Sir Philip Green sold BHS for £1 – but can the high street stalwart be salvaged? March 16, 2015 It’s a rare day when retail mogul and the official patron saint of lost causes Sir Philip Green decides to throw in the towel. The tycoon’s decision last week to back out of BHS after 15 years of ownership and offload it to a previously unknown group of investors for £1 set the City’s retail [...]
Atom Bank’s chief Mark Mullen on using the Post Office to launch challengers March 16, 2015 Digital banking sounds super-cool. You can manage your money entirely on a smartphone and, if you choose a new challenger, stick it to the big banks at the same time. There is one big problem – where do you pay in cash? Atom Bank’s boss thinks shared hubs like the Post Office could be the [...]
Bulk Powders bulks up revenue as sports nutrition company looks to expand March 16, 2015 Sports nutrition supplements company Bulk Powders is forecasting sales of £20m in 2015, after it more than doubled its 2014 annual revenue to £9.6m, up from £4.7m the year before. The Colchester-based business, which sells protein shake powder, fish jerky and recently launched its own line of gym clothing, was founded in 2006 by two [...]
Investors put off by volatility after tech floats March 16, 2015 THE IPO highs and lows of Silicon Valley giants like Twitter and Facebook have left UK tech firms struggling to secure funding, according to accountancy firm BDO. Research conducted by the company shows that 33 per cent of bosses at small and medium-sized technology and media companies said the hype and subsequent share price volatility of [...]
Ovo and Cheshire East Council launch new energy provider Fairerpower March 16, 2015 The UK’s first community energy supplier in over 60 years, a partnership between Cheshire East Council and Ovo Energy, opens for business today. The initiative has been facilitated by Ovo Communities which aims to help local organisations “cut out the middle man” and become an energy company themselves, overseeing everything from supply and generation, to [...]
Afren share price falls as much as 30 per cent after refinancing agreement March 13, 2015 Shares in Afren fell today after the oil producer said it had hashed out a recapitalisation plan with its lenders. The Africa-focused company's share price closed down 28 per cent to 4.6 pence this afternoon. The company announced that it would receive $300m from bondholders and lenders by the end of June. Nonetheless, the agreement [...]
Revolution Bars prices initial public offering at 200 pence per share March 13, 2015 Revolution Bars has priced its initial public offering (IPO) at the lower end of expectations, or 200p per share, valuing the company at £100m. The group's private equity backer, Caspian Bidco, will raise £86m from the float, with no proceeds going to the company. The group, which owns 58 bars in towns and cities across the country, [...]
Wetherspoons profits drop: Pub chain looks for new weapons in push against supermarket price war March 13, 2015 JD Wetherspoon could be a victim of the supermarket price war. To fight the discounters, the pub chain offers competitive prices for breakfasts and Lavazza coffees – of which it has already sells 50m cups a year- between certain hours. It also sells 24m breakfasts a year and hopes to triple the sales of both [...]
Sir Philip Green lets go of loss-making BHS for £1 only March 13, 2015 Struggling retail chain BHS is to be sold for £1 after almost 15 years in the possession of billionaire Arcadia chairman Sir Philip Green. The iconic chain of department stores was founded in 1928 by American entrepreneurs seeking emulate the success of Woolworths. But the company has declined in recent years as it lost market [...]
Digital probe sparks row over broadband as Sky and Talk-Talk press Ofcom to break up BT and Openreach March 12, 2015 A battle between the UK’s largest telecommunications businesses intensified yesterday, as Sky and Talk-Talk pounced on a decision by the regulator to launch a wide-ranging probe into the sector. Both firms ramped up pressure on Ofcom to break up BT from the part of its business – called BT Openreach – that runs the UK’s broadband [...]