American Apparel files for bankruptcy again and is set to sell brand to Canadian company Gildan Activewear November 14, 2016 Bad news for fans of lamé leotards: now American Apparel has filed for bankruptcy less than a year after ending its first period under court protection. It's also agreed to sell the brand to Canadian clothing manufacturer Gildan Activewear for around $66m. In a statement Gildan announced it had entered into an asset purchase agreement to [...]
Good morning at the races: William Hill shares and profit forecasts up November 14, 2016 Bookmaker William Hill’s share price jumped two per cent this morning as it named three new non-executive directors and raised its profit forecast. The figures Full-year operating profit is now expected to come in at the top end of previous guidance of £260-280m. William Hill said its online business has returned to growth, with net [...]
Watch the Sainsbury’s Christmas ad here – James Corden is on vocals November 14, 2016 We've had the festive offerings from Marks & Spencer, John Lewis and Aldi – and now the Sainsbury's Christmas ad has arrived. The supermarket has brought America's favourite Briton, James Corden, on board to take part in its musical extravaganza which "tells the story of Dave, a hard-working and devoted Dad, who realises that the greatest [...]
UK-listed Greencore announces $750m deal for US frozen breakfast sandwich maker Peacock Foods November 14, 2016 Food supplier Greencore Group has agreed a $747.5m (£594.3m) takeover deal for Peacock Foods, a US company specialising in frozen breakfast sandwiches. Peacock, which also makes chilled meal kits for children and salad kits, generates revenues of approximately $1bn and reported adjusted earnings before interest, taxation, depreciation and amortisation (ebitda) of $72.1m in the year to [...]
Large numbers of Britain’s care homes expect to go bust in the next three years November 14, 2016 Banks who have lent to care homes could fail to recoup their debts as large numbers are expected to go bust over the next three years. The double-whammy of local government budget cuts and the introduction of the national living wage has put the care home sector under significant pressure in recent years. Read more: Number of [...]
Thomas Cook invests in more own-brand hotels across Europe as it seeks to shake off Turkey tourism decline November 14, 2016 Thomas Cook is branching out its own-brand portfolio with the launch of 14 more hotels in the next two years. It is investing in new hotels across Europe, with locations in Cyprus, Kos, Mallorca and Sicily, as well as elsewhere, including the Maldives. The company said it formed part of its strategy to secure long-term profitable [...]
Big pub companies have plenty to toast as turnover bubbles up 11 per cent in last year November 14, 2016 As many as 29 pubs close each week but the turnover of the UK's top 100 pubs and bars has increased by 30 per cent since 2008/09. According to Ortus Secured Finance, the turnover of the top 100 pub and bar companies reached £11.7bn in 2015/16, up from £8.9bn in 2008/09 and that figure has grown [...]
Fraud squad eyes end of Tesco investigation November 13, 2016 The fraud squad is expected to announce within weeks what its next steps for Tesco will be, as it wraps up its investigation into the black hole in the retailer's accounts. The Serious Fraud Office (SFO) launched its probe into the supermarket giant's accounting practices in October 2014, and brought charges against three individuals, Carl Rogberg, [...]
Whistles recorded a £2.9m loss before its takeover by South Africa’s Foschini Group earlier this year November 13, 2016 Upmarket womenswear retailer Whistles recorded a loss of £2.9m ahead of its takeover by South Africa’s Foschini Group in March. Accounts filed at Companies House show that in the 12 months up to 30 January, Whistles's earnings before interest, taxes, depreciation and amortisation (Ebitda) fell from a profit of £1.9m in 2015 to a loss of [...]
Dominic Chappell – the man who bought BHS for £1 – arrested over unpaid tax November 13, 2016 Dominic Chappell, the former owner of BHS, has been arrested as part of the investigation into unpaid taxes on the profits made from the department store chain. He was allegedly arrested for failing to pay more than £500,000 tax on money from the department store, according to the Sunday Times. An HMRC spokesperson said: "We [...]