This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-34185773
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
| Version 0 | Version 1 |
|---|---|
| Justin King in senior role at Guy Hands' Terra Firma | Justin King in senior role at Guy Hands' Terra Firma |
| (about 1 hour later) | |
| Former Sainsbury's chief executive Justin King has been appointed to a senior role at Terra Firma, Guy Hands' private equity firm. | Former Sainsbury's chief executive Justin King has been appointed to a senior role at Terra Firma, Guy Hands' private equity firm. |
| Terra Firma owns businesses including Odeon cinemas, Wyevale Garden Centres and Four Seasons Health Care. | Terra Firma owns businesses including Odeon cinemas, Wyevale Garden Centres and Four Seasons Health Care. |
| Mr Hands said the appointment was "a great fit for both sides" as Mr King had "turned around and run businesses in various sectors". | Mr Hands said the appointment was "a great fit for both sides" as Mr King had "turned around and run businesses in various sectors". |
| He will be vice-chairman and head of Terra Firma's portfolio businesses. | He will be vice-chairman and head of Terra Firma's portfolio businesses. |
| After announcing his departure in January 2014, Sainsburys' chairman David Tyler described Mr King as "a truly exceptional leader" who would leave "a lasting legacy". | After announcing his departure in January 2014, Sainsburys' chairman David Tyler described Mr King as "a truly exceptional leader" who would leave "a lasting legacy". |
| He took over at the supermarket in 2004 after it had lost its position as the UK's biggest grocer to Tesco and had also been overtaken by Asda. | He took over at the supermarket in 2004 after it had lost its position as the UK's biggest grocer to Tesco and had also been overtaken by Asda. |
| Mr King restored Sainsbury's to growth - although sales fell in the last two quarters before he left in July last year. | Mr King restored Sainsbury's to growth - although sales fell in the last two quarters before he left in July last year. |
| EMI deal | EMI deal |
| The Terra Firma role is his first major post since then. Mr King took advisory roles at some private companies and also lead the review of safety practices at Thomas Cook following the death of two children on one of its holidays. | The Terra Firma role is his first major post since then. Mr King took advisory roles at some private companies and also lead the review of safety practices at Thomas Cook following the death of two children on one of its holidays. |
| Mr Hands set up the private equity firm in 1994. It was best known for its ill-fated £2.4bn purchase of record label EMI in 2007. | Mr Hands set up the private equity firm in 1994. It was best known for its ill-fated £2.4bn purchase of record label EMI in 2007. |
| Terra Firma and its backers lost the entire £1.7bn they put into EMI. | |
| Citigroup ended up controlling EMI and sold its recorded music unit to other record labels in 2011. | |
| Odeon sale | Odeon sale |
| Terra Firma said in February that it hoped to sell Odeon cinemas later this year, although the process is yet to begin. | Terra Firma said in February that it hoped to sell Odeon cinemas later this year, although the process is yet to begin. |
| It first tried to sell the chain in 2013 but then abandoned the idea. | It first tried to sell the chain in 2013 but then abandoned the idea. |
| Odeon, which has 243 cinemas across Europe, posted a half-year profit of £14.5m in August. | Odeon, which has 243 cinemas across Europe, posted a half-year profit of £14.5m in August. |
Previous version
1
Next version