Luxury kitchen and furnishings group Smallbone is the latest retailer to become the subject of stake-building, with investment vehicle Toscafield snapping up a stake of almost 7 per cent.
Toscafield, which is the investment vehicle of hedge fund manager Martin Hughes, acquired 1.5 million shares in the company today.
Smallbone, which comprises the eponymous kitchen, bedroom and bathroom chain, as well as upmarket furniture company Mark Wilkinson and US flooring supplier Paris Ceramics, reported turnover up 16 per cent to£26.6 million in the six months to June 30.
Pre-tax profits totalled£206,000, against a£191,000 loss for the same period the previous year. Operating profit shot up by 1,615 per cent to£517,000.
The retailer is poised to ramp up its expansion plans in both the UK and US. It wants to up its store numbers from 34 across the group to 32 in the UK and a further 16 in the US by 2009.
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