Patisserie Valerie could face investor action over £40m black hole in accounts October 21, 2018 Cafe chain Patisserie Valerie could face legal action from shareholders over the £40m black hole in its accounts. Lawyer Philip Rubens, from the firm Teacher Stern, is canvassing institutional shareholders and claims to be on the verge of securing third-party funding. He is aiming to make a claim against the AIM-listed firm for losses endured [...]
Procter & Gamble shares spike in surprise profits boost October 19, 2018 Rising profits for the first quarter at consumer goods group Procter & Gamble (P&G) took the market by surprise today, leading its share price to rise almost eight per cent. The giant behind brands such as Pampers, Bounty and Pantene reported organic sales growth of four per cent in the last three months, its best results in [...]
Manchester’s iconic House of Fraser store is set to close after rescue talks break down October 19, 2018 Another House of Fraser store has been axed after rescue talks with the landlord broke down, the company confirmed today. The Kendals department store in Manchester's Deansgate will close down in the New Year. Read more: Hamleys replaces finance chief after disappointing results A spokesman for House of Fraser said: "We have suggested various options to the landlord [...]
Intercontinental Hotels shares fall amid slowed revenue growth and $500m special dividend October 19, 2018 British multinational hotels giant Intercontinental Hotels Group said it intends to pay $500m (£383.6m) to shareholders through a special dividend, after revenue growth slowed in the third quarter. In a trading update published today, Intercontinental said global revenue per available room (revpar) rose one per cent in the third quarter and was flat in the US, [...]
Auto dealer Pendragon’s shares tumble on fresh profit warning October 19, 2018 Franchised car dealership Pendragon issued a profit warning to investors today, over fears a newly introduced global engine testing regulations will cause future market instability. Pendragon said in a trading update for its third quarter that it now expects its underlying profit before tax for the year to reach £50m, a drop of 17 per cent from [...]
Fizz rises to the top: Shake up at Coke as key executives replaced October 18, 2018 Coca-Cola yesterday announced major management changes a year after Brit James Quincey stepped up as chief executive. Brian Smith will become president and chief operating officer, filling the vacancy left when Quincey was promoted. Read more: Whitbread shareholders vote Coca-Cola's Costa merger through Smith is a 21-year veteran of the company and currently serves as [...]
Kleenex to ditch ‘mansize’ tissue brand over sexism fallout October 18, 2018 Kleenex is set to scrap its "Mansize" branding tag-line from its large tissue boxes, after customer outcries that the name was sexist weighed heavily on the company. The tissues will now be called "Extra Large", the company said on Twitter. However its parent company Kimberly-Clark said it did not itself believe the name endorsed gender [...]
Retail sales slide in September as analyst warns future is ‘highly uncertain’ October 18, 2018 Retail sales slipped last month as September recorded the largest decline in food store sales for three years. Sales declined 0.8 per cent compared to August, mainly due to a 1.5 per cent fall in food sales, which is the largest drop since October 2015. Read more: Footasylum records £4m loss as difficult retail environment hits [...]
New Look confirms China exit plans October 18, 2018 Fashion chain New Look confirmed today that it was planning on pulling the plug on its operation in China. The company said it has been gradually reducing its number of stores and now intends to close its remaining 120 stores in the country by the end of December 2018. Its Shanghai head office will close [...]
FTSE 100 bookie GVC places all bets on Europe in quarterly sales boost October 18, 2018 Sales at sports betting firm GVC were boosted in the third quarter as customers turned to online outfits in the midst of the football World Cup, but Brits themselves were not so convinced. GVC, which owns brands such as Gala, Ladbrokes and Coral, revealed today in a trading update for the three months to 30 September that [...]