The Warehouse Group just sold Torpedo7 for $1 after buying it for $55.2 million. While Kathmandu’s sales are struggling. Where to now for woeful retailers?
Video / NZ Herald
Sir Stephen Tindall, founder of the retail giant The Warehouse, and a private equity firm have approached the company to buy up shares in the business.
In the notice to the NZX, The Warehouse told shareholders and other stakeholders it had received the approach from Tindall and Adamantem Capital Partners
It told shareholders not to sell their shares.
The board of directors said the approach received did not constitute an offer by anyone to acquire the business of the company or shares of the company.
Adamantem is an Australian investment manager which was founded in 2016. It has investments in a range of businesses in New Zealand and Australia including sausage and bacon business Hellers.
Tindall owned 27.01% of The Warehouse directly while The Tindall Foundation had 21.31% as of July 30 last year, The Warehouse’s annual report shows.
Tindall started The Warehouse in 1982.
The Warehouse Group has been in cost-cutting mode amid a difficult time for retailers.
Last month it revealed plans to thin out its management structure as it refocuses on its three core brands - The Warehouse, Warehouse Stationery and Noel Leeming.
The move came after the sudden departure of its chief executive Nick Grayston in May after profits plunged.
Torpedo7 was sold in February for $1 to a consortium. Photo / Dean Purcell