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Greater Manchester Pension Fund has £10m invested in Mothercare revival

26 April 2016 16:09

The largest local authority pension scheme in the UK, the Greater Manchester Pension Fund, is effectively taking a £10m bet on Mothercare’s revival after increasing its shares in the struggling company to 5.19%.

The pension scheme, which is managed by UBS Global Asset Management, holds 8,872,362 shares in Mothercare and last increased its stake in 2014 to 3.38%. The babywear firm’s shares fell from 188.5p on 13 April to 149p on 14 April after its international retail sales declined by 10.8% in the period up to 26 March 2016.

Mothercare is currently trading at 125.75p, which is close to its year low of 122.19p.

Greater Manchester Pension Fund recently sold shares in French electrical retailer Darty for a profit, but also has shares in RPS and N Brown, which are struggling.

RPS has been one of the top fallers on the London Stock Exchange as shares plummeted 17% to 176.25p, despite acquiring DBK Partners for £13m.

The pension scheme provider also has a stake in plus-size fashion firm N Brown, which suffered a 15.1% decline in its share price year-to-date to 262.9p and has issued two profit warnings since late 2014.

Related Company: MTC

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