We are upgrading back from Hold to Buy following recent price weakness on general market sell-off. Whist we have ongoing concerns about the UK business and leverage, the investment case is quite compelling given management changes being engineered to unlock shareholder value. In the meantime our cautiously pitched forecasts have real scope to be beaten, not least given very soft 2015 LFL comps of -7%. To this end, we anticipate more reassuring trading news at the 14th March finals.
