B&M European Value Retail SA, the U.K. discount retailer chaired by former Tesco Plc boss Terry Leahy, rose on its London trading debut after owners including private-equity firm Clayton Dubilier & Rice LLC raised more than 1 billion pounds ($1.7 billion) from an initial public offering.
B&M European Value Retail SA, the U.K. discount retailer whose chairman is former Tesco Plc boss Terry Leahy, narrowed the price range for its initial public offering, according to two people familiar with the matter.
B&M European Value Retail SA, the U.K. retailer chaired by former Tesco Plc boss Terry Leahy, is pressing ahead with an initial public offering that may value the discounter at as much as 2.9 billion pounds ($4.9 billion).
Tesco Plc Chief Executive Officer Philip Clarke said he’s not ready to pledge an improvement in sales growth after the U.K.’s largest grocer reported the steepest decline in domestic revenue since he first stocked shelves as a schoolboy four decades ago.
Tesco Plc, the largest U.K. retailer, said Chief Executive Officer Terry Leahy will step down in March after 14 years in the position. Phil Clarke , the head of the company’s operations in Asia and Europe, will succeed him.
In more than a decade as chief executive officer of Tesco Plc, Terry Leahy prided himself on the creation of an international business that grew to become a third of sales. His successor is starting to dismantle it.
Tesco Plc’s former Chairman Ian MacLaurin publicly criticized the legacy left by Terry Leahy and asked for his successor as chief executive officer to be given more time to turn around the U.K.’s largest grocer.