Steinhoff International moves offices of two indebted units to the UK
Steinhoff International’s share price rose 3.95% to €0.16 in Frankfurt and as much as 4% to R2.50 in Johannesburg on Friday after announcing it was moving the headquarters of its two most indebted units from Austria to the UK. Steinhoff Europe and Steinhoff Finance, most of whose creditors recently agreed to a "lock-up agreement", will now share their headquarters with Steinhoff UK in its offices in Gloucestershire, the furniture retailer said in a statement. Steinhoff said reasons for relocating its European and finance divisions to the UK included that none of their board members live in Austria. Steinhoff entered the UK in August 2016 by acquiring Poundland for £610m. In January, The Telegraph reported Poundland’s management was seeking private equity backing to buy the retailer from its scandal-ridden parent.