ARNOTTS: FG OFFERS BETWEEN €75M AND €100M

independent logo 390x285 1 - ARNOTTS: FG OFFERS BETWEEN €75M AND €100M

Arnotts snubs €100m Kuwaiti wealth fund

The Kuwait Investment Authority (KIA) offer was one of two which Flacks said he brought to the table in a bid for the iconic department store. The other was on behalf of an American investment bank, which Flacks wouldn’t name. Both the KIA and the US investment house gave commitment letters offering between €75m and €100m “to buy the buildings and the business,” Flacks said. “We’ve shown the money, both times we were refused,” he said. “They think they can do better, even though they’re not making enough money,” he added. Monaco-based Flacks led the group of international investors that bought A/Wear at the start of this year. He has spearheaded bids on retail groups Bon Marche and outdoor specialist Blacks Leisure and said that his Flacks Group owns retail and commercial sites and apartments in Germany. “We’re still looking at Arnotts, but they don’t want to do anything… they have no interest in selling it,” Flacks continued. Arnotts chief executive Nigel Blow said he was unaware of any offer made to the banks, and has previously stated that the business is profitable. IBRC and Ulster Bank, which jointly control Arnotts due to the €315m debt owed to them by the group, declined to comment, with Ulster Bank saying it doesn’t comment on individual customers. Worth close to €250bn in assets, the Kuwait Investment Authority is one of the Middle East’s largest and oldest sovereign wealth funds, established by its ruling royal family in the Fifties to reinvest the country’s oil wealth. Middle Eastern sovereign wealth funds have shown an increased interest in prestigious retail assets in recent years, with the Qatari royal family’s fund, Qatar Holdings, buying Harrods for €2bn. Earlier this year Flacks declared an interest in buying Clerys but is not thought to have been one of its final bidders for the O’Connell Street store. The Manchester businessman, at one time a next door neighbour of Top Shop billionaire Philip Green in Monaco, has been linked to a deal to buy a shopping complex called the Accrington Arndale Centre in north west England put on the market by UBS Wealth Management. Flacks’ consortium bought the 32-store A/Wear chain out of receivership and is running it as a going concern with plans for expansion. His €1m bid plus €2.5m cash commitment offer for 60 per cent of the Olhausen’s sausage company was unsuccessful last week. Arnotts’ management has maintained that they are not seeking a buyer for the business and a multimillion investment project is under way. Sunday Indo Business

Comments are closed.

Telegraph

FIGHT FOR POUNDWORLD

Poundworld is on the brink of being snapped up by either Flacks Group

US private equity house Flacks Group and Alteri Investors, the former owner of Austin Reed, are vying to take control...
Irish Examiner

A-WEAR FG MOVES INTO RETAIL

460 jobs saved as A-Wear bought …

The former Brown Thomas-owned company — which operates 32 stores in the Republic — went into receivership on Wednesday evening,...
WirtschaftsWoche

INTERVIEW WITH MICHAEL FLACKS

US-Investor Michael Flacks erzählt, warum er in Deutschland

WirtschaftsWoche: Herr Flacks, Sie haben als Investor Unternehmen mit 25 bis 500 Millionen Euro und aus der Bauwirtschaft im Visier...
EUWID

WORLDWIDE GROWTH STRATEGY FOR OGRO

Die US-amerikanische Investmentgesellschaft Flacks Group

Diese soll in Zukunft unter dem früheren Namen Ogro am Markt auftreten. Neben dem Standort werden im Zuge der Transaktion...
Manchester Evening News

COTTBUS AIRPORT REAL ESTATE INVESTMENT

Property magnate buys airport for £1 million A property entrepreneur from Prestwich has bought an airport in Berlin.

Property magnate buys airport for £1 million A property entrepreneur from Prestwich has bought an airport in Berlin. Michael Flacks,...
Reuters

FAN & MORE DIVESTURE ACQUISITION

BRIEF-Solvesta sells ‘fan & more’ to Flacks Group

Primärmarkt der Börse Düsseldorf) hat am Freitag, 23.09.2016, einen Vertrag zur Veräußerung des Teilkonzerns “fan & more” an die Flacks...
02B

FG DEPOSITS 28M INTO ESCROW

The Flacks Group has deposited 28 million

Michael Aubrey Flacks, managing director of Flacks Group, is the only one of the seven suitors that has deposited the...
Mergermarket

RENE LEZARD FG MOVES INTO FASHION

Flacks Group to put in repeat offer for insolvent Rene Lezard

In order to promote growth, Flacks intends to focus on Rene Lezard’s internationalisation and digitisation as well as brand extensions,...
The Sunday Times

INTERVIEW WITH MICHAEL FLACKS

Michael Flacks is on the prowl for hotels, properties, shopping centres and so on

Having snapped up the retailer A-wear, Michael Flacks is on the prowl for hotels, properties, shopping centres and anything else...
Data settings information and management
By clicking on an item, another link on the website or Accept, you agree to the use of cookies and other technologies to process your personal data (e.g. IP address) to enhance and personalise your experience across eBay's portfolio of brands, including eBay or third-party advertising tailored to you, on and off our sites. Additionally, third-party companies, who we partner with, may store cookies on your device and use similar technologies to collect and use certain information for advertising personalisation, measurement and analytics.
privacy & policy accept