Latest news with #MikeAshley-backed
Yahoo
02-04-2025
- Business
- Yahoo
Brighton Pier reveals plans to quit London stock market
The leisure group behind the 126-year-old Brighton Palace Pier has seen its shares slump as it became the latest firm to announce plans to delist and return to private hands. Brighton Pier Group – which also owns a number of bars and mini-golf venues – said it is planning to cancel its listing on London's junior Aim market, sending shares slumping by nearly 60% in Wednesday morning trading. The firm, which is chaired by former Pizza Express boss Luke Johnson, said the decision follows a 'careful review of the benefits and drawbacks' of its stock market listing. It said it believes delisting at the 'earliest opportunity' would be in the 'best interests of the company and the shareholders as a whole'. Investors will vote on the plans at a meeting on April 22 and if approved, delisting is expected on May 2. It marks the latest blow to the Aim market, which has been hit by a raft of firms delisting in recent years, with 92 firms leaving the market last year. Mike Ashley-backed Scalextric and model train firm Hornby last month revealed plans to go private, blaming regulatory hurdles and costs involved with a stock market listing. Brighton Pier Group said reasons for its plans to delist include 'disproportionate' annual costs of between £250,000 and £300,000 to maintain a listing, lack of liquidity in the shares, volatility in the share price, as well as changes in the small cap market since the company's flotation in 2013. It added that it would have more flexibility and be more nimble on decisions as a private company. Brighton Pier Group also said the move comes in light of increasingly tough trading and higher costs. It said: 'Over the past several years, the company has faced persistent challenging trading conditions, impacted by, inter alia, Covid-19, repeat bad weather during peak summer trading periods, recent significant Budget increases in National Insurance to commence from 6 April 2025, pressures on consumer discretionary spending and a change in consumer behaviours.' It has therefore been focusing efforts on 'cost savings, disposals of underperforming assets and health of the balance sheet, limiting its ability to invest in growing the business'. The group said results for the year to December 29 2024 where in line with expectations, while it added that recent trading had been boosted by last month's warm weather. It said March's better weather, combined with the introduction of the higher £2 admissions charge for non-residents, helped drive total sales at the Pier up £100,000 to £1.8 million so far this year. Trading in the bars and golf divisions has seen a slow start to the year, with total sales of £1 million and £1.4 million respectively, each down £100,000 year-on-year.
The Independent
02-04-2025
- Business
- The Independent
Brighton Pier reveals plans to quit London stock market
The leisure group behind the 126-year-old Brighton Palace Pier has seen its shares slump as it became the latest firm to announce plans to delist and return to private hands. Brighton Pier Group – which also owns a number of bars and mini-golf venues – said it is planning to cancel its listing on London's junior Aim market, sending shares slumping by nearly 60% in Wednesday morning trading. The firm, which is chaired by former Pizza Express boss Luke Johnson, said the decision follows a 'careful review of the benefits and drawbacks' of its stock market listing. It said it believes delisting at the 'earliest opportunity' would be in the 'best interests of the company and the shareholders as a whole'. Investors will vote on the plans at a meeting on April 22 and if approved, delisting is expected on May 2. It marks the latest blow to the Aim market, which has been hit by a raft of firms delisting in recent years, with 92 firms leaving the market last year. Mike Ashley-backed Scalextric and model train firm Hornby last month revealed plans to go private, blaming regulatory hurdles and costs involved with a stock market listing. Brighton Pier Group said reasons for its plans to delist include 'disproportionate' annual costs of between £250,000 and £300,000 to maintain a listing, lack of liquidity in the shares, volatility in the share price, as well as changes in the small cap market since the company's flotation in 2013. It added that it would have more flexibility and be more nimble on decisions as a private company. Brighton Pier Group also said the move comes in light of increasingly tough trading and higher costs. It said: 'Over the past several years, the company has faced persistent challenging trading conditions, impacted by, inter alia, Covid-19, repeat bad weather during peak summer trading periods, recent significant Budget increases in National Insurance to commence from 6 April 2025, pressures on consumer discretionary spending and a change in consumer behaviours.' It has therefore been focusing efforts on 'cost savings, disposals of underperforming assets and health of the balance sheet, limiting its ability to invest in growing the business'. The group said results for the year to December 29 2024 where in line with expectations, while it added that recent trading had been boosted by last month's warm weather. It said March's better weather, combined with the introduction of the higher £2 admissions charge for non-residents, helped drive total sales at the Pier up £100,000 to £1.8 million so far this year. Trading in the bars and golf divisions has seen a slow start to the year, with total sales of £1 million and £1.4 million respectively, each down £100,000 year-on-year.
The Independent
13-03-2025
- Business
- The Independent
Toy firm Hornby unveils plans to go private
Mike Ashley-backed Scalextric and model train firm Hornby has revealed plans to go private, blaming regulatory hurdles and costs involved with a stock market listing. The Aim-listed group – which has been undergoing a turnaround with advice from Frasers founder and billionaire Mr Ashley – said it plans to re-register as a private company to help with its ongoing overhaul. The Margate-based group said: 'The board anticipates that for this process of structural change to continue at pace and to maximum effect, operating outside a publicly quoted environment would improve its decision-making ability.' 'At the same time, the board is conscious of the limited liquidity of the company's shares on Aim balanced against the regulatory burden and cost of maintaining the public quotation,' it added. Shares in the group – which have already plunged by 50% over the past year – tumbled by more than another 32% in morning trading on Thursday. Hornby added: 'The company's announcement today is not taken lightly. 'The directors are confident that operating as a private entity will provide Hornby with the necessary agility for swift decision-making and efficient execution of strategy whilst not depriving shareholders of material benefit.' Investors will vote on the plans to delist on April 1, with support from at least 75% of investors needed for the proposal to be approved. In an update alongside the plans, Hornby said trading had been weaker in January and February, but that it remains on track for full-year sales growth. It has suffered amid shipping delays, but said these are expected to ease 'in the coming months'. The firm said in March last year that Mr Ashley would advise Hornby after building up an 8.9% stake in the model train specialist, becoming its third largest shareholder. The toy company said the retail tycoon 'entered into a consultancy arrangement' as it sought a financial turnaround. It is hoped the move can help spark a financial turnaround at Hornby after it had seen losses mount. Shares in the company slipped to their lowest price for decades at the end of 2023 as a result, but hit new lows on Thursday after the latest delisting news. It also marks the latest blow to London's junior Aim market, which has been hit by a raft of firms delisting in recent years, with 92 firms leaving the market last year.
Yahoo
13-03-2025
- Business
- Yahoo
Toy firm Hornby unveils plans to go private
Mike Ashley-backed Scalextric and model train firm Hornby has revealed plans to go private, blaming regulatory hurdles and costs involved with a stock market listing. The Aim-listed group – which has been undergoing a turnaround with advice from Frasers founder and billionaire Mr Ashley – said it plans to re-register as a private company to help with its ongoing overhaul. The Margate-based group said: 'The board anticipates that for this process of structural change to continue at pace and to maximum effect, operating outside a publicly quoted environment would improve its decision-making ability.' 'At the same time, the board is conscious of the limited liquidity of the company's shares on Aim balanced against the regulatory burden and cost of maintaining the public quotation,' it added. Shares in the group – which have already plunged by 50% over the past year – tumbled by more than another 32% in morning trading on Thursday. Hornby added: 'The company's announcement today is not taken lightly. 'The directors are confident that operating as a private entity will provide Hornby with the necessary agility for swift decision-making and efficient execution of strategy whilst not depriving shareholders of material benefit.' Investors will vote on the plans to delist on April 1, with support from at least 75% of investors needed for the proposal to be approved. In an update alongside the plans, Hornby said trading had been weaker in January and February, but that it remains on track for full-year sales growth. It has suffered amid shipping delays, but said these are expected to ease 'in the coming months'. The firm said in March last year that Mr Ashley would advise Hornby after building up an 8.9% stake in the model train specialist, becoming its third largest shareholder. The toy company said the retail tycoon 'entered into a consultancy arrangement' as it sought a financial turnaround. It is hoped the move can help spark a financial turnaround at Hornby after it had seen losses mount. Shares in the company slipped to their lowest price for decades at the end of 2023 as a result, but hit new lows on Thursday after the latest delisting news. It also marks the latest blow to London's junior Aim market, which has been hit by a raft of firms delisting in recent years, with 92 firms leaving the market last year.
