By Damian Reilly
Retail conglomerate would be comfortable buying businesses in the UK - CEO
The Landmark Group retail empire is set to spend in the region of one billion dollars next year acquiring new companies, CEO Micky Jagtiani has told Arabian Business.
He said the company would be comfortable buying businesses in the UK, and added he was still monitoring the New Look fashion brand, with which Landmark Group has been has been linked in the past.
“We still are [looking at it], but I can’t talk about that because it is a publicly listed company. We have a war chest of close to a billion dollars for 2011. We are still looking at opportunities as and when they come. We will explore them. We prefer London, because we understand England, we have worked in England before. We feel comfortable with the DNA of England.”
Asked what sort of companies he was looking to buy, Jagtiani, who is believed to be the richest Indian in the Middle East, said he would stick to “hospitality and retail.”
He said: “It could be maybe five restaurants, and some could be bigger opportunities… some could be publicly quoted companies in England. It all depends on what (opportunities) you get and we might have to borrow extra in order to have the equity.”
The Landmark Group is one of the biggest retail conglomerates in the Middle East and India. It owns the rights in the region for more than twenty major brands, including Home Centre, Babyshop, Shoemart, Fitness First and Spar. According to its website, it employs more than 31,000 people and had a turnover of $3.8bn.
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Landmark are a good sound company with good strategic opportunities. They should also consider SME's that are growing in Retail and Food Service