BUSINESS behemoth Mike Ashley’s Frasers Group is weighing up a takeover of Revolution Beauty.
The budget make-up brand has been plagued by plunging sales and boardroom bust-ups.
Mike Ashley’s Frasers Group is weighing up a takeover of Revolution Beauty[/caption]
The brand has been plagued by plunging sales and boardroom bust-ups[/caption]
Revolution told shareholders yesterday that the retail giant behind Sports Direct and Flannels “is one of a number of parties that is conducting due diligence” on the business.
It follows Revolution’s decision to put itself up for sale last month after an approach by an unnamed suitor.
Sales have plummeted by 26 per cent this year as a £32million credit line approaches its October deadline.
The company blamed a reduced product portfolio and weak performance in the US and online.
It has also faced leadership and accounting issues, including a dispute with its former boss and a tussle with shareholder Debenhams under its previous Boohoo Group name.
Frasers Group has been on a spree snapping up stakes in online retailers such as THG, which owns rival beauty brands Lookfantastic and Cult Beauty.
But Revolution said there was “no certainty” that any interest by Frasers “will result in a firm offer”.
WELCOME MAT
MATALAN is planning a major makeover, announcing a £25million investment to open new stores and revamp existing ones across the country.
The fashion and homeware giant said physical stores remain “at the centre” of its transformation plans.
It is set to open ten new and relocated stores this year, expanding in regions including London, Essex, Hampshire and Northern Ireland.
A GLUM TOTAL
FORMER NHS 111 urgent care provider Totally has gone into administration.
But it said a deal to sell its main divisions will see the “uninterrupted provision” of all its services.
The Derby business, which lost its NHS contract in February, appointed Ernst & Young after failing to find buyers for the entire firm.
Three divisions have been sold to rival PHL GROUP in a rescue deal.
£5BN PLAN FOR THAMES
THAMES WATER’S lenders have put forward a £5billion rescue plan.
Creditors including Aberdeen and Blackrock aim to overhaul £17billion of debts, including investing £3billion in new equity plus £2billion of funding.
The deal would write off several billion pounds of debt and be a “complete loss for existing shareholders”.
Bills would not rise by more than Ofwat has approved in the next five years.
The creditors want leniency on performance targets, otherwise warning “pollutions and customer service will likely worsen”.
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