Tory financier plots Sainsbury's takeover
George Magan, corporate financier and former treasurer of the Conservative party, is understood to be working on a £5bn takeover of J Sainsbury, the embattled supermarket chain.
It is believed Magan has approached Roger Matthews, Sainsbury’s finance director, who is due to retire next year, about joining the management team that will front his bid, according to The Sunday Telegraph.
It is understood Magan is approaching private equity backers and banks to secure finance for the takeover bid, said reports.
This month Justin King, who was appointed chief executive on 29 March this year, was forced to admit that the troubled supermarket’s profits fell to around £130m in the six months ending 9 October from £366m during the same period last year.