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Article: Sell-off wins Big Food Group a cash lifeline.(Business)
- Article from:
- Daily Post (Liverpool, England)
- Article date:
- May 14, 2002
CopyrightCOPYRIGHT 2002 MGN Ltd. 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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Byline: David Jones
FROZEN food retailer Big Food Group is set for a pounds 250m cash injection after agreeing terms to sell and lease back its Deeside headquarters and other property, including some of its Iceland stores.
The business, formerly known as Iceland, is reported to be on the verge of clinching a deal with the property investment arm of insurance company Axa.
If the deal goes through it will give a boost to the financial health of Big Food Group whose share price has been in the doldrums for more than a year, hitting a five year low earlier this month.
The retailer will use the cash from the deal with Axa Real Estate ...