Marks and Spencer sold its US chain Kings Supermarkets, Inc to a US investor group for $61.5 million in cash (£35.4m). For the year to April 2, 2005, turnover of Kings turnover in the year to April 2 was £219.8m and the chain turned a profit of £4.3m. Its net assets at that date, excluding cash, were £30.2m.
M&S group finance director, Ian Dyson, said: “The disposal of Kings is the last part of our programme to refocus Marks & Spencer. Kings is a strong brand with a committed workforce, but it doesn't fit within our core business. We wish them well under their new ownership.”
