A MULTI-millionaire investor is on the verge of owning enough shares to mount a take-over bid for Dorset department store Beales.
Panther Securities plc, controlled by Andrew Perloff, has snapped up shares worth £1.63 million in the 129-year-old national retailer, which is headquartered in Bournemouth and operates 11 stores throughout the UK.
Mr Perloff already owned a 9.8 per cent stake and Panther Securities has bought a further 19 per cent. Mr Perloff attempted to make a similar deal two years ago but failed.
Now his investment vehicle owns a 29.72 per cent share of the empire, holding just over six million shares – just below the 30 per cent threshold required for launching a take-over bid of the entire company.
“We have noted the exchange of shares,” said Beales chief executive Tony Brown, who would not be drawn on the retailer’s future.
“I will be meeting up with Andrew in the next week or so. He wants to see the business grow – we look forward to working closely with him.
“It’s been good for the share price. This is one of the biggest increases in the share price – from 23p to 40p.”
Panther struck the latest deal with Lawndean, a private company, which had a 25 per cent holding.
Andrew Perloff did not rule out a takeover. “I will not say either way; you never know what might happen,” he said.
But he added: “I went to great bother not to go to takeover level.”
Through Panther Properties, Mr Perloff, who has been in business for 45 years, controls a £120m property portfolio. He is “only interested in making money”.
“I often take strategic stakes in companies to assist them. I have always been interested in department stores because they occupy commercial property,” he said, adding: “Beales has a good management team but is constrained by lack of finance”.
