McDermott Advises ING Barings on Open Offer for TJ Hughes PLC
LONDON - The international law firm of McDermott Will & Emery is acting for ING Barings, the corporate and investment banking arm of ING Group, on a placing and open offer for the established discount store operator, TJ Hughes plc, announced on 17 November 2000.
McDermott’s has been advising the sponsor, ING Barings, on the £10.4 million placing and open offer on behalf of TJ Hughes to raise funds enabling it to continue its store opening program and extend its geographic coverage.
The funding will support TJ Hughes's accelerated store opening program and increase TJ Hughes's net selling space by 47% to 1.4 million sq. ft in 40 stores during 2001 and 2002. New stores include three from the C&A portfolio: a ‘flagship’ store in Glasgow and standard TJ Hughes stores in Romford and Hull, opening under the TJ Hughes name in Spring 2001. Further stores are also opening in Kettering, Southend, Scunthorpe, Redditch and Newcastle.
