South Africa: Steinhoff Changes Pepkor Europe’s Name

Steinhoff said the name change will link the business directly to Pepco, which has more than 1 600 stores in Central and Eastern Europe. Pepco provides cut-price clothes, shoes and household goods in Poland, Romania and Hungary.

Pepkor Europe also includes the UK chain Poundland, which famously sells branded products for a pound, and Dealz, which does business in Ireland, Poland and Spain.

Steinhoff bought Pepkor, which included what was to become Pepco and Poundland, in 2015.

Sales at Pepkor Europe rose by 13% to €2.6bn for the nine months to end June, compared to the same period in 2018.Last month, Bloomberg reported that Steinhoff is considering an initial public offering of Pepkor Europe in London, and perhaps Warsaw.

Steinhoff is looking at ways to raise more cash as it struggles with a massive debt burden of more than €9.09bn (R150bn – or more than 30 times its current market value on the JSE).

“This change to Pepco Group marks the culmination of a year of significant development and growth. The group has successfully completed a long-term €475m refinancing package, strengthened the management team through a number of senior appointments and continued to perform strongly,” Steinhoff said in a statement.

Source: Fin24


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Author: skvaller

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