Anne Bruce
A secondary buyout of Martins and Forbuoys owner TM Retail by venture capitalists looks likely as its two main financial backers put the 1,000-plus chain on sale.
HSBC Ventures which has a 33% share, and Electra Partners, which owns 27%, joined forces to cash in on TM following the Tesco acquisition of T&S Stores. Both typically pass investments on to new finaciers.
They have appointed Goldman Sachs to sell the group which operates under five fascias as a single entity, for around £200m, a process which could take months.
TM's nearly 900 "cash-generative" CTNs would attract venture capitalists, according to Mark Sheehan, director of c-store estate agent Christie &Co. But a trade buyer, after its 323 c- stores would not necessarily be put off by the CTNs, he added.
Full details of TM's financial performance and operational set-up have yet to be prepared for release to potential bidders by Goldman Sachs.
TM Retail's management team holds a 34% stake in TM's holding company Thistledove, and chief executive David Saunders would not say if a refinanced management buyout was on the cards. And no trade buyers have come forward.
A spokesman for M&S, which is planning a rapid roll-out of its Simply Food convenience format, said "never say never". Sainsbury would not comment on whether it would make an acquisition to expand its Local c-store estate.
A spokesman for the Co-operative Group said: "We are not making any comment on TM. The Coop has made no secret of the fact it wants to acquire more c-stores."
Legal & General Ventures, which has a 6% stake is not involved in the sale process.
{{NEWS }}
A secondary buyout of Martins and Forbuoys owner TM Retail by venture capitalists looks likely as its two main financial backers put the 1,000-plus chain on sale.
HSBC Ventures which has a 33% share, and Electra Partners, which owns 27%, joined forces to cash in on TM following the Tesco acquisition of T&S Stores. Both typically pass investments on to new finaciers.
They have appointed Goldman Sachs to sell the group which operates under five fascias as a single entity, for around £200m, a process which could take months.
TM's nearly 900 "cash-generative" CTNs would attract venture capitalists, according to Mark Sheehan, director of c-store estate agent Christie &Co. But a trade buyer, after its 323 c- stores would not necessarily be put off by the CTNs, he added.
Full details of TM's financial performance and operational set-up have yet to be prepared for release to potential bidders by Goldman Sachs.
TM Retail's management team holds a 34% stake in TM's holding company Thistledove, and chief executive David Saunders would not say if a refinanced management buyout was on the cards. And no trade buyers have come forward.
A spokesman for M&S, which is planning a rapid roll-out of its Simply Food convenience format, said "never say never". Sainsbury would not comment on whether it would make an acquisition to expand its Local c-store estate.
A spokesman for the Co-operative Group said: "We are not making any comment on TM. The Coop has made no secret of the fact it wants to acquire more c-stores."
Legal & General Ventures, which has a 6% stake is not involved in the sale process.
{{NEWS }}
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