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 [...]
UK has the chance to be a leader in safer vice products post-Brexit such as e-cigarettes and synthetic alcohol, Adam Smith Institute argues September 23, 2016 The UK has the opportunity to become a “world leader” in reducing the risks of smoking and drinking by slashing regulation around safer vice products, a new paper has argued. Think tank the Adam Smith Institute (ASI) has recommended the government replaces “self-defeating regulation” on products such as e-cigarettes and hangover-free synthetic alcohol with a system [...]
Amazon rolls out arts and crafts sites across the UK and Europe September 22, 2016 Online retail giant Amazon is expanding its specialist arts and crafts store selling handmade goods to the UK, shortly after bouncing its Echo home assistant over to British shores. The site is also coming to four other European countries – Germany, France, Italy, and Spain. The business, which is already operational in the US, will [...]
Sales at Aim-listed Liverpool FC nutrition supplier Science in Sport rise by almost a quarter in first half September 22, 2016 Sales at Aim-listed fitness nutrition group Science in Sport raced ahead to grow by almost a quarter in the first half of this year. The figures Revenues at the firm, which is the official sports nutrition partner to Liverpool Football Club, increased 24 per cent to £6.48m in the six months to 30 June. E-commerce and third-party [...]
Flour and caster sugar sales at risk as Bake Off’s future crumbles September 22, 2016 Britain is reeling from the news that the iconic Mary Berry has quit Bake Off, and the retail industry is set to suffer some collateral damage. Sales of baking goods such as caster sugar, flour and golden syrup have all been boosted since Bake Off began at the start of this month – sales that could [...]
Burgundy wine price hike more likely as survey estimates yields could fall by more than a quarter September 22, 2016 The likelihood of wines from the Burgundy region of France facing a price hike has increased further after a survey has found yields could dip by up to 27 per cent for some producers. A survey among winegrowers in Burgundy suggested "a dip in yields of 20 to 27 per cent compared to the average", [...]