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Article: Ethel Austin managers get [pounds sterling]30m in ABN Amro deal; IN BRIEF.
- Article from:
- The Evening Standard (London, England)
- Article date:
- June 11, 2004
CopyrightCOPYRIGHT 2004 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ABN Amro Capital has swooped on fast-growing discount clothing retailer Ethel Austin in a [pounds sterling]122.5 million deal that hands [pounds sterling]30 million to senior management.
The private-equity buyer has sealed the acquisition from Lloyds Development Capital after two months of talks. It beat off three other venture capitalists.
Merseyside-based Ethel Austin's profits soared 158% to [pounds sterling]12.5 million last year and wants to double in size by opening 200 more UK stores in the next five years.
ABN has restructured the share capital of the business to end up with a 56% stake. The leading directors are reinvesting their cash ...