Kirkham son buys back into DFS
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE SON of Sir Graham Kirkham, the founder and chief executive of DFS Furniture group, yesterday bought back pounds 10m shares in the company at a fraction of the price at which the family sold most of its stake two years ago.
Michael Kirkham, who works for a charity in Ireland, acquired 5 million shares in DFS, taking his total shareholding to 6 per cent. Though the price of the transaction was not disclosed, DFS shares closed 1.5p lower at 197.5p yesterday. This compares to the 553p a share price at which he and his sister sold most of their stake in October 1996.
The reason given for that sale was that the Kirkham children had too much of the net worth tied up in DFS shares given to them by their father. However, Sir Graham then seemed to feel they should have hung on to them. "I would say that there is no better place for their money than DFS," he said.
Since then the shares have plunged following two profits warnings as the company has struggled against higher interest rates and weakening consumer demand.
No reason was given for the change of heart by Sir Graham's son yesterday, although a company spokesman indicated it came because the shares had fallen so far as to become good value. "The shares are now below the issue price when the company was floated in 1994 and the company feels the current sales position is a blip rather than a trend."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments