MPs demand Sir Philip Green ends BHS black hole December 16, 2016 A top group of MPs has made fresh demands that Sir Philip Green dig deep to plug the gap in BHS’ pension fund as new figures reveal the magnitude of the shortfall. City A.M. can reveal that Duff & Phelps, the administrators salvaging the wreckage of BHS, are set to contribute a maximum of £45.7m in [...]
Sparkling wine and champagne sales are set to bubble up to £2bn by the end of the holiday season December 15, 2016 Britain's sparkling wine and champagne sales will continue to fizz over the holiday season to break £2bn by the new year. Twenty million more bottles of sparkling wine were sold in 2016 in the UK compared to the previous year, the Wine and Spirit Trade Association (WSTA) said in its year-end market report. With 114m litres, or 152 [...]
First the Rubik’s Cube now the Kit Kat: EU Court rules in favour of Cadbury over Nestle in chocolate trademark war December 15, 2016 EU authorities have thrown the chocolating world into turmoil after revoking confectionery giant Nestle's registered trademark for one of Britain's best loved treats, the Kit Kat. The annulling of the trademark means the Kit Kat shape can be used by anyone who wants to do so. Speculation may commence that leading competitors are plotting to [...]
Heineken is poised to win Punch Taverns’ hand in takeover battle December 15, 2016 Punch Taverns today agreed to a £403m offer from Heineken and its investment partner Patron Capital. The Dutch brewing giant has until mid-January to make a firm offer. The current offer will lapse if a competing bid of 200p or more is made. Heineken and its partner Patron are facing competition from Alan McIntosh and [...]
Paddy Power has the odds on which group will call a strike next December 15, 2016 After Southern rail strikes left commuters stranded, Post Office workers threatened branch closures before Christmas, cabin crew at British Airways voted for industrial action and even Argos drivers announced a disruptive strike before talking it out with their bosses, Paddy Power has now offered the odds on which group will strike next. "Glorious post-Brexit Britain is doing its best [...]
GVC shares jump after betting on a 49 per cent dividend increase December 15, 2016 Share prices in GVC were up more than five per cent in afternoon trading after the leading sports betting and gaming business announced a dividend increase of 49 per cent today. The e-games operator, which recently acquired rival Bwin.Party for £1bn, said adjusted earnings before interest, taxation, depreciation and amortisation could reach up to €205.5m (£171.6m) for the year to [...]
Retail sales continue on upwards trend ahead of Christmas shopping season December 15, 2016 The amount Britons spent in November increased 5.9 per cent year-on-year, according to figures from the Office for National Statistics (ONS). At £34.2bn for the four-week period, retail sales in November were up 0.5 per cent as compared to October. This equated to an average weekly spend of £8.5bn. The ONS said retailers selling household goods had boosted their [...]
JD Sports working conditions: King of Trainers says alleged working practices aren’t in its training manual December 15, 2016 JD Sports has hit back at television reports of draconian working conditions at one of its distribution centres, denying the allegations and saying they are not an "accurate reflection" of working practices. An undercover report by Channel 4 news into the sports retailers Kingsway warehouse in Rochdale revealed staff saying working conditions were "worse than prison". Staff [...]
Online takeaway company Just Eat buys rivals Hungryhouse and SkipTheDishes December 15, 2016 Online takeaway company Just Eat has snapped up two of its rivals, Hungryhouse and SkipTheDishes, a Canadian firm. Shares in the group went up two per cent at the open. Just Eat paid £200m for Hungryhouse, which it bought from Delivery Hero. The group said a further cash amount of up to £40m "may also be payable, subject [...]
Punch Taverns takeover: Heineken and pub entrepreneur Alan McIntosh in bidding war December 15, 2016 Punch Taverns is in the midst of a takeover tussle between Heineken and Alan McIntosh, an entrepreneur who was one of the pub company’s founders. Shares in Punch soared as news of the two approaches emerged, ending the day nearly 38 per cent up at 177p. Yesterday morning, City A.M. revealed that McIntosh has tabled [...]