Promising Start For New Best & Less Float
Best & Less Group – under former Dick Smith executive Rodney Orrock – has notched up positive results for its resurrected IPO attempt.
As reported in The Australian, fund managers have been notified that Best & Less has seen bids in excess of the offer size in its $60 million book build, with Brett Blundy – chair of BB Retail Capital – kicking in $40 million in exchange for 16.4 per cent of the business.
Best & Less is headed by CEO Rod Orrock, who was director of buying and marketing at Dick Smith Electronics until mid-2015 when he quit citing “health reasons”; ChannelNews reported claims by former Dick Smith buyers last year that Orrock instead walked from the doomed CE giant before its collapse because he was “disgusted” by its business practices.
This is not the first time Best & Less has attempted an IPO in recent months; last month plans were put on hold due to lack of investor interest.
The retailer is currently 80 per cent owned by Allegro Funds and 20 per cent owned by management.