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B&M European Value Retail SA - Luxembourg-headquartered variety goods retailer - B&M confirms that SSA Investments Sarl sells 27.8 million shares at GBP5.81, worth GBP161.6 million, on Thursday last week. The disposal, representing a 2.8% stake in B&M, was first announced on Wednesday last week. SSA Investments is an investment vehicle for members of the Arora family.
Simon and Bobby Arora bought B&M in 2004 and expanded it from a regional UK chain of 21 stores to a FTSE 100 constituent with 1,100 stores across the UK and France. Simon Arora stepped down as chief executive officer last year. Bobby Arora remains as trading director but isn't on the board. B&M repeats that the share sale relates to shares beneficial to Simon and Robin Arora and that Bobby Arora's holding remains unchanged. This is 13.5%, according to Morningstar.
Current stock price: 557.80 pence
12-month change: up 36%
By Tom Waite, Alliance News editor
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