Kenwood review may conclude with sale

 

Kenwood, the British domestic appliances group in which Glen Dimplex has a 10 per cent shareholding, will conduct a strategic review which may end with the sale of the company, according to a report in the Sunday Telegraph. According to the report, accountants Pricewaterhouse-Coopers will conduct the review which follows the revelation of accounting irregularities which have led Kenwood to take a £1 million sterling exceptional charge. Glen Dimplex has been steadily building up its stake in Kenwood and last week took its shareholding above 10 per cent. There has been speculation that the Irish company has been laying the foundation for a full-scale takeover bid for Kenwood, which valued at around £30 million sterling. Glen Dimplex might, however, face competition for Kenwood from the likes of Pifco.