News blog

MBL Group

• BY: Andrew Hore |
• POSTED: 21/10/2014 |

Sefton Group has sold its 12.07% stake in home entertainment and garden products retailer MBL Group to its former chairman Peter Cowgill.

Cowgill resigned as non-executive chairman of MBL in June after around eight years in the role. His stake has increased to 14.4%.

Sefton had previously cut its stake from 14% in September 2010. Most of the original 14% stake was acquired from Peter Long at the beginning of 2010 and at that time the share price was around 20 times the current level.

At 9p a share, MBL is valued at £1.56m. There was £2.72m in the bank at the end of March 2014, while NAV was £3.78m.

MBL reported a barely changed loss of £780,000 in the year to March 2014, even though revenues improved from £11.3m to £12.5m. The profit from home entertainment fell while the loss of the garden and leisure division declined. Both sides grew their revenues.

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