You're seeing some selling now, some consolidation maybe, but I'd be cautious of that. The market's been very resilient. Investors have been very quick to buy if they get a little good news.

We're seeing investors buy on the dips but, in the short term, we have to be cautious. There's no real good news and there's nothing really to send this market forward so we have to be cautious.

The U.S. has been a graveyard for U.K. retailers, so investors are a little cautious. It could be that it wants to a get a flavor for the market through a small operation and then make a massive acquisition to get instant size.

Equity valuations are still appealing. We think investors are too cautious.

Investors are becoming cautious after shares have performed so well.

We want to be as cautious as possible.