Business Services Industry
British Bank Walks Away from Music Store Chain Purchase.
Knight Ridder/Tribune Business News, February, 1999 by Daily Mail, London
Knight Ridder/Tribune Business News
Feb. 6 -- Richard Branson's Virgin Group is denying the sale of Our Price is in trouble after the Prudential dropped plans to buy the music store chain after several months' negotiations.
Virgin Entertainment, one of the main trading groups in the Branson empire, had been hoping to raise UKpound 80 million from the sale.
The Prudential's venture capital arm, PPM Ventures, has dropped plans to back a management buy-out of the 229-store chain. The company would not comment, but industry sources say the Pru has walked away after a dispute over price.
Negotiations began in the autumn, but better-than-expected sales up to Christmas lowered Our Price's inventory, and PPMV felt this should have been...
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