Hedge Fund Irenic builds 2% stake in SSP, pushes for profitability boost, FT reports
May 1 (Reuters) - Activist investor Irenic Capital Management has built a stake of around 2% in SSP Group SSPG.L and is pushing the Upper Crust owner to boost its profit margins, the Financial Times reported on Thursday, citing people familiar with the matter.
According to the report, the New York-based hedge fund is arguing that the company's share price could be worth double its current valuation.
SSP, which runs food outlets at airports and train stations worldwide, told Reuters that it maintains ongoing private discussions with investors and welcomes their feedback while focusing on strategic priorities.
Irenic plans to continue buying shares in SSP and has met with management multiple times, but it has yet to outline specific demands to the London-listed company, the report said.
Irenic did not immediately respond to Reuters request for comment.
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