Activist investor Sachem Head pushes Whitbread to consider break
Coffee canada goose outlet store uk pours into a cup at a branch of Costa Coffee near Manchester, Britain May canada goose outlet las vegas 5, 2017. hedge fund disclosed a 3.4 percent stake in FTSE 100 listed Whitbread last month, sending the Premier Inn owner shares canada goose outlet woodbury up more than 7 percent on the day amid speculation the activist would push to split up the company.Sachem canada goose outlet authentic Head canada goose outlet belgium wants Whitbread management team, led by chief executive Alison Brittain, to examine a break up as a way to boost the value of its individual businesses, canada goose jacket outlet uk the people canada goose outlet vip said. The company current canada goose outlet boston market capitalisation is about 7.2 billion pounds.Spokesmen for Whitbread and Sachem Head declined to comment.The hedge fund is reviving an idea long mooted by investors and analysts canada goose outlet london uk that Whitbread should spin off its popular Costa chain.Founded 276 years ago as a brewery by Samuel Whitbread and Godfrey and Thomas Shewell, Whitbread canada goose outlet price is one of Britain oldest companies that grew into canada goose outlet canadagooseoutletjackets legit a sprawling business with a pub estate and restaurants, as well as its Costa chain and beer operations.It has become more streamlined in canada goose outlet store toronto the past few years, however, selling off its brewing business and some pubs to focus canada goose outlet 2015 mainly on Premier Inn, Costa, the Beefeater restaurant brand and the Brewers Fayre pub restaurant chain.Activist investors often buy stakes in companies to push them to consider break ups or asset sales to increase value for investors.RBR Capital Advisors last year called on Swiss bank Credit Suisse to spin off its asset management operations and investment bank. shale oil and gas unit following calls from hedge canada goose outlet online uk fund Elliott for an overhaul.Sachem Head has around $4 billion in assets under management and was set up in 2013 by Scott Ferguson, who previously worked with billionaire activist Bill Ackman at his Pershing Square Capital Management hedge fund.Unlike more aggressive activists like Elliott, Sachem Head only occasionally pushes for change at the companies where it invests. design software maker canada goose outlet uk sale Autodesk, where Ferguson had a canada goose outlet locations in toronto board seat until last year.Analysts at Barclays Canada Goose Jackets Outlet said in a note dated Jan. 3 that the step canada goose outlet uk fake for Whitbread canada goose outlet official would be to sell Costa, should its boss Brittain, who took the helm in December 2015, decide to restructure the company. Whitbread said last October that it had more than 2,300 Costa stores in the UK, and it also has almost 7,000 Costa Express machines.Sachem Head investment comes at a difficult time for Whitbread.Shares in the canada goose outlet niagara falls business, which is due to issue a quarterly trading update on Thursday, have fallen 8 percent since the Brexit vote in June 2016, amid worries Britain impending exit will dent consumer confidence.On Oct. 24, Whitbread posted a sharp slowdown in revenue growth at Premier Inn, disappointing expectations that it might have benefited from sterling weakness following the Brexit vote.Investors had hoped that the fall in the pound would have encouraged more Britons to take domestic holidays and foreign tourists to visit the UK, where Premier Inn had about more canada goose outlet uk than 70,100 rooms last year.However, Whitbread reported a 1.8 percent increase in UK revenue per available room in the six months to the end of August 2017, which was lower than investors had expected. Costa UK revenue climbed 8.3 percent to 542 million pounds in the same period.
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