reports suggest
Morrisons boss under pressure as buyout rumours swirlHowever, Sir Ken Morrison, said he had no knowledge of Christian Louboutin Shoes Replica the negotiations, likely to be conducted by younger generations of the trust which controls the family's 9 per cent stake.
"I was quite surprised to see it," he said of a Bloomberg report that Morrison family members had been in touch with buyout groups including CVC, Apax Partners and Carlyle. "They will all have considered views on the performance of the business. I am honorary president, which means I don't have a vote, I am not consulted and I don't have views. It's not a job that I relish, you know."
The UK's fourth biggest supermarket Mk Bags 2013 chain had a dreadful Christmas and had to issue a shock profit warning, while the chain continues to lose thousands of customers as it plays catch up with an online offering and convenience stores. Sir Ken said trading Nike Air Max 90 Review had been "very unsatisfactory".
The private equity groups have all been approached by the family to raise enough cash for a 7 billion buyout. But any deal may need the involvement of more than one private equity group. Carlyle and CVC are in talks about working together, reports suggest, while Apax is thought to have walked away.
Morrisons has already been under pressure from hedge fund Elliott Management, an activist shareholder, which called on the company to start selling some of its 453 freehold stores and return the cash to investors.
A similar approach in volving Air Max Thea Premium a sale and leaseback plan is likely to be put forward by any family Nike Air Max 2014 Singapore and private equity deal which would go against the founding principles of Sir Ken, the 82 year old son of the founder, who also ran the company for 40 years.
Sir Ken has always said Morrisons should not sell its freeholds, as this gives the company more control over the running of the business, and it should remain debt free.
Morrisons' problems were laid bare when latest data showed sales had fallen 2.5 per cent, with market share also down, in the 12 weeks to February 2. It is understood Morrisons itself has not yet been approached over a deal.
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