Styles & Wood deal talks off as order book slumps
Friday, May 23, 2008
Styles & Wood, the retail property services group that advises UK retailers, reported today that a slump in performance during the year had led to offer talks over a possible management buy-out of the business being called off.
In a statement, the company said that since an upbeat trading report in April – when it said over 60% of the market expectation for revenue in 2008 had been secured – its order book had since “fallen behind its expectations”. Problems appear to have been caused by order deferrals as well as margin pressure across existing framework arrangements.
As a result, the company said its expectations for the half year ending 30 June 2008 would not be reached.
Also in April, Styles & Wood revealed the discussions were taking place over a possible private equity-backed offer for the business led by chairman Gerard Quiligotti and chief executive Neil Davies. Those talks are now off as a result of the problems, it added.
A trading update for the six months to 30 June 2008 is expected in late June.
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