Whitbread’s share price falls as half-year results fail to impress October 25, 2016 Whitbread's penchant for the finer stuff failed to excite the market as its share price fell nearly three per cent after unveiling its half year numbers. The figures Total revenues increased by 8.1 per cent to £1.6bn, although like-for-like growth was up by a more modest 1.9 per cent. The group's Premier Inn hotel network generated just [...]
Visa’s profits jump 28 per cent on consumer spending spree October 24, 2016 Visa reported a profit rise of 28 per cent in the fourth quarter, beating analysts' expectations, as customers spent more money on its payment network. The world’s largest payment operator said its net income for the quarter ending 30 September reached $1.93bn (£1.58bn), up from $1.51bn (£1.23bn) a year ago. Payments volume jumped 47 per cent. [...]
Hammerson and Standard Life partner for £1.4bn overhaul of Brent Cross October 24, 2016 Hammerson and Standard Life Investments have embarked on a public consultation on a £1.4bn redevelopment of Brent Cross shopping centre. Brent Cross opened 40 years ago and Hammerson plan to revamp it with the addition of 200 new shops, 40 restaurants, a hotel, a cinema and around 6,700 homes. The shopping centre is set to [...]
Chinese firm HNA takes 25 per cent stake in Hilton Hotels October 24, 2016 Chinese conglomerate HNA Group have announced it will buy 25 per cent of Hilton Worldwide Holdings Inc from Blackstone Group L.P for $6.5billion dollars. The latest move by a Chinese company into Western assets will see HNA pay $26.25 per share in cash for the stake, 15 per cent above Hilton's closing stock price on [...]
Fitch puts British American Tobacco on rating watch negative after buyout offer of Reynolds American October 24, 2016 Ratings agency Fitch has put British American Tobacco (BAT) on a rating watch negative after it offered to buy out Reynolds American. It warned that the debt required for funding the deal would mean it could not keep its current A credit rating. A similar announcement was made by fellow agency Moody's on Friday, who [...]
Top shareholder lashes out after another boardroom shakeup at Stock Spirits October 24, 2016 The largest shareholder of troubled Eastern European vodka maker Stock Spirits has reacted angrily after it had yet another boardroom shakeup following a spring and summer of investor dissent. The London-listed company, which leads Poland's vodka market, said today it had appointed Carlsberg Poland chief executive Tomasz Blawat, Bain & Company adviser Diego Bevilacqua and former Cookson finance director Mike Butterworth as non-executive directors. [...]
French Connection shares spike after weekend takeover rumours October 24, 2016 Ooh la-la. Shares in French Connection have jumped by 16 per cent this morning after rumours of a takeover bid emerged over the weekend. The struggling clothing retailer, which has made losses for five years in a row, is believed to be being eyed up by UK and US investors. Today it opened 7.5 points up at 39.5p [...]
BHS administrators track millions taken out of retailer by Dominic Chappell October 23, 2016 One of the administrators of BHS wants to take control of Retail Acquisitions (RAL), the company Dominic Chappell used to buy the retailer for £1. Duff & Phelps has applied to the High Court to take over RAL so that they can investigate the money extracted from BHS by Chappell. In particular, the administrators are [...]
Gusbourne puts the sparkle back into the English wine industry as it angles a move in tourism sector October 23, 2016 Demand for sparkling wine has bubbled up in the past few years, cementing its place as one of the UK’s favourite drinks. Although prosecco has benefitted the most from this trend, outselling champagne for the first time in 2014, there’s a challenger on the sparkling wine scene that’s being made a lot closer to home. That new [...]
Fenwick family takes out £5m dividend despite warning on new cost pressures October 23, 2016 The Fenwick family has taken a £4.8m from their department store chain while warning about the pressure government is placing on the retail sector. According to accounts for the year to the end of January 2016, the company's sales rose by 1.2 per cent in the past year, reaching £431.7m. Pre-tax profits were up by a quarter [...]