Hamleys shrugs off Baugur news - ToyNews

Hamleys shrugs off Baugur news

Retailer releases statement confirming it will continue to trade as normal despite news of Baugur troubles.
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The statement outlines that Hamleys is a standalone business and has no shareholder funding requirements for either short-term operations or long-term development.

The statement said:

“Any change in the ownership structure of shareholders has no direct impact on Hamleys' ability to trade effectively. To re-iterate, Hamleys has no current or future funding requirement from its shareholders.

“Hamleys has shown strong growth in sales and profit in what have been very challenging retail conditions. For the nine months to the end of December 2009 total sales are 7 per cent up year-on-year, and EBITDA excluding one-off exceptional costs is up 24 per cent.

“This has been achieved by sales growth, significant cost improvements and an increase in gross margins. In addition, the company has improved its stock management, reducing its stock cover and thereby improving its cash position.

“Further, Hamleys repaid senior debt on schedule in January 2009 and now operates on a senior debt to EBITDA ratio of less than two, providing a strong position for the times ahead. Hamleys retains the full support of its sole lender, a major UK bank.”

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