Sports Direct’s property aide jumps ship months after Mike Ashley appoints his daughter’s boyfriend to run property portfolio September 25, 2016 Sports Direct's top property lawyer has jumped ship after Mike Ashley hired his daughter's boyfriend to run the retailer's property portfolio. Allawee Albaghdadi had been at Sports Direct nearly five years, but, according to his LinkedIn profile, left the embattled company in July for commercial law firm EMW. Read more: Sports Direct chairman: I have dealt with killers, I [...]
Economists are expecting more positive data on consumer confidence this week as shoppers shrug off the Brexit vote September 25, 2016 Consumers' worries about the economic impact of the Brexit vote are fading, as economists are expecting positive data on sentiment to be released this week. Confidence in the UK economy slumped immediately after the EU referendum, but now economists are expecting an uptick. Read more: West End gets Brexit boost as sales to tip over [...]
BHS is back September 25, 2016 The British high street stalwart BHS is back, as new investors emerge with a refreshed online incarnation of the retailer which spectacularly slid into administration earlier this year. BHS will return with a new website, BHS.com, after Qatari business group Al Mana Group snapped up BHS' 70 overseas stores and the website in June. Read more: Insolvency Service quizzed Chappell consultants over £1 BHS purchase It's now [...]
Way to kill that #FridayFeeling: The internet combusts as Nestle axes one of the Quality Street sweets September 23, 2016 One of the Quality Streets has gone forever, and people are outraged. The Toffee Deluxe has been axed from the iconic chocolate box after customers complained there were too many toffees in the mix. The company will be introducing a "Honeycomb Crunch" in its place – the first time a new chocolate has been added [...]
Chilly reception: Iceland is considering suing Iceland over its name September 23, 2016 It may have been trading since the 1970s, but it the government of Iceland has had enough of British supermarket Iceland using its name. Yep: Iceland (the country) is considering a lawsuit against Iceland (the supermarket) in an effort to force it to ditch its moniker – because it has pursued brands in Iceland (the country) who [...]
There’s been a shake-up at Sports Direct – so who’s who at the top of the discount retailer now? September 23, 2016 Sports Direct's senior management team has been given a serious overhaul, with this morning's announcement that chief executive Dave Forsey has resigned – to be replaced by the group's founder, Mike Ashley. As well as Forsey's departure, which took place with immediate effect, the retailer announced two senior promotions this morning. Karen Byers has been appointed [...]
Denial and disgrace: Here’s everything that’s happened at Sports Direct over the past year September 23, 2016 Mike Ashley has always controlled Sports Direct, but today he finally took the top job at the company he founded. It's been a rollercoaster year for Ashley. If you're wondering how we got to this point, here's everything that's happened so far: Politicians launch an investigation into working practices at Sports Direct The move comes after [...]
Co-operative Group posts increased revenue but profit dips in first half of the year September 23, 2016 The Co-operative Group reported an increase in revenue but decline in profits for the 26 weeks to 2 July this morning. The figures Revenue was up 2.2 per cent on a like-for-like basis to £4.7bn from £4.6bn in the same period of last year. Operating profit dropped to £72m from £95m, while pre-tax profit was down to £17m from [...]
Marriott and Starwood have finally sealed their $13bn deal September 23, 2016 Marriott International said today it has finally completed the $13bn (£9.9bn) acquisition of Starwood Hotels, creating a $36bn hotels giant with 1.1m rooms. The deal has been beset by delays, including an eleventh-hour bid by a Chinese consortium which nearly scuppered Marriott's bid altogether, and a 60-day delay imposed by the Chinese ministry of commerce. Starwood shareholders will receive [...]
Megabrew bubbly on ice: City faces nervous wait on SABMiller shareholder vote result September 23, 2016 The drinks could be flowing at SABMiller next week. The FTSE 100-listed beer giant agreed to be acquired by AB InBev last November for £44 per share, or £71bn, in one of the biggest deals of a bumper year for global mergers and acquisitions activity. After years of speculation in the City, the so-called Megabrew [...]