After BHS: MPs eye stricter transparency rules for private companies February 12, 2017 The UK's biggest private companies and those with large pension schemes should have to abide by the same financial reporting rules as listed firms to ensure the fallout from the collapse of BHS is not repeated, MPs have said. Any private company with more than 5,000 members of a defined benefit pension scheme, or those defined as large [...]
Britain’s public parks risk falling into neglect as budget cuts persist, MPs warn February 11, 2017 Britain's public parks are at a "tipping point" of falling into neglect as budgets are hit by major cuts, a report by MPs today warned. Parks face temporary or permanent closures, the removal of play equipment, and more rats and weeds due to a lack of funds. The UK's more than 27,000 green spaces have seen cuts of [...]
Walt Disney has snapped up a fresh stake in its struggling Euro Disney firm and eyes full control February 10, 2017 Walt Disney has raised its stake in its embattled Euro Disney firm and is now seeking to take full control through a deal with a Saudi billionaire. The American media giant today said it will acquire most of Saudi Prince Alwaleed Bin Talal's Kingdom Holding's stake in the company, taking its holdings to 85.7 per cent [...]
Punch Taverns shareholders seal the deal on Heineken’s £403m takeover offer February 10, 2017 Punch Taverns shareholders today voted to approve Heineken's 180p-per-share takeover offer, totaling £403m. The offer was made by Vine Acquisitions, the vehicle Heineken shares with partner Patron Capital. On the news of the decision, Patron said: "We are delighted that an overwhelming majority of shareholders are in support of the acquisition and look forward to progressing towards completion of [...]
Sears shares rocket 29 per cent as boss outlines plans for a “strategic transformation” February 10, 2017 Shares in US department store Sears rocketed as markets opened today, after plans to reduce debts sent investors on a shopping spree. The retail giant said its new strategy could remove $1.5bn from its debt and pensions obligations, which have weighed on the company’s stock market performance. “We are initiating a fundamental restructuring of our [...]
Instagram-obsessed millennials are wasting food February 10, 2017 Millennials are prioritising making food visually appealing and are wasting ingredients as a result, according to a Sainsbury’s report. Kids these days, eh? The study found older generations are more likely to plan meals in advance and make full use of the food available, while millennials are creating more interesting meals. Sainsbury’s surveyed 5,050 consumers on [...]
Greene King reveals sober sales despite gains over the Christmas period February 10, 2017 Sales at British pub operator Greene King grew over the 40 weeks to 5 February due to a strong Christmas period, but it was hit by a "dramatic" slowdown of sales in the quieter months. The figures In a trading statement today, Greene King said like-for-like sales grew 1.1 per cent over the period. For the [...]
Durex owner Reckitt Benckiser will buy a US baby formula maker for $16.6bn February 10, 2017 Reckitt Benckiser (RB) is set to buy US baby formula maker Mead Johnson for $16.6bn (£13.3) in cash. The British company behind such names as Lysol cleaners and Durex condoms said it will pay $90 a share for the American firm. The acquisition will open up a new market area for RB, who called the move a "significant step [...]
Just Eat chief executive David Buttress steps down over urgent family matter February 10, 2017 The chief executive of takeaway food delivery app Just Eat has resigned over “urgent family matters”. David Buttress will work full time until the end of the first quarter, before handing over to current chairman John Hughes. The company said it will start an immediate search for a successor. Buttress will continue to be a [...]
UK high street records worst January sales performance for four years February 10, 2017 The embattled UK high street has had its worst January of trading for the last four years, according to new figures, with fashion retailers taking the biggest hit. Like-for-like sales on the high street fell by 0.1 per cent in January, as compared to the same month last year, according to figures from accountancy firm [...]