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Hays goes for food and wine
Page 17
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• Business services group Hays is to expand its distribution operations into the DIY and food sectors.
The Hays Interbond network, which specialises in wines and spirits and food retailing, is in negotiation with four companies in the West Country and the South East. They are expected to be part of the Hays operation by the first half of next year. The wines and spirits division will continue to operate under the Hays Interbond name.
Hays plans to acquire a distribution business in France, Germany or Benelux by 1992. The Continental business is expected to be in a niche marketplace, possibly in the temperature-control industry.
Hays Storage Business has started work on its handling contract with Danish shipping line Maersk. The contract will be renewed every December and covers loading and unloading of containers at Felixstowe and storage of cargoes awaiting customs clearance.
Transporting containers from the port is currently handled by Maersk, but this may go out to tender.
El Hays was floated on the Stock Market last week when 169 million shares were offered at £1.05 each. Ronnie Frost, Hays' chairman and chief executive, says that the company (which had pre-tax profits of £34.3 million to 30 June 1989) did not need to go on the market, but wanted to clear its £121.6 million debt from the 1987 management buyout.