Mike Ashley is now the high street’s emperor August 12, 2018 Events around House of Fraser moved so fast on Friday morning that people could have left their house to the news that the retailer had collapsed into administration and would have got to work in time to hear it had been rescued. Mike Ashley’s Sports Direct swooped to the department store’s aid, paying £90m for [...]
Mike Ashley to turn House of Fraser into ‘Harrods of the high street’ after £90m acquisition August 10, 2018 Mike Ashley has promised to turn House of Fraser into the "Harrods of the high street" after buying the company for £90m. Sports Direct issued a statement confirming that the acquisition includes all the UK stores, the brand and all the stock. It comes after the department store chain announced this morning that it is [...]
Mike Ashley has bought House of Fraser – and Newcastle United fans are livid August 10, 2018 Sports Direct owner Mike Ashley has been on the end of a backlash from Newcastle United fans after buying failed department store House of Fraserfor £90m this morning. After the firm called in administrators this morning, Ashley pipped Philip Day to sweep up the company at a fraction of the £480m Chinese firm Sanpower paid [...]
Irish retail family agrees last-minute rescue for some Poundworld stores August 9, 2018 A glimmer of hope has appeared for Poundworld after an Irish retail family swooped in to buy the business on its last day of trading. The Henderson family said today that its offer to buy as many as 50 of the best remaining stores for an undisclosed sum had been accepted by administrators Deloitte. Although [...]
European investment takes bite out of Domino’s Pizza first half profits August 7, 2018 Takeaway giant Domino's Pizza profits cooled down in the first half as costs investing in new markets in Norway and Sweden took a bite out of earnings. Its shares experienced a double digit loss in the morning, shedding 10 per cent as it revealed its falling profits. The figures Statutory profit before tax lost 9.7 [...]
House of Fraser turns down entrepreneur’s offer to take on 31 stores August 7, 2018 House of Fraser has turned away a “lowball” offer by a businessman to take over its 31 stores which are set for closure, City A.M. can reveal. The entrepreneur whose bid to take over the City branch of House of Fraser was turned down last month put forward an offer to buy the assets and [...]
Sweet farewell: Nooyi to step down after 12 years as Pepsi boss August 6, 2018 Long-serving PepsiCo boss Indra Nooyi will step down in October after 12 years in the post. Sales have grown 80 per cent under her leadership, making Pepsi one of the most lucrative food and beverage companies in the world. Nooyi, who promoted Pepsi’s campaign to reduce sugar content in its drinks, is one of the small [...]
Greggs flags flat full year profits as it says it’s cautious on consumer outlook July 31, 2018 Greggs has said profits will be flat for 2018 as the baked goods business warned it is cautious about the consumer outlook. But investors were happy with its solid half year update: Greggs' share price was up 5.9 per cent in early trading. The figures Total sales at Greggs rose 5.2 per cent to £476m, [...]
DIY SOS: Travis Perkins warns Wickes profits will be lower as consumers spend less on home improvement July 31, 2018 Wickes parent Travis Perkins warned this morning that the home improvement retailer’s profits will be lower than expected due to a weaker consumer backdrop in the UK’s DIY market. Shares dropped more than eight per cent in early trading. The figures The business, which also has several trade-facing units, reported like-for-like revenue growth of 4.2 [...]
Exclusive: Fashion group halted in bid to fill House of Fraser City branch July 30, 2018 An audacious bid to fill the House of Fraser branch in the City has been stopped in its tracks, after the landlord opted to sit on the property while market conditions remain uncertain. The department store on King William Street is one of the 31 slated to close next year under the chain’s company voluntary [...]