Instore to delist from main market
Poundstretcher parent company Instore is to delist from the London Stock Exchange, which comes as little surprise to many people since a large proportion of its shares were tightly held by its majority shareholders.
The company stated that it was “no longer in shareholders’ best interests to maintain its listing”. The decision follows the release of its interim results that revealed the business had suffered a loss of £3.7 million for the 26-week period to 29 August 2009. The increased competition in the discount retail sector caused by the recession has created an “extremely difficult” trading environment, according to the company, which added that it had found an “ever increasing pressure on margins”.
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