Sir Alan Sugar has not bought a stake in Woolworths after all.
Last week he reportedly took a 3.9% holding in the beleaguered retailer. However, according to the Financial Times this weekend, Sir Alan has admitted that the deal has fallen through.
A Stock Exchange statement said that the “selling party was unable to deliver the shares”. The newspaper puts the debacle down to the financial crisis in Iceland.
Sir Alan thought he had acquired almost 57m shares in Woolworths through investment vehicle AMSProp.