Sugar takes 4pc stake in Woolworths
Published Date:
11 October 2008
Sir Alan Sugar, the millionaire star of BBC's The Apprentice, has bought a near-4 per cent share in struggling retailer Woolworths.
His stake in the famous high street name is worth almost £2m at current prices.
The businessman – famous for his "You're fired" catchphrase – sold his Amstrad firm, which makes set-top TV boxes, to satellite broadcaster BSkyB last year.
Sir Alan's Amsprop company has a 3.88 per cent stake in the business after buying almost 57 million shares.
The businessman was unavailable for comment, although it could be Sir Alan thinks he is buying in at the bottom of the market because Woolworths' shares have lost 80 per cent of their value in the past year.
The current consumer squeeze has added to the malaise over the group - hit by competition elsewhere on the high street - leaving it with a stock market value of less than £5m. Last month Woolies revealed losses of almost £100m.
The full article contains 164 words and appears in n/a newspaper.
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Last Updated:
11 October 2008 9:32 AM
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Source:
n/a
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Location:
Yorkshire
