Intu set to vote against Arcadia CVA as Philip Green’s empire hangs by a thread June 5, 2019 Fresh doubts over whether Sir Philip Green’s fashion group can win a crunch restructuring vote today have emerged, as one of Britain’s largest retail landlords looks set to vote against the firm’s controversial insolvency plans. Intu, a FTSE shopping centre owner, is expected to vote against the proposals for Green’s company voluntary arrangement (CVA), according [...]
Findel posts surge in full-year profit as it unveils name change June 5, 2019 Home shopping company Findel has posted a sharp rise in profit and unveiled a new brand name, just weeks after it fended off a takeover bid from major shareholder Sports Direct. Pre-tax profit jumped 33 per cent to £29.4m in the year to the end of March, while revenue rose 5.7 per cent to £506.8m. [...]
Provident shares soar after NSF bid abandoned June 5, 2019 Shares in Provident soared this morning following the withdrawal of rival sub-prime lender Non-Standard Finance’s hostile takeover bid. Provident’s stock is up more than 10 per cent after the company released a statement slamming the “distraction, cost and impact of uncertainty” of NSF’s offer. Read more: Non-Standard Finance abandons offer for Provident The firm outlined [...]
Card Factory posts sales boost despite ‘challenging’ market conditions June 5, 2019 Card Factory has posted a modest rise in sales for the first quarter as strong performance in its range of seasonal cards helped offset tough conditions on the high street. Like-for-like sales rose 2.3 per cent in the three months to the end of April as the firm cashed in on a spike in demand [...]
Neil Woodford apologises to investors after freezing flagship fund June 5, 2019 Neil Woodford has apologised to investors in a Youtube video after they were blocked from withdrawing money from his flagship fund. The fund manager said the decision to suspend trading in the Woodford Equity Income Fund was necessary to protect investors. Read more: Neil Woodford’s flagship fund suspends trading A spike in withdrawals, including a [...]
Biffa profit almost halves on onerous contracts and debt payments June 5, 2019 Waste management firm Biffa’s profit almost halved in its latest financial year, as the company absorbed expensive one-off charges. Read more: Biffa shares jump as it remains on track for full-year growth The UK firm’s results for thr 12 months to the end of March, released today, put the fall down to onerous contracts, debt [...]
‘Miserable’ month for drivers as petrol prices near five-year-high June 5, 2019 British drivers faced a “miserable” May as petrol prices came within touching distance of a five-year high. Forecourt petrol prices reached nearly £1.31 per litre last month, over 2p more than in April. The new price is 11p more expensive than at the beginning of February, data from insurance company RAC shows. Read more: Oil [...]
Financial services firms should treat operational resilience as ‘commercial imperative’, report says June 5, 2019 Financial services firms need to treat operational resilience as a “commercial imperative”, according to a report published today. The industry has to face threats ranging from climate change, cybercrime and complex supply chains to technological innovation and ageing legacy systems, the report said. The report from lobby group City UK and audit firm PwC said [...]
Audit firm BDO promotes 14 partners in the UK June 5, 2019 Accountancy firm BDO is promoting 14 new partners across the firm, it said today. BDO said it was adding the partners across its audit, tax, and advisory teams. Nearly 36 per cent of the new partners are women. The firm has added three new partners in its audit practice: Tracey Keeble, Laura Pingree and Steven [...]
Government must do more to protect UK from cyber attacks, MPs warn June 5, 2019 The government has not done enough to protect the UK from the growing risk of cyber attacks, MPs have warned. The influential Public Accounts Committee (PAC) today published a report criticising the government for not making sufficient progress in its cybersecurity strategy. Read more: Less than one per cent of cyber crimes lead to prosecution [...]