Thomas Cook loses EC case September 10, 2008 Travel company Thomas Cook yesterday lost its epic battle for compensation from the European Commission for preventing Airtours, now called MyTravel, from merging with First Choice Holidays in 1999. The European Court of First Instance said that Thomas Cook, which now owns MyTravel, was not due any compensation. This was despite its own landmark ruling [...]
Woes aid Whitbread September 5, 2008 Whitbread, Britain’s biggest hotel and restaurants operator, yesterday emerged as a rare winner in the consumer slowdown, revealing a boost in sales in the first half of this year. Whitbread’s Premier Inn budget hotel chain accounts for about 70 per cent of total profits. Premier Inn had total sales up 17.9 per cent and like-for-like [...]
Signet fails to shine as sales slump bites September 4, 2008 The World’s biggest speciality jewellery retailer, Signet, has announced a 7.8 per cent fall in first half pre-tax profit, slightly better than analysts had feared. Signet warned that the consumer environment in both the US and the UK remained “very challenging”. Investec had forecast profits of $75.3m (£42.3m), five per cent lower than those reported. [...]
Woolies’ investor backs management September 1, 2008 Ardeshir Naghshineth, the largest shareholder in Woolworths, has backed the struggling retailer’s management team in rejecting a £50m takeover bid from Iceland founder Malcolm Walker. Iranian property investor Naghshineth, said to be worth an estimated £500m, has a 10.2 per cent stake in the firm and was yesterday reported to consider Walker’s bid as being [...]
Paddy Power cuts forecasts August 28, 2008 Bookmaker Paddy Power yesterday slashed its annual earnings forecasts, prompting a slump in its stock market value as investors dumped shares in the Dublin-based company. Winnings in favour of customers backing Irish golfer Padraig Hamilton at both the British Open and the US PGA championship as well as in almost two thirds of matches played [...]
Woolworth still cool on Walker plan August 26, 2008 Troubled retailer Woolworths yesterday played down reports that its chief executive Robert North was due to meet with Iceland entrepreneur Malcolm Walker. Reports had suggested the two sides were certain to get together for crucial takeover talks later this week. It emerged last week that Woolworths had rejected a £50m takeover approach from a consortium, [...]
Tui Travel bookings beat the slowdown August 15, 2008 Tui Travel, Europe’s largest travel operator, said holiday booking continued to be robust as customers were not prepared to forgo their summer holiday despite the credit crunch. Chief executive Peter Long said the group’s “power brands” – Thomson in the UK and Tui in Germany – were holding up well in the economic climate. “It [...]
Never mind the credit crunch. What time’s the match? August 15, 2008 With the Premiership football season due to kick off tomorrow, London’s top-flight clubs appear to be immune to the ravages of the credit crunch, with some hopeful of attracting more fans than ever before. The stars of Chelsea, Arsenal, Tottenham Hotspur, West Ham and Fulham take to the pitch in the knowledge that fans are [...]
Growth slows for hotelier as guests skimp August 13, 2008 The world’s largest hotelier, InterContinental Hotels Group (IHG), has reported first-half operating profits of $291m (£153m), an increase of 29 per cent – despite slow second quarter growth from its US operations. Reporting in US dollars for the first time, IHG announced an increase in revenue per available room (RevPAR) of four per cent, though [...]
Tesco to open wholesaling chain in India August 13, 2008 Supermarket giant Tesco yesterday said it was pushing into India by launching a wholesale cash-and-carry business. At the same time it announced a deal with Indian titan Tata to help it expand its fledgling hypermarket business. Tesco will invest £60m in its wholesale business – which will supply Tata’s chain of food stores, as well [...]