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Owners of Downtown Superstore and Garden Centre consider approach

Published: 4 October 2007
Lincolnshire site could fall into the hands of Conduit Skegness Limited.
The directors of Oldrids retail empire, which comprises Downtown Superstore and Garden Centre in Grantham, Lincolnshire, are considering a 'fair and reasonable' approach from a company called Conduit Skegness Limited.

Little is known about Conduit. It has four directors, and earlier this year bought an entertainment complex – Fantasy Island – in Skegness.

A spokesperson for Oldrid read the official statement to diyweek.net.
She said: "Oldrid and Co can confirm it has received an approach from Conduit Skegness Limited, which may lead to an offer being made for the entire issued share capital of the company.

"The board of Oldrid has advised shareholders that if Conduit were to make a proposal on the terms indicated it would be judged as fair and reasonable."

She added that if the sale were to proceed the day-to-day management of the business would remain as well as staff, which total 725 across the retail businesses.

No further comment was forthcoming from Oldrid although a non-executive director told local papers the whole process would take 'months'.

The Oldrids retail estate comprises Downtown Superstore, Grantham; Downtown Garden Centre; Grantham; Oldrids Downtown, Boston and Oldrids Department Store, Boston.

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