House of Fraser could have been sold for £1, EY letter reveals August 17, 2018 Beleaguered department store House of Fraser could have been sold for just £1 ahead of its acquisition by billionaire Mike Ashley's Sports Direct brand, administrators EY revealed today. The retailer saw a £14.6m drop in profits in the 13 weeks to the end of April, four months before it entered administration. Turnover also declined 7.7 per cent [...]
MPs tell Hammond: Don’t even think about a vape tax August 16, 2018 An influential committee of MPs has urged the government to ease its rules on e-cigarettes in the wake of reports that the Treasury plans to slap vapers with a new sin tax. In a report which hits out at the government for “missing significant opportunities” to tackle smoking-related deaths, the Science and Technology Committee has called [...]
Taxing Amazon won’t save the UK high street August 16, 2018 A couple of years ago, a well-known retailer announced a bold new strategy for its online offering, including a proposal to shut down its website outside normal working hours so that shoppers could savour the times when it was open. It was, of course, an April Fool’s prank, but it has lingered in the memory far [...]
Price is right for Asda as it scores fifth quarter of growth August 16, 2018 Asda continued its streak of growth yesterday with a fifth consecutive rise in same-store sales ahead of its proposed merger with Sainsbury’s. The supermarket posted a 2.4 per cent improvement in net sales in its second quarter results, fuelled by its online business and a 25 per cent jump in sales of its George clothing [...]
PwC slammed for ‘inadequate’ checks on BHS August 15, 2018 Auditing giant PwC has been slammed for multiple failings in its checks on BHS in the days before it was sold for a pound, only a year before the retailer collapse into administration. The firm carried out “inadequate” work on the business, with individuals being “too close to the management”, the Financial Reporting Council has [...]
What I’m reading interview: Newgate Communications and Porta Communications boss Emma Kane on the book that changed the direction of her career August 13, 2018 As chief executive of Newgate Communications, co-CEO of Porta Communications, chair of Target Ovarian Cancer and chair of the Barbican Centre Trust, Emma Kane has an impressive roster of titles. City A.M. spoke to Kane about the book she's reading, what's on her reading list for this summer and the book she was given as [...]
What I’m reading interview: Newgate Communications and Porta Communications boss Emma Kane on the book that changed the direction of her career August 13, 2018 As chief executive of Newgate Communications, co-CEO of Porta Communications, chair of Target Ovarian Cancer and chair of the Barbican Centre Trust, Emma Kane has an impressive roster of titles. City A.M. spoke to Kane about the book she's reading, what's on her reading list for this summer and the book she was given as [...]
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 [...]