Asda looks to buy Littlewoods stores (From The Wiltshire Gazette and Herald)

Asda looks to buy Littlewoods stores

LITTLEWOODS, the stores and mail-order retailer owned by Sir Frederick and David Barclay, is considering selling its chain of shops to the Asda supermarket group.

Asda, owned by Wal-Mart, the US giant, has put in an unsolicited offer of £500 million for the 186-strong chain of stores.

The Barclay brothers, who also own the Telegraph Group, are said to be considering the offer.

They bought Littlewoods in 2002 for £750 million and are hoping to see if any other potential buyers come forward.

It is believed the stores have annual sales of £1 billion.

Over the six months to October 2, 2004, like-for-like sales rose by five per cent.

The retail group has 119 Littlewoods and 67 Index stores, including a store in Swindon.