Sketchley rejects mystery bidder
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.Sketchley, the troubled dry cleaning group, has rejected a tentative approach from a mystery bidder and is seeking clarification of the bidder's position. The predator made an approach to some of Sketchley's institutional investors in the last few days though some yesterday described the proposals as "somewhat unclear". Sketchley's shares shot up 10p to 56p on the news.
Sketchley has been in trouble for the last two years and reported a pounds 4m loss in 1997 after a black hole in its accounts revealed pounds 11m of losses. It is expected to announced some disposals next week which could include the main high street dry cleaning chain. The company is keen on concentrating on its profitable workwear rental division and its recently acquired ARM division which maintains ducts for utilities groups. Sketchley said that, pending clarification of the potential bidder's intentions, it recommended shareholders to "take no action".
Sketchley has been a dreadful performer of late and passed its full-year dividend in July and its half year payout in December. One institutional investor said: "Sketchley is an undoubted shambles but it is trying to do something to sort itself out."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments