Rekeep - comment

Rekeep is expanding its international footprint through the acquisition of a 60% stake in Euromex Facility Services, which will be rebranded as

Tomás Mannion27 January 2026REKEEP

Aroundtown - comment

Aroundtown has announced a multi-currency tender across five outstanding hybrid issues (EUR/GBP/USD, including

Tomás Mannion27 January 2026AROUNDTOWN

Morrisons - comment

USDAW is understandably angry that its members working for Morrisons are receiving lower pay rises, but the government's additional

Aengus McMahon26 January 2026MORRISONS

AroundTown - comment

Aroundtown’s board has approved a share buy-back programme of up to €250 million, launching on 26 January and running

Tomás Mannion26 January 2026AROUNDTOWN

Matalan - Positioning

We have been shouting about this for a while. We have bought a 5% of NAV position in the Matalan SUNs above the offer price we are

Wolfgang Felix26 January 2026MATALAN

OHLA - No more drama - Positioning

Please find our unchanged analysis here.

We have had positions in OHLA since 2021 through two restructurings and almost endless drama. A year after the last restructuring, we are

Aengus McMahon23 January 2026OHLA, OHL

Atalian - comment

We were surprised at the Atalian announcement yesterday. We did expect that another restructuring would be needed, but didn’t expect it to be quite so imminent. Clearly,

Aengus McMahon23 January 2026ATALIAN

Flora - comment

As anticipated, following the extension of the revolving credit facility in October last year to October 2030, the company has now moved to

Tomás Mannion23 January 2026FLORA

Synthomer Client Call and Presentation are now available on the website.

Synthomer Client Call is now available on Synthomer’s page.

Martha Felix23 January 2026SYNTHOMER

ASDA/Matalan - comment

ASDA outsourcing deliveries of George (its clothing brand) is an indication of how deep the Leighton restructuring plans are

Aengus McMahon22 January 2026ASDA, MATALAN

Altice SFR France - comment

Bouygues Telecom, Free (Iliad Group) and Orange have confirmed that the consortium commenced due diligence in early January on a

Tomás Mannion22 January 2026ALTICE, ALTICE SFR

Consolidated Energy - comment

The 30-point recovery in CONSEN bonds over the last couple of days has been a pleasant surprise, even if the quantum of the leap belies a dearth of

Aengus McMahon22 January 2026CONSOLIDATED

INEOS Quattro - Positioning

Unconfirmed reports that Ineos Quattro is pursuing both an equity injection and additional inventory financing have prompted a rally across the

Tomás Mannion22 January 2026INEOS QUATTRO

Atalian – Time to move on - Positioning

Please find our unchanged analysis here.

We participated in the Amend and Extend operation for Atalian in March 2024, but the performance has been disappointing, and we are

Aengus McMahon21 January 2026ATALIAN

Morrisons - comment

A commendable set of Q4 (Oct 2025) results from Morrisons in a tough trading environment. The Q4 and FY Revenue figure is

Aengus McMahon21 January 2026MORRISONS

Atos - comment

Atos sought to present a constructive narrative in its statement this morning; however, the underlying performance remains weak, with Q4

Tomás Mannion21 January 2026ATOS

AMS Osram - comment

AMS Osram has extended its long-term brand licensing agreement with Traxon Lighting, securing continued use of the OSRAM brand in

Tomás Mannion21 January 2026AMS, OSRAM

Flora - comment

We had expected last week’s disclosure of preliminary results to be a precursor to discussions around extending the maturities of

Tomás Mannion21 January 2026FLORA

AMS Osram - comment

AMS Osram is targeting approximately €500m of asset disposals as part of its deleveraging strategy. Against this backdrop, it is unsurprising that

Tomás Mannion20 January 2026AMS, OSRAM

Altice SFR France - comment

Earlier this month, we noted that the start of the year was likely to bring renewed speculation around asset disposals by Patrick Drahi and

Tomás Mannion20 January 2026ALTICE, ALTICE SFR