Arnotts Lands a Credible Financial Backer
A credible London based company is in the process of aiding Arnotts in its bid for loans held by IBRC
Original Article here
Arnotts chairman Nigel Blow, refused to reveal the identity of the backer. Although the backer is believed to have expertise to bring to the table and has been interested in Arnotts for a while now.
The backer is appearing to support Arnotts in its expansion, of between 4- 6 new outlets and is bidding for the loans, amounting to €230 million.
Upon expansion, Mr.Blow intends to focus on what he believes to be Arnotts USP, Furniture. Galway and Cork were a few of the areas that Mr.Blow believes to be likely areas for expansion, aswell as planning an online offering.
Many other groups, such as Selfridges were shortlisted in the bidden round. However Mr Blow, previously a senior executive with Brown Thomas stated “can’t be the right thing for the consumer or the company for them [Brown Thomas and Arnotts] to be owned by the same person [Galen Weston]”.