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.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now