LK Bennett sales boosted by online expansion but closure of some weaker UK stores dents turnover April 28, 2016 LK Bennett, the fashion retailer that counts the Duchess of Cambridge among its fans, said like-for-like sales grew by five per cent last year after winning over new shoppers through its growing portfolio of stores overseas. However, group turnover slipped as the high street brand shut down some of its loss making UK stores, falling by 1.8 [...]
Discount high street chain launched by Christo Wiese and ex-Asda boss Andy Bond plots more store openings April 28, 2016 Pep&Co, a discount variety chain launched last year by former Asda boss Andy Bond and Christo Wiese, the South African retail magnate, has announced plans to roll-out more stores this autumn after opening 50 sites in just over 50 days last summer. Wiese already snapped up discount chain New Look through his investment vehicle Brait in 2014. However, [...]
Top McCarthy & Stone investors sell their shares in £200m placing April 27, 2016 Investors in McCarthy & Stone, the retirement housebuilder, sold 85m shares in a share placing worth around £200m. Funds managed by Anchorage Capital Group, TPG Special Situations Partners, Goldman Sachs European Special Situations Group and Strategic Value Partners, LLC and certain other shareholders have sold shares representing 15.8 per cent of McCarthy & Stone's share capital. [...]
Five questions and answers about Libya’s potentially “illegal” oil shipment April 27, 2016 A ship loaded with 650,000 barrels of potentially illegal oil from war-torn Libya is currently sailing across the ocean. It left a port in what was once one of Africa's biggest oil producers late yesterday. The move has sparked international outcry, with various actors denouncing it as illegal and one country refusing to let the tanker enter [...]
Vital Ingredient gets a £8m health kick from Lloyds Banking Group’s private equity arm April 27, 2016 LDC, the private equity arm of Lloyds Banking Group, has backed the management buyout of salad chain Vital Ingredient. The company will invest £8m into the business while Santander will provide a further £4m funding to help the business double in size from 17 to 35 outlets over the next three years. Read More: LDC buys stake [...]
US oil has edged over $45 per barrel again today as oil prices hit their highest since November April 27, 2016 A decline in US crude oil stockpiles has pushed global oil prices to their highest since November last year. Brent rose $1.33 a barrel to $47.05 in early afternoon trading in London, while West Texas Intermediate reached highs of $45.18 per barrel earlier in the day. Yesterday it was reported US supplies fell by 1.07m barrels last week, the [...]
Total share price rises as it swings to profit in the first quarter April 27, 2016 French energy giant Total swung into profit in the first quarter of this year, partly due to an uptick in refining revenues. The firm's adjusted net income swelled from a loss of $1.8bn (£1.2bn) in the last three months of 2015, to a profit of $1.6bn in the first quarter of this year. While the [...]
Amec Foster Wheeler share price rises after it nabs Halliburton exec as new boss April 27, 2016 Amec Foster Wheeler said today that its interim boss will be replaced by an exec from US rival Halliburton. Jonathan Lewis will step into his new role on 1 June, when interim chief executive, Ian McHoul, will move into his previous position as chief financial officer. Mr Lewis is currently a senior vice president at Halliburton, where he's held a number of [...]
Conforama drops out of the race for Darty, paving the way for Fnac April 27, 2016 French furniture chain Conforama has dropped out of the race to buy Darty, leaving the track clear for rival bidder Fnac to takeover the electricals retailer. The company, which is owned by South African retail conglomerate Steinhoff, said would not improve on its third and final offer of 160p per share because "it would no longer create [...]
Ex-Shell economist warns world has much less oil than typically thought April 27, 2016 Royal Dutch Shell's former chief economist has warned that the world is seriously overestimating how much more oil can be squeezed out of the ground. In a scientific analysis published in Wiley Interdisciplinary Reviews: Energy & Environment, Michael Jefferson says there's evidence global production of conventional oil plateaued and may have even started to decline from 2005. Read more: [...]