Patisserie Valerie suspends finance boss as it warns investors of potential fraud October 10, 2018 Patisserie Valerie has warned shareholders of potential fraud this morning, suspending its shares from trading. The cake maker has also suspended finance boss Chris Marsh as it investigates the potential black hole in its accounts. Read more: Patisserie Valerie shares face suspension over '£20m accounting hole' The irregularity could be as high as £20m, according [...]
Domino’s hopes for slice of luck with fourth finance chief in four years October 10, 2018 Domino’s has appointed its latest finance chief, David Bauernfeind, who becomes the fourth person in four years to hold the position. The pizza company had already appointed Bauernfeind as its interim chief financial officer after his predecessor, Rachel Osborne, left for struggling high street retailer Debenhams in June. Read more: Domino's franchisee boosted as Russia [...]
FCUK must reconnect with British shoppers in a saturated market October 10, 2018 On Monday, news emerged regarding high-street retailer French Connection. The brand announced that it may be up for sale, prompting shares in the fashion chain to rise 25 per cent to 55p. Following on from speculation last weekend, the firm said it was “reviewing all strategic options” – one of which is a sale. French [...]
Patisserie Valerie shares face suspension over ‘£20m accounting hole’ October 9, 2018 The owner of sweet treats maker Patisserie Valerie could have its shares suspended tomorrow after a discovering of a multimillion-pound hole in its accounts. Sky News reported that the discovery of the irregularity is likely to lead to shares being suspended on Wednesday morning at Patisserie Holdings and possibly the temporary suspension of finance director Chris [...]
Tesco execs stayed silent about a massive hole in its accounts say prosecutors October 9, 2018 Two senior former Tesco executives on trial for fraud in London were presiding over a “car crash waiting to happen” Southwark Crown Court heard today. Sasha Wass QC, prosecuting for the Serious Fraud Office (SFO), said Tesco’s former UK managing director Chris Bush and ex-UK food commercial director John Scouler were aware of a shortfall [...]
AccorHotels takes 50 per cent stake in US luxury hospitality firm SBE Entertainment October 9, 2018 AccorHotels today said it had acquired a 50 per cent stake in US hospitality company SBE Entertainment. The hotel chain said the deal will allow it to expand its business into the luxury lifestyle hospitality sector, as well as plant its footprint throughout North America. SBE specialises in high-end hospitality and manages and operates hotels, residences, restaurants, spas, and [...]
Baking: Greggs blames sweltering summer for dip in sales growth October 9, 2018 Sales at on-the-go food retailer Greggs crumbled under the sweltering heat of 2018's long hot summer, but a trading update today showed top brass remain unfazed, with its share price up five per cent. The figures In the three months to 29 September 2018, total sales at Greggs rose 7.3 per cent, compared with 8.6 per cent in [...]
Retailers hit as spending drops to its lowest level in a year, and Christmas may not be the saviour October 9, 2018 UK retail sales grew by their lowest rate for almost a year in September, new figures show. An analysis from KPMG and the British Retail Consortium found like-for-like retail sales were down 0.2 per cent, while total sales increased 0.7 per cent. This is far below the 1.3 per cent average over the past 12 [...]
Former Tesco directors face court over roles in 2014 accounting scandal October 8, 2018 Two former Tesco directors faced allegations in court today that they manipulated figures that resulted in the supermarket chain's 2014 accounting scandal and a £2bn wipe-off of its share price. Christopher Bush, Tesco's former UK managing director, and ex-UK food commercial director John Scouler have each been charged with one count of fraud and false accounting. Former UK [...]
Matalan posts slow growth, facing challenges from weak pound and volatile markets October 8, 2018 Matalan grew revenues by one per cent in its second quarter, while full price sales increased 3.3 per cent as the discount retailer faced challenges from a weak pound, and a “volatile and challenging market.” Its latest results show Matalan boosted revenue to £262.4m, up £2.5m year on year. Online growth was healthier, increasing 25 [...]