John David buys Bank Stores

Dec 11 2007 by Chris Knox, The Journal

JD SPORTS parent John David Group said it had snapped up branded fashionwear chain Bank Stores in a deal worth up to £19.5m. The acquisition – John David’s second deal in less than a week – will see the firm add Bank’s 49 stores to its growing fashion division. Newcastle United owner and Sports Direct entrepreneur Mike Ashley has a 10% share in JD Sports.

Baugur confirms possible offer

ICELANDIC investment group Baugur confirmed it is considering a possible offer for Moss Bros. Baugur, which has a 29% stake in the firm, said it was looking at options including a potential approach to the board of the menswear specialist. Shares in Moss Bros surged 18% higher yesterday after weekend reports of a possible £40m approach.

Clapham subject of speculation

RESTAURANT chain Clapham House has been the subject of takeover speculation after it emerged the owner of Nando’s held a 11.25% stake in the firm. Shares in Clapham House rose 5% to 198.5p yesterday after Friday evening’s announcement from private equity firm Capricorn Ventures.

UBS puts fresh pressure on UK

SWISS bank UBS put fresh pressure on the UK financial sector after warning of an extra £5bn in losses from the credit crunch. The blow follows the £1.8bn write-down on investments based on high-risk US mortgages revealed in October and puts UBS in danger of an overall loss for the year.

Reckitt takes over US firm

HOUSEHOLD goods firm Reckitt Benckiser is expanding its healthcare operations in North America after agreeing a £1.1bn takeover of a US cough mixture firm. The Anglo-Dutch company has agreed a $60 a share offer for Nasdaq-listed Adams Respiratory Therapeutics.

Abbey plans 300 new branches

BANKING group Abbey’s Spanish owner has set out plans for an additional 300 branches as part of attempts to bolster the UK business. Santander, which acquired Abbey in 2004, said it planned to begin opening branches in 2009 with a target of increasing its 700-strong network to 1,000 by 2012.