Sugar takes 4% stake in Woolworths

Published on Saturday 11 October 2008 00:34

SIR ALAN SUGAR, the millionaire star of BBC's The Apprentice, has bought a stake of nearly 4 per cent in struggling retailer Woolworths.

His stake in the famous high street name is worth almost 2 million at current prices.

The businessman – famous for grilling contestants and his "You're fired" catchphrase – sold his Amstrad company, which makes set-top TV boxes, to satellite broadcaster BSkyB last year.

Sugar's Amsprop company has a 3.88 per cent stake in Woolworths after buying almost 57 million shares.

The businessman was unavailable for comment on the move. He may believe that he is buying in at the bottom of the market as Woolworths' shares have lost about 80 per cent of their value in the past year.

The retailer – founded in the UK in 1909 – also announced plans to sell leases on nine of its stores to supermarket giant Tesco for up to 9m. It will use the cash to reduce debt, which stood at 295m at the half-year.