Fat Face adjusts debt as profits come under pressure March 5, 2017 British clothes retailer Fat Face has negotiated easier debt terms after its profits slumped due to the weakened pound. In a full year report posted on Friday, the company's directors confirmed that they had completed a “covenant reset” to an external financing agreement to secure greater “headroom”. They said this was a direct result of [...]
Buyers could be put off snapping up Co-op Bank by multi-million pound pension bill headache March 5, 2017 Potential buyers for the Co-op Bank might be put off by the sizeable bill they will face for its pension scheme. The bank, which is currently 20 per cent owned by the wider Co-operative Group, announced last month that it was putting itself up for sale. Prior to this, the challenger had been embarking on an [...]
Deutsche Bank to raise €8bn through rights issue, as it announces a slew of restructuring plans March 5, 2017 Deutsche Bank revealed today it plans to bolster its capital by around €8bn (£6.9bn) through an issue of new shares. The German lender also revealed a slew of restructuring plans, including keeping its Postbank division, streamlining its business model to focus on three key units of private and commercial banking, asset management and corporate and investment banking, and listing [...]
Ministers have reportedly been given assurances over the short-term future of British jobs at Vauxhall March 5, 2017 Ministers are confident that the imminent sale of Vauxhall to France's PSA Group will not affect 4,500 manufacturing jobs and pensions, according to reports. PSA is set to make an announcement on its plans to acquire Vauxhall and Opel tomorrow, and it is expected the purchase will protect workers at Vauxhall plants in Luton and [...]
Jaeger is officially up for sale, confirms private equity guru Jon Moulton March 5, 2017 Struggling retail chain Jaeger is up for sale, private equity veteran and Better Capital boss Jon Moulton has confirmed. Moulton told City A.M. that a sale "process is under way" with "a considerable number" of buyers having approached him already. Better Capital has hired AlixPartners to advise over the sale of the 133-year-old fashion brand. The [...]
Jack Wills to open first German store in fight against currency pressures March 5, 2017 Varsity-style clothing retailer Jack Wills will open its first mainland Europe store in Germany, as part of a strategy to increase sales in overseas currencies. The company hopes to offset the effect of the weaker sterling by developing a “natural hedge” through new openings abroad. Founder and CEO Peter Williams said: “what we are trying [...]
Leading Brexiteers Michael Gove and Dominic Raab have joined calls for Downing Street to protect EU nationals’ rights March 5, 2017 The pressure is growing on Prime Minister Theresa May to guarantee the rights of EU nationals after a cross-party group of MPs, including some heavy hitter Brexiteers, called on Downing Street to act. The House of Lords last week passed an amendment to the Article 50 Bill including a unilateral offer to protect Europeans resident [...]
Guy Hands plotting £1.3bn sale of Italian solar power firm March 5, 2017 Terra Firma boss Guy Hands is plotting a £1.3bn sale of Italian solar power giant RTR. Hands is in talks with banks to explore a sale of the Rome-based renewable energy company, the Sunday Times reported. RTR, which was snapped up by Terra Firma in 2011, produces energy for 160,000 families every year through its sites in [...]
Bullish Hammond warns the UK will “fight back” if unable to secure a Brexit deal March 5, 2017 Chancellor Philip Hammond has warned European member states the UK "has a fighting spirit" and will not "slink off as a wounded animal" if Brexit talks collapse. Prime Minister Theresa May will fire the starting gun on negotiations later this month, and Hammond today warned that Britain will do "whatever it takes" to remain competitive. [...]
Ed Balls is refusing to rule out a return to Westminster politics March 5, 2017 Former shadow chancellor Ed Balls is refusing to rule out a return to the world of Westminster politics, but the one-time Strictly Come Dancing contestant may not reappear for a little while. Speaking on Peston on Sunday, Balls said "never say never" when asked about whether he would seek to become an MP once again, [...]