Chocolate retailer Thorntons today said a number of potential new suitors had emerged since it announced that it had received a buyout approach.
The group revealed earlier this month that members of its management had been talking to potential backers over a move to end its 15-year market listing.
But chairman John Thornton, who is not part of a potential management buyout team, told shareholders at the company’s AGM today that a number of other un-named outside parties had since come forward.
The group, which has more than 400 shops, also said that trading had seen “some improvement” over the autumn.
Publishing annual results in early September the company complained that the hottest summer since 1976 had put shoppers off chocolate.
However Mr Thornton cautioned that the outcome for the first half of the current financial year, which began at the end of June, would depend, as always, on the busy Christmas period.
Whilst the company has not revealed any more on the approaches, Rhys Williams retail analyst at Seymour Pierce, said any bid would have to top 180p per share to tempt shareholders.
That price would value the Somercotes, Derbyshire-based company at around £120m and offer shareholders a one third premium on the value of their investments prior to news of the initial approach being announced.
Shares inched up a penny to 158.5p today, valuing Thorntons at £106m.
References: EGi News 29/10/03
