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Dealz-Owner Pepco's Revenue Jumps In Christmas Quarter

Pepco Group, the owner of British discount retailer Dealz, on Wednesday reported rising revenue in the Christmas quarter and forecast more growth in the balance of its 2019-20 financial year.

Pepco Group, which also owns the PEPCO and Poundland brands in Europe, is part of troubled South African conglomerate Steinhoff, which has been battling the fallout from a 2017 accounting scandal.

Steinhoff said last year it was evaluating a range of strategic options for Pepco Group, including a potential public listing.

However, Sky News reported on Monday that three private equity firms - Advent International, Hellman & Friedman and Mid Europa Partners - have teamed up to plot a possible bid for Pepco Group that could value it at more than €4.5 billion euros ($5 billion).

Pepco Group said its revenue in its fiscal first quarter to end-December rose 13.3% to €1.143 billion.

The revenue growth reflected a 14.8% increase in stores to 2,809, along with an increase in like-for-like revenue of 3.9%.

News by Reuters, edited by Checkout. Click subscribe to sign up for the Checkout print edition.

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