28 ordspråk av Richard Ratner

Richard Ratner

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 All the big deals have already been and gone.

 Given the importance of Per Una to M&S, it could have been disastrous had this happened at the current time. Even so, we wonder how long the agreement will last.

 He has done extremely well, let's not take that away from him.

 I suspect at the end of the day he would have liked to have bought it but with all the hedge funds in there that he wasn't prepared to pay, given trading, a huge amount for it.

 Inference is that margin will be lower because of need to clear stock.

 It appears done and dusted. Our view is clearly to accept the offer.

 It looks as if he is going of his own volition which is a clear indication of where he thinks the business is going.

 It would be a pity because we think there is huge potential in that business to double profits over the next four to five years, but if 40 pct of your shareholders want out, then I suspect that is what may happen.

 It's a poor (Boots) statement. The bulls will cling to the hope of a bid, but will anyone commit significant funds to buy a retailer until one thinks that the market has bottomed?

 It's a sensible idea to develop e-commerce. But whether putting the whole high street/out of town operations under one fascia makes any difference is a moot point.

 Justin King is doing a fine job, but he is still a long way from producing the additional £2.5 billion of sales he needs to push operating margins ahead.

 Management is going to have to take it. I'm sure it will go through. People will think it's mean, but the alternative would be pretty ghastly.

 New Look has gone well since going private, although it could be argued that perhaps it is doing rather too much at once.

 The general impression was very good, with merchandise well displayed, and clear differentiation between the departments -- not running into each -- and clever use of graphics.

 The price is below our expectations, since we valued the group at up to 210p per share and so we are not surprised the board has rejected it.


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