UK firm Blacks Leisure falls 9 % over failure of buyout talks
27 Jan 2011
UK outdoor clothing retailer Blacks Leisure shares fell 9 per cent after it walked away from buyout discussions.
The Northampton-based firm, which also owns the Millets chain, said in October it was in preliminary discussions with a number of possible purchasers. It said none of the proposals were "sufficiently compelling" to carry on talks.
Among the parties to have evinced interest is Lion Capital, the owner of AS Adventure Group, parent company to the Cotswold Outdoor chain.
According to the company it terminated discussions to concentrate on the final stage of its turnaround plan.
The firm made a loss of £8.5 million in the first half of its financial year but insisted it was capable of returning to profit on its own if the acquisition amounted to nothing.
The firm after weathering a few turbulent years is now on a surer footing after a restructuring process left is with a crore estate of around 300 stores.
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