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Subject: Name of person bidding for Disney Stores in UK

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Date Posted: 15:17:19 03/20/04 Sat

PETER MORRIS, the former chief executive of Coffee Republic, is seeking to make a return to the high street with an estimated �100 million bid for the franchise to run the Walt Disney retail stores in Britain and Europe.
Mr Morris, a former vice-president of Disney Stores and director of Dixons, the electricals retailer, is spearheading a consortium � backed with private equity � that is thought to be bidding against a syndicate led by P. Y. Gerbeau, the former Millennium Dome boss.

Both groups are carrying out due diligence on the 46 Disney stores in continental Europe and 60 in the UK. It is thought that Disney is hopeful of closing a deal within the next fortnight.

The disposal is part of Disney�s plan to offload its entire network of 450 stores in Europe and the US, which collectively lose an estimated $50 million (�27 million) a year. The unprofitable 335 outlets in North America have a single bidder.

A number of potential bidders for the American stores showed initial interest but withdrew after learning that Disney hoped to receive a percentage of the profits after the sale.

They also expressed concern that the eventual owner would be dependent upon Disney being able to drive merchandise sales with new film and TV products.

The value of the stores, which include the flagship outlets at Covent Garden and Oxford Street in Central London, has been estimated at between �60 million and �100 million.

Mr Morris left Coffee Republic in December 2002 after Bobby Hashemi, the chain�s founder, took back the management reins.

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