A group of 111 former BHS staff are suing administrators over redundancy procedures January 29, 2017 Over 100 former BHS employees have launched a claim against the retailer's administrators over their alleged failure to consult staff before they were made redundant. Lancashire-based JWK Solicitors are representing the 111 staff that worked at BHS' headquarters in London. They allege administrators did not consult staff for at least 45 days before making them redundant. Due in April, [...]
Green must protect BHS pensioners or risk facing MPs again, warns Frank Field January 29, 2017 Pensions of former BHS workers must be protected under any deal struck by billionaire tycoon Sir Philip Green, chair of the Work and Pensions Committee Frank Field has said. Green, who sold BHS for £1 in March 2015 to serial bankrupt Dominic Chappell, is nearing a £350m deal to save pensions of ex-BHS workers, Sky News reported [...]
More than 12 offers on the table for Agent Provocateur January 29, 2017 At least a dozen offers have been made for troubled lingerie brand Agent Provocateur, according to sources familiar with the chain's owner. Private equity company 3i put the retailer up for sale this month following disappointing December trading. The firm is seeking an offer which exceeds the brand's £30m debt pile. Sources close to the [...]
Five numbers that explain the merger between Tesco and Londis owner Booker January 27, 2017 This morning, Tesco announced it would be making the biggest supermarket merger in UK history and would be gobbling up wholesaler Booker Group. Here are five key numbers that explain the landmark deal. £3.7bn The deal has valued Booker at £3.7bn; each Booker shareholder will get 0.861 shares and 42.6p in cash for every Booker share. [...]
Tescooker? Everything you need to know about Tesco eating Booker January 27, 2017 The UK's largest supermarket, Tesco, announced this morning that it will merge with wholesaler and convenience store supplier Booker Group. Share pries for both companies flew, with Tesco finishing the day nine per cent higher, at 206.3p, while Booker rose 16 per cent to 212.3p – above Tesco's offer price. Here's everything you need to know about the [...]
As Tesco embarks on £3.7bn merger with wholesaler Booker Group, will other UK supermarkets follow suit? January 27, 2017 Tesco’s £3.7bn proposed merger with Booker, the UK’s largest food wholesaler, represents a change of commercial strategy for the supermarket giant. Following the firm’s decision to retract from some parts of their international operations, including the South Korean and Turkish arms of the business, this merger is another indication that Tesco is more comfortable operating [...]
Tesco unveils £3.7bn merger with Budgens and Londis owner Booker January 27, 2017 Supermarket Tesco has reached a deal to merge with wholesaler Booker, owner of Budgens and Londis, with both firms stating an ambition to create the UK's leading food company. The groups will combine in a share and cash deal worth £3.7bn, after discussing a combination for almost a year. They said today that there are [...]
Behind the deal: These are the bankers and advisers working on the £3.7bn Tesco-Booker tie-up January 27, 2017 Tesco’s £3.7bn deal for wholesaler Booker is an early boost for the UK’s 2017 M&A market, following a rather subdued 2016. Below are details of the bankers and advisers behind the deal. Tesco advisers It’s increasingly difficult to find a big UK deal without a boutique investment bank at its centre. And this £3.7bn merger proved [...]
Here’s what analysts are saying about the Tesco-Booker merger January 27, 2017 Tesco's share price has jumped seven per cent at the open after announcing a £3.7bn merger with wholesaler Booker Group. Booker Group's share price jumped 14 per cent. Read more: French Connection boss signals two non-executive directors will step down Analysts are calling the merger between the two food giant a "game changer". However, the [...]
Louis Vuitton and Moet & Chandon owner reveals 2016 was a vintage year January 26, 2017 While last year might not have been everyone's favourite 12 months, luxury brand owner LVMH revealed "an excellent performance in 2016", posting solid revenue and cashflow growth. The owner of a variety of posh labels including Louis Vuitton and Christian Dior said organic revenue growth during 2016 was six per cent with sales totalling €37.6bn (£31.9m). Read [...]