Associated British Foods PLC
14 February 2005
Associated British Foods plc ('ABF')
Further store acquisitions for Primark
For immediate release 14 February 2005
Associated British Foods plc, the international food, ingredients and retail
group, has today announced the acquisition of six stores by Primark, its value
fashion retail business. Agreement has been reached with the administrators of
the Allders group for stores located in Bromley, Coventry, Oxford, Leicester,
Sheffield (Meadowhall) and Hull. The consideration will be paid in cash from
existing resources at completion. Completion is subject to the receipt of
landlord consent, where required. Primark expects to take possession of the
stores by the end of March and to be trading by the autumn of this year.
Primark currently trades from 121 stores with 2.4 million sq ft of selling space
with 1.6 million sq ft in Great Britain and 0.8 million sq ft in Ireland. These
new stores will initially add around 300,000 sq ft in Great Britain. The store
in Bromley is freehold, Coventry is long leasehold and the remainder are short
leasehold. The total investment, including the fitting out, is expected to be
£110m.
Primark has experienced strong sales growth in recent years from both
like-for-like growth and from new store openings which have focused more
recently upon larger sites in major high street locations.
Commenting on the announcement, ABF Finance Director, John Bason said,
'The acquisition of these six stores in major towns and cities represents
another step in Primark's acquisition of retail space in Great Britain and will
bring the Primark offering to a large number of new customers.'
For further information please contact:
Associated British Foods Tel: +44 (0)20 7399 6500
John Bason, Finance Director
Citigate Dewe Rogerson Tel: +44 (0)20 7638 9571
Jonathan Clare / Chris Barrie / Sara Batchelor
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.