HOME RUN: GUS plc, the retail and business services group that owns a majority stake in Burberry, has announced plans to sell its home shopping and home delivery division for approximately $968 million to March U.K. Limited, a newly incorporated company controlled by Sir David Barclay and Sir Frederick Barclay — the owners of Littlewoods Ltd., the British retail chain and home delivery business. The businesses that March U.K. will acquire include GUS’s U.K. home shopping catalog operation (which includes Kays, Great Universal, Choice and Innovations); its home shopping businesses in Ireland and Sweden; and the Additions brand and business in the U.K. GUS will receive about $738 million in cash on completion of the transactions and an additional, unconditional sum of about $230 million payable in May 2006.

This story first appeared in the May 28, 2003 issue of WWD. Subscribe Today.

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