Channel Islands: CI Traders remains close-lipped
An unnamed bidder has made an offer for Marks & Spencer's franchise operator in the Channel Islands.
CI Traders admitted that it had received the offer, but has only said that a further announcement will be made in due course. Last month, private equity firm Alchemy made a bid, valuing the business at£214.4 million.
CI Traders was formed three years ago by the merger of food retail group Le Riche and brewery business Ann Street. CI Traders became the biggest commercial business in the Channel Islands last September when it bought the property investor ComProp for£53 million. In April, it acquired two former Safeway stores from Morrisons, giving it a majority share of the grocery market on the islands.
However, the company sold its UK-based Blubeckers pub-restaurants and Edwinns Brasseries to The Restaurant Group in June for£27 million.
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