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Sanity quits UK with speedy deal: Primemist, the new owner of former Our Price chain, is yet to reveal its business strategy.(Retail)
Britain's newest entertainment retailer is keeping the industry guessing over its plans after taking over Sanity's 111 UK stores for around 5m [pounds sterling].
London-based investment company Primemist becomes the fourth controller in five year of the one-time Our Price chain, which initially switched ownership from a Virgin/WH Smith consortium to Virgin alone in a 145m [pounds sterling] deal and was then sold in two chunks to Australia's Sanity for 3 [pounds sterling].
Sanity owner Brazin's executive director Tony Ho says Primemist moved "very quickly" to purchase the chain, which was also known to have attracted the interest of a group including former Our Price managing director Mike McGinley.
However, by the end of last week the chain's new owner, which has a registered office in the City of London and was only set up on September 8, had yet to reveal its hand to suppliers or even declare who is behind the venture.
Although Primemist has yet to go public on its plans, the company is expected to remain in the entertainment or music retail sector.
As part of the deal, Primemist will continue to use the Sanity name on an initial basis, while the new owner has also agreed to retain most of the existing staff. Sanity UK managing director Shane Fallscheer will shortly exit his post, however, and return to work with Brazin back in Australia.
One record company source suggests Primemist will face a true challenge because of the size of the stores and their position in mostly off-prime locations. ...
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