US investor becomes largest shareholder in Safestyle UK
American investment management business Soros Fund Management has increased its stake in the Bradford-based retailer and manufacturer of PVCu replacement windows and doors, Safestyle UK.
The firm which was previously Safestyle’s third largest shareholder acquired £7m worth of voting rights from Canadian investors CI Investments Inc.
The deal means that Soros is now the largest shareholder in the business with a 21.0% holding, replacing Alantra Asset Management which has a 19% stake in the firm.
Last month, Safestyle published its final results for 2020, which showed revenues had fallen 10.3% to £113.2m and reported a pre-tax loss of £6.2m.
However the firm said that 2021 had started well with by double digits in quarter one for revenue and increasing levels of profitability versus 2020 exit rate.
Commenting at the time Mike Gallacher, CEO, said: “Notwithstanding the uncertain operating environment, as a result of the strategic and operational progress we have made along with our strong order book, cash position and market leading brand, the Board now expects the Group’s 2021 financial performance to be significantly ahead of market expectations.”
Safestyle’s share price is closed yesterday at a six month high at 55.80p per share, having dropped in September 2020 to 27p per share.
