Business Briefs: Shares announcements – M&B; Halfords; Cooper Controls
MIDLANDS pubco Mitchells & Butlers has announced the completion of its £373m disposal of its non-core to Stonegate Pub Company Ltd. The deal, for 333 pubs, was approved by shareholders last month. Stonegate, a company controlled by private equity firm TDR Capital LLP which is based in London, has taken possession of outlets which include the Scream chain of bars popular around universities. The disposal is in line with M&Bs’ strategy announced in March to withdraw from the drinks-led pubs it currently operates. The disposal, together with the sale of the Hollywood Bowl and Innkeeper’s Lodge’s chain is expected to have netted the pubco around £500m.
REDDITCH based Halfords Group has appointed Andrew Findlay as its new Group Finance Director. He will join the company on February 1, 2011. Mr Findlay is currently Director of Finance, Tax and Treasury at Marks and Spencer Group, where he has played a key role in programmes to deliver cost savings and improvements in working capital. Prior to M&S he held senior finance roles at the London Stock Exchange and at Cable and Wireless, both in the UK and US. He is also qualified as a chartered accountant with Coopers and Lybrand. David Wild, Halfords, chief executive, said: “Andrew has an impressive track record and brings extensive financial experience in retail and other competitive, consumer-facing industries. I am delighted to welcome Andrew to Halfords as we continue to deliver our strategy for long term sustainable growth.”
COOPER Controls has secured the acceptance of more than 92% of the shareholders in Mount Engineering for its £19.23m bid. The company confirmed that as of Friday (November 12) it had received valid acceptances of 92.23% of Mount’s share capital. The offer is based on a price of 82p per share. Mount, which operates Redapt Engineering and Raxton in the West Midlands, was the subject of a battle between Redhall Engineering and Cooper Controls, a subsidiary of US firm Cooper Industries. The takeover battle raged throughout the summer, and saw US-based Cooper Controls wrench Mount away from the Yorkshire-based Redhall Group after the latter opted not to increase its offer. The offer remains open until 1pm November 26.
