Sir Stephen Tindall, founder of the retail giant听The Warehouse, and a private equity firm have approached the company to buy up shares in the business.听
In the notice to the NZX, The Warehouse told shareholders and other stakeholders it had received the approach from Tindall and Adamantem Capital Partners听
It told shareholders not to sell their shares.听
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.听
鈥淭he company will update the market as appropriate of relevant developments.鈥听
The offer came after speculation in听The Australian鈥檚听Dataroom column that Adamentem and Tindall were working on a possible buyout of The Warehouse.听
The Australian听reported that it understood Tindall wanted to move The Warehouse towards becoming听a third player in the supermarket industry.听
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.听
Tindall owned 27.01% of The Warehouse directly while The Tindall Foundation had 21.31% as of July 30 last year, The Warehouse鈥檚 annual report shows.听
Tindall started The Warehouse in 1982.听
The Warehouse Group has been in cost-cutting mode amid a difficult time for retailers.听
Last month it revealed plans to听thin out its management structure听as it refocuses on its three core brands - The Warehouse, Warehouse Stationery and Noel Leeming.听
The move came after the sudden departure of its chief executive Nick Grayston in May after profits plunged.听
Torpedo7 was sold in February for $1 to a consortium. Photo / Dean Purcell听
The Warehouse Group听made a $23.7 million net loss听in six months to January 28.听
Total group sales were $1.633 billion, down 4.9% on a year earlier.听
The Warehouse itself had sales of $965.6m, down 4.7% on the 2023 first half. But its gross profit was up 1.6% to $374.3m.听
The group鈥檚 total net loss of $23.7m included the impairment of Torpedo7 assets and restructuring costs.听
Torpedo7听was sold in February for $1听to a consortium that included former Breakers basketball team owners Paul and Liz Blackwell.听
Shares in the Warehouse rose 12c after news of the offer rising to $1.28. But are down 27% over the year.听
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