De Vere Group remains tight-lipped over possible takeover bid

17 May 2006
De Vere Group remains tight-lipped over possible takeover bid

De Vere Group has announced "satisfactory" results for the first half of 2006 today, but remained tight-lipped on a third-party approach to buy the company.

Chairman David Richardson said: "The preliminary approach may or may not lead to an offer for the company. Discussions continue and a further announcement will be made as and when appropriate."

Turnover fell by 5.1% to £146.5m, while pre-tax profit dropped from £76.5m to £13.8m.

Despite the slump, Deutsche Bank analyst Ross Jobber said the figures were "solid" given the tough trading environment.

"In the current market and despite the potential distraction of bid speculation the company is still broadly on track to deliver its projected results for the full year," he said.

Turnover at De Vere hotels was up by 3.7% to £68.2m. Its Village Hotels brand turnover increased 3.4% to £40.3m.

De Vere said its target to open four to five new Village hotels from 2007/08 was achievable.

"The pipeline looks to be the strongest it's ever been," said Jobber.

Starwood lines up for De Vere >>

De Vere Group sells Jersey hotel >>

De Vere reveals new identity >>

By Tom Bill

Get your copy of Caterer and Hotelkeeper every week -

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking