This thread may not get a comment, but here is a sleeper up to now.

Somerfield gets new CEO as profits jump
By Sonya Dowsett

LONDON (Reuters) - Somerfield (LSE: SOF.L - news) has announced a giant leap in full-year profits after store revamps and cost cuts paid off, and says sales have kept rising since the year-end.

The firm said on Wednesday Chief Executive John von Spreckelsen, who has overseen a turnaround programme at the grocer, would now concentrate on his role as chairman and Finance Director Steve Back would take on the CEO role as of September 1.

Somerfield reported pre-tax profits before exceptional items of 41.1 million pounds for the 52 weeks ended April 24, up from 25.8 million pounds last year. Analysts were expecting profits to come in a range of 38-45 million pounds.

Having rejected a takeover approach last summer, the grocer has pledged to speed up investment in its stores, cut costs and plough savings back into price cuts as it competes against supermarket giants like Tesco (LSE: TSCO.L - news - msgs) and Sainsbury .

Somerfield said sales continued to rise in the first nine weeks of the new financial year, with like-for-like sales at the Somerfield stores up 2.9 percent in that period and up 2.4 percent at Kwik Save stores, aimed at the budget-conscious shopper.

Last month Somerfield unveiled plans to convert or close its 51 Kwik Save stores in Scotland at the expense of 350 jobs.

Somerfield rejected a 120 pence-per-share indicative offer from entrepreneurs John Lovering and Bob Mackenzie last summer, saying it substantially undervalued the company.

David Cheyne will replace Steve Back as finance director.

I just had another random thought in respect of SOF.

They turned down 120p last time, their profit margins are up and climbing albeit slowly. Kwikemart, er Kwick Save is now showing a profit.

I agree Baugur seem to be a load of chancers, but they would not suceed with SOF imho.

Shoot me down!

I would not be offended.

Wouldn't dream of it SWW as frankly I agree with you!
Plus I can't see The Icelandic Crew going for them anyway, they
simply don't own a big enough percentage, it's not the same as BFP.
Another thought that crossed my mind...
Is there a feeling among investors that if the BFP deal goes
ahead and many of the smaller outlets are sold out to Tesco et al
that this would (1) squeeze SOF and (2) make it more difficult
for them to off-load any 'spare stores' onto the other players in
the sector....

Hmmmmmmmmmmm............

Thinking.

<<:-(

Oh dear..that doesn't look like happy thoughts SWW and besides I
could be very wrong....

It's okay, still thinking.

By the way WLW looks sad today, any sadder and I willbe back in ;-))

WLW often looks sad these days SWW...much more of it and I will
have to sell it on grounds of making me depressed!! ;>)

Somerfield cum the ex Safeway stores is a MUCH more interesting animal and the price is beginning to indicate that. Rumors about the possible interest of either Lidl or Aldi are, probably, just rumors but a MUCH more interesting prospect could be Netto. Who, for instance, was seen lunching with who..just two days ago and why have they flown in ? All the attention seems to go to those Icelandic gentlemen but there are other predators out there and they have quite deep pockets for the right purchase. Plus, of course, Netto is frustrated about its lack of ability to expand in this country - which limits its buying power.Mind you. There is a joker in the pack and their domicile is Spain...but they do so want to cater to English tastes. Do they have a deep enough purse to accomplish their ambitions. Of course, it could just be Kwik Save thats of interest but, its all money aint it.

When I opened this thread, I thought from the title that I would be getting some good recipes. It's all talk about boring old stocks and shares.

:o(

Ha!

Recipes are still in the Oil & Gas Sector.

Did not bail there and not going to yet.

Gosh. Sorry about all the crass financial talk, hillary. Why not create a mess of Icelandic Cod with Spanish Chorizo (maybe throw in a kraut sauasage)and sit around and wait to see if WE ALL MAKE SOME DOSH !!!

Any truth in the rumour that ASDA might be casting its eye over Somerfield??

Yes

http://news.ft.com/cms/s/d399d90e-b5f1-11d9-be59-00000e2511c8.html

6th june my guess

Baugur fraud charge rocks Somerfield bid

The next retail bloodbath I think..............

Shame.

SOF bid unlikely
MoneyAM
A formal bid for Somerfield PLC backed by private equity investors Apax Partners looks further away.

Members ahve been fighting over whether Icelandic retailer Baugur should bow out following fraud charges against some of its key executives, the Financial Times newspaper reported, without citing sources.

One member of the team, which also included property tycoon Robert Tchenguiz and Barclays Capital, has threatened to walk out if Baugur does not leave the consortium, it said.

Separately, the newspaper also reported that a series of share transactions in UK clothing retailer Arcadia Group between 2000 and 2001 is a vital part of the embezzlement charges brought against Baugur chief executive Jon Asgeir Johannesson.

The deals are thought to be worth around 7 mln stg, the newspaper said.

Johannesson refused to reveal details of the 40 charges against him and five other people close to him brought by Icelandic police last week.

He has denied all charges.

Draw your sword the vikings are around,,raise your shutters,i mean shield!

Consortium on the verge of pulling out of bid

First Woolworths, now Somerfield.

Is this begining to look like share manipulation to me?

Can't be surely?

Keeping this on the watch list SWW.

As you know the best time to buy is when everyone else is bailing out.

cheers GF.

Fair point GF.

Please dont assume knew, because I often watch the bailers and miss the entry points on lemming stocks.

:-(

Here we go.........

"London & Regional drops Somerfield bid plans
AFX


LONDON (AFX) - London & Regional Properties Ltd, the property company headed by the Livingstone brothers, said it has decided to abandon its plans to make a bid for supermarket chain Somerfield PLC.

London & Regional had been considering offering 205 pence a share, or around 1 bln stg, for Somerfield.