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 [...]
Blackstone-backed retailer faces testing negotiations with lenders after annual earnings are slashed November 13, 2016 Outdoor clothing retailer Jack Wolfskin has gone cap in hand to its lenders after revealing annual earnings have halved and forecast earnings will be less than previously expected. The German-based company was saddled with €485m (£418m) of debt facilities, when current owners Blackstone, a private equity firm, bought it in 2011. The debt in the business now totals €365m. [...]
The Waitrose Christmas advert is here: Move over Buster, there’s a plucky little Robin giving you all the feels November 13, 2016 The bouncing boxer dog of the John Lewis Christmas advert has a rival: a tiny Robin braving wild weather and perilous predators to return to a young girl's festive home. The Waitrose Christmas advert has been revealed, and while never quite matching up to the much-hyped John Lewis one before, this year that might just change with its [...]
Lego “not planning any future promotional activity” with Daily Mail amid protests at recent coverage November 12, 2016 Lego is “not planning any future promotional activity” with the Daily Mail, in an apparent protest at its editorial content. Stop Funding Hate, a group campaigning for companies like John Lewis and Waitrose to pull advertising from certain tabloid newspapers, has claimed the move by Lego as a victory. DMGT, the owner of the Daily Mail, [...]