 resolutions put forward at the company's annual general meeting and Mr Ashley is now understood to want an extraordinary general meeting, where he will call for Mr Bernstein to be removed.

Blacks has offered to meet with Mr Ashley so he can discuss his opposition to the way the business is being run face-to-face with Mr Bernstein, but talks broke down as Sports Direct refused to put forward an agenda for the meeting.

"David was prepared to meet them but he wanted some clarity given Sports Direct's aggressive and bullying tactics in the past. David is very happy to meet them as long as that information is provided," said a spokesman for Blacks.

The dispute between Mr Ashley and Mr Bernstein comes as Ms Reynolds joins Blacks as chief executive, replacing Neil Gillis, who left on Friday.

On top of dealing with disgruntled shareholders, Ms Reynolds, the former chief executive of retailer Figleaves, faces a tough job reversing the fall in sales at the company.

Blacks has already had to extend its bank loans and speculation is growing that the company will have to launch a rights issue to raise new capital.

Last week, there were rumours that Sports Direct could make an outright bid for Blacks. However, sources close to Mr Ashley have so far dismissed this speculation.

Blacks shares have lost more than 90pc of their value since Sports Direct first bought them in 2007.

[strutt12] 03/8/2011 18:29

But last Thursday the Sports Direct founder sat in his Mayfair office for over an hour supposedly waiting to meet David Bernstein, the non-executive chairman of Blacks Leisure, the rival retailer in which he owns a 21pc stake.

Ashley was warned that Bernstein was not going to turn up. Email correspondence between Sports Direct and Blacks' advisers had made that clear on a number of separate occasions.

But the supposed no-show gave Ashley and his PR spinners the ammunition they needed. The chance to throw some mud at Bernstein – in the hope that at least some of it might stick.

Within hours, news of the supposed snub had leaked to the press. Bernstein had "stood up" his largest shareholder, who was said to be "seething". The millionaire retailer, we were told, was planning to do "everything in his power to make Bernstein's life very difficult".

[jpjp100] 02/8/2011 09:01

Am I right to assume that, despite press speculation over the weekend that she might not, the new CEO did show up yesterday?

It is clear from the Sunday Times quotes that SPD want rid of Bernstein. Reading between the lines, SPD is lining up to make an acquisition and Bernstein is viewed as the blocker to them getting it cheapie cheapie.

[coxewan] 01/8/2011 14:29

another day another tick up

[goliard] 24/7/2011 21:26

CR no worries re mistake. I didn't notice the wrong chart name when you posted. Can't work out the Sports Direct interest. Maybe they will bid, but I suspect that they are more interested in control at this stage and won't bid for a while.

[cockneyrebel] 24/7/2011 10:25

space cadet

Sorry but it wasn't a shabbty attempt top mislead, I posted the chart to the wrong thread by mistake.

Just as when I said abiove Ashey's SPD still had a big stake wasn't an attempt to mislead - I see he's increased nicely.

CR

[she-ra] 23/7/2011 00:47

Even though they have increased their stake I think it will be to negotiate a pre-pack for administration.

It makes no sense to increase their holdings.They could have shocked the hell out of the market and launched a bid at 5p and the shares would have tumbled and they would probably have got the company for that price.

[strutt12] 22/7/2011 16:23

Now I see why Sports Direct didn't participate at the last fundraising.

[goliard] 22/7/2011 15:49

Sports Direct still keen. Wouldn't surprise me to see further increases in their holding. With over 21% it seems perfectly sensible to bid for the shares they don't own and I would have thought that anything between 15p to 20p a share would take out most people.

[envirovision] 20/7/2011 18:59

yea wrong thread. even more today.

[goliard] 20/7/2011 06:38

Except for the fact that what you have posted isn't actually the up to date chart CR! Your chart doesn't reflect the recent falls which turns it into a rather miserable looking chart.