Woolworths shareholder in mad dash to stop £1 sale

Woolworths' main shareholder, Ardeshir Naghshineh, is making an eleventh-hour dash to stop the sale of the company’s retail arm to Hilco for £1 and has been meeting with Woolworths lenders.

'The banks have said to me that they have open minds and want to pursue this in further talks, this time involving the company,' the property tycoon told The Times. 'This was the first time that an alternative business plan has been put to them and I am pleased that they are prepared to listen.'

However, Steve Johnson, Woolworths’ chief executive, did not attend the planned meeting with Naghshineh because he was in emergency talks with the banks as the problems at Woolworths escalates.

Credit insurers have refused to cover its suppliers and it has been denied credit. Sources close to the retailer’s lenders say that it is running low on cash and could be put into administration within days.

Further reading:

Speculation mounts of Woolworths sell-off

Hilco agrees to take on £35m more of Woolworths debt

Read The Times story