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Article: Ethel Austin managers get Pounds 30m in ABN Amro deal IN BRIEF
- Article from:
- The Evening Standard (London, England)
- Article date:
- June 11, 2004
CopyrightCopyright 2004 Evening Standard - London. Provided by ProQuest LLC. (Hide copyright information)
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ABN Amro Capital has swooped on fast-growing discount clothing
retailer Ethel Austin in a Pounds 122.5 million deal that hands
Pounds 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 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 to
take a 37% shareholding.
Chief executive Philip Hoskinson said: "On ...