Steinhoff to delay Pepco sale as unit’s CEO takes leave
JOHANNESBURG – Steinhoff International Holdings NV is delaying the potential sale of its European retail arm Pepco Group amid heightened market volatility and the illness of the unit’s chief executive officer, people with knowledge of the matter said.
Pepco Group CEO Andy Bond, who made his name in U.K. retail circles turning around the Asda supermarket chain, is taking a leave of absence for medical reasons unrelated to coronavirus, according to the people. Steinhoff, which had been considering a sale or listing of Pepco, plans to delay the process until later this year, the people said, asking not to be identified because the information is private.
Buyout firms including Advent International and Partners Group Holding AG have been considering bids for Pepco Group, which owns the Poundland discount chain, Bloomberg News reported in January. Steinhoff was seeking to value the business at more than 4 billion euros ($4.5 billion) in a sale, people with knowledge of the matter said at the time.
Source: iol.co.za