Holland & Barrett owner urged to provide cash injection
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Billionaire Mikhail Fridman is reportedly under pressure from lenders to inject cash into Holland and Barrett, following a turn down in performance.
According to The Telegraph, Friedman is under pressure as bondholders were warned of a “sharp slowdown” in returns from its 767 stores by CEO Tony Buffin.
City sources told The Telegraph that the vitamin chain’s earnings sat at £104m this year to September, which did not meet targets, compared to £139m and £145m in previous years.
Last week, Holland and Barrett reported bonds being sold to 50p in the pound, as the chain owes £1.3m in loans and bonds.
In 2017, Holland and Barrett was acquired by L1 Retailer, run by Fridman, for £1.74bn.
Tony Buffin was appointed CEO in May this year, as Peter Aldis stepped down after a decade in the position, amid a leadership shake-up at the health and wellbeing retailer.
