Activist hedge fund Browning West has been building its position in Domino’s Pizza. The fund’s founder and chief investment officer, Usman Nabi, was appointed non-executive director to the pizza group’s board on November 12. Mr Nabi bought more than 2.8m shares on the same day, and a further 1.4m the day after.
Neither Domino’s nor Browning West was able to confirm the exact size of the fund’s stake in the group, but it is understood to be in the region of 34m shares, equivalent to more than 7 per cent of the issued share capital.
Mr Nabi only set up Browning West this year, but he has held a board seat in mattress company Tempur Sealy — after his former employer H Partners ousted its chief executive — and is still on the board of theme park group Six Flags.