Ladbrokes and Gala Coral sell 359 shops as deal nears completion October 17, 2016 Ladbrokes and Gala Coral are selling 359 betting shops between them, in order to satisfy conditions set by the Competition and Markets Authority (CMA) ahead of their merger. The CMA ordered the bookmakers to sell up shops earlier this year, in order to maintain competition in the market when the two groups combine, in a [...]
Alcohol contributes up to four times more to global calorie consumption than soft drinks October 17, 2016 Alcoholic drinks contributed up to four times more than soft drinks to global calorie consumption last year, according to research released today by Euromonitor International. Energy obtained from alcohol in 24 countries including as the UK, Japan and Germany exceeded that consumed via soft drinks, in a trend driven by consumers increasingly shunning sugar and watching [...]
Craft and artisan beer craze lifts the number of new beer trademarks registered to record high October 17, 2016 The soaring popularity of artisan drinks pushed the number of new registered beer trademarks to hit a record high last year, according to City law firm RPC. The number of new beer brands registered in the UK jumped 12 per cent from 1,485 to 1,666 in 2015, an RPC analysis of figures from the government’s Intellectual [...]
Footfall drops but shoppers keep spending October 17, 2016 Spending on the high street rose last month despite a decline in footfall, the latest data has shown. Retail spending grew in September by 1.3 per cent, while at the same time both footfall and shop prices have dropped year-on-year, according to figures released today by the British Retail Consortium (BRC) and retail analysts Springboard. Total [...]
Sir Philip Green hires top lawyer to scrutinise MPs’ inquiry into the collapse of BHS October 16, 2016 Sir Philip Green has hired top barrister Lord Pannick to scrutinise the MPs' inquiry into the collapse of BHS, according to reports. The Sunday Times has said Green wants the top lawyer to write a report on the joint select committee investigation into the sale of BHS that branded him the "unacceptable face of capitalism". MPs [...]
Cosmetics giant Coty confirms GHD takeover October 16, 2016 American cosmetics giant Coty has announced a £420m takeover of British-based hair products manufacturer GHD. Coty – whose brand portfolio spans Rimmel, CoverGirl and OPI – said that GHD's high-performance lines of hair straighteners, hairdryers, curlers and other appliances would "further strengthen" its position in the professional hair category. Coty's chief executive Camillo Pane said: "Not only do [...]
Boden’s profit drops as yummy mummies push prams elsewhere October 16, 2016 Middle class clothing retailer Boden has been losing its shine somewhat as its accounts show flat sales and falling profits. According to Boden's most recent accounts, profits dropped 25 per cent last year, down from £32m to £23.9m. Sales stayed level for the third year in a row at £283m. Boden's net assets also fell, down from [...]
William Hill will keep its bets on merger talks with Amaya despite opposition from activist shareholder Parvus October 16, 2016 William Hill will plough ahead with talks to merge with Canadian online betting group Amaya, despite facing opposition from its largest shareholder. Last week Parvus Asset Management, which owns a 14.3 per cent stake in the FTSE 250-listed bookie, slammed plans for a £5.5bn to £6bn reverse takeover that it said "makes little strategic sense". Parvus said [...]
MPs call for debate on closing “loopholes” in national living wage legislation October 16, 2016 A group of Conservative and Labour MPs are calling for a debate on the national living wage to discuss how its implementation by businesses is "against the spirit of the law". Thirty-one MPs are looking to debate the issue on 4 November, during Living Wage week, City A.M. understands. Read more: M&S shells out £100m for [...]
Fall in sterling is hole in one for UK’s golf tourism industry October 16, 2016 The drop in sterling has lured American golf tourists to some of the UK and Ireland's top resorts in their droves, according to holiday website Golfbreaks.com. Sales to US-based customers between July and September increased 238 per cent on the previous three months, as the dollar exchange rate grew more favourable in the wake of [...]