Takeover talk includes supermarket strategy.

 

Sir Stephen Tindall, founder of the retail giant The Warehouse (which includes Warehouse Stationery) and a private equity firm have approached the company to buy up shares in the business.

 

In the notice to the NZX, The Warehouse told shareholders and other stakeholders it had received the approach from Tindall and Adamantem Capital Partners

 

The offer came after speculation in The Australian that Adamentem and Tindall were working on a possible buyout of The Warehouse.

 

The Australian reported that it understood Tindall wanted to move The Warehouse towards becoming a third player in the supermarket industry.

 

The Warehouse Group has been in cost-cutting mode amid a difficult time for retailers.

 

Last month it revealed plans to thin out its management structure as it refocuses on its three core brands - The Warehouse, Warehouse Stationery and Noel Leeming.

 

The move came after the sudden departure of its chief executive Nick Grayston in May after profits plunged.

 

Foodstuffs and Woolworths are the major supermarket players in New Zealand.