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 [...]
Asos set to bag a Brexit win this week when it reports its results October 16, 2016 Asos is set to be crowned a Brexit winner this week when it reports its results for the year on Tuesday, with profits expected to rise by over 30 per cent. Half of Asos' customers are overseas, helping the online retailer mitigate against the pain of the slump in sterling. It's fortunes are in stark [...]
Betfred and Stan James put their money on more than 300 shops from Ladbrokes-Gala Coral merger October 16, 2016 Betfred will scoop up 322 shops being sold as part of the Ladbrokes-Gala Coral merger for £55m, Gala Coral announced today. The gambling giants will sell off 359 high street branches in total if the bookies successfully merge, of which the remaining 37 will go to sports betting group Stan James for £500,000. In July, the [...]
Employees take Tesco to court over pay cuts October 16, 2016 Tesco employees are taking the retailer to court after it cut their pay. A group of 17 workers are fighting Tesco's decision to reduce their pay on weekends, bank holidays and evenings. Law firm Leigh Day has contacted Tesco to ask how many employees are affected, but have estimated that 50,000 staff face a pay cut. [...]
Private equity firms checking out Pure Gym after company proved not quite fit enough for IPO market October 15, 2016 Private equity firms are believed to have expressed interest in Pure Gym after the company withdrew its flotation plans this week. And the company’s board and US private equity backer, CCMP Capital, are understood not to have dismissed the informal approaches. Read more: Pure Gym avoids overstretch as it pulls the plug on IPO plans [...]
Private equity firms add Polish auction site to their basket for £2.7bn October 14, 2016 A consortium of private equity companies has announced the acquisition of Polish auction website Allegro. Cinven, Permira and Mid Europa this afternoon unveiled a $3.25bn (£2.66bn) deal to buy the company from South Africa's Naspers Limited. Read more: Stock Spirits appoints new chief exec and refocuses business on Poland Allegro, described as Poland’s eBay, was founded in 1999 and [...]
M&S pay row: Marks and Spencer faces £100m bill for pension changes and payments to cushion pay cut pain October 14, 2016 Marks and Spencer is making a payout of at least £100m to its employees to cushion the pain of the pay cuts and as part of pension changes it is introducing for shop staff. The retailer is cutting benefits to shop staff such as premium pay on Sunday and Bank Holidays following the introduction of the [...]
Law firm claims “dramatic victory” in its fight to gain equal pay for women working at Asda October 14, 2016 Law firm Leigh Day has claimed a "dramatic victory" in its fight to gain equal pay for women working at Asda. Employment Judge Ryan has ruled that women in Asda stores will be able to compare themselves to higher-paid men working in the supermarket's distribution centres. Read more: M&S makes £100m payout to employees to cushion [...]
Former William Hill boss Ralph Topping slams plans to merge with Canada-based gambling group Amaya October 14, 2016 Former William Hill chief executive has called on the bookmaker's current management staff to axe plans to conduct a £4.5bn merger with Canadian online betting giant Amaya. Ralph Topping, who led the company for eight years before departing in 2014, said he "fully support[s]" majority shareholder Parvus Asset Management, which yesterday slammed a possible deal, saying it [...]
The fall in sterling has given the UK’s cosmetic surgery sector a facelift October 14, 2016 While the still-falling value of sterling has worried many sectors of the UK's economy, the cosmetic surgery industry has received a veritable lift from the weaker pound. Cosmetic surgery clinics are booming off the back of the Brexit vote and subsequent currency hit, as plastic surgery tourism to UK clinics has been made "considerably more [...]