Tesco faces £100m damages claim from investors over the overstating of its profits October 31, 2016 Supermarket chain Tesco is facing a £100m damages claim from investors after the firm overstated its earnings in 2014. Bentham Group, which is providing the financial backing for the group's claim, said today that 125 shareholders are involved in taking action against the supermarket when it overstated its profits by £263m. The legal action will seek to [...]
It’s happening: Majestic Wine is now offering next-day delivery October 31, 2016 It may be a little early in the morning to raise a toast, but wine lovers everywhere can certainly tip their hats to Majestic Wine, which today unveiled plans to offer next-day delivery on more than 1,250 wines – including 400 fine wines. The company said it will now offer click and collect and named and [...]
All Saints scores fourth consecutive year of growth October 31, 2016 Fashion brand All Saints has posted its fourth consecutive year of growth. In the year ending 30 January 2016, the company clocked up total sales of £252.5m, an increase of nine per cent from £231.3m the year before. Read more: All Saints edges closer to sale amid administration fear UK sales increased 7.4 per cent to [...]
House of Fraser bond prices are under pressure as distressed funds circle October 30, 2016 The value of publicly traded debt issued by department store House of Fraser has fallen dramatically over the last week prompting fears of financial problems. Last year, the company issued £175m of bonds on the Luxembourg stock exchange as part of a £300m financial restructuring – the bonds mature in 2020. And the value of the bonds [...]
Latest filings by British arm of McDonald’s reveals level of royalty payments to Luxembourg entity October 30, 2016 The British operations of burger giant McDonald's paid £123m for franchise rights last year which are part of a structure that is being investigated by European authorities. The company, whose UK operations are captured in a Luxembourg based company, McD Europe Franchising, reported a profit of $541m for the year to December 2015, almost identical to the $540m it [...]
Marmitegate is back: Now Morrisons is increasing the price of Marmite October 28, 2016 Remember when Marmite broke the internet a couple of weeks ago when Tesco and Unilever locked horns over pricing and Tesco threatened to stop selling the yeasty spread? Well, it now looks like Marmite really is in trouble, after Morrisons admitted it needs to hike its price by a whopping 12.5 per cent, according to retail [...]
Alibaba wants a chief cuteness officer (no dogs allowed) October 28, 2016 Forget the days of shelling out money to get Kim Kardashian to promote your products. Alibaba has come up with the idea of recruiting for a "chief maimeng officer" (that translates as "selling its cuteness") to help sell its products and promote its bumper sale on Singles' Day next month. The Chinese e-commerce giant is hoping the successful [...]
Burger King spooks McDonald’s with Halloween stunt October 28, 2016 Scratching your head over what you can whip out as a last minute Halloween costume? Well, it doesn't matter what you go for as Burger King has already won Halloween this year. The restaurant disguised a location in Queens, New York as a McDonald's ghost (though still let its Burger King branding show through the eye [...]
BHS has launched its first clothing range since undergoing an online makeover October 28, 2016 It's that moment we've all been waiting for. No, not the latest development in the Frank Field MP vs. Sir Philip Green feud, as exciting as that has been so far. But the unveiling of BHS' first clothing range, since the retailer moved online. It's starting by rolling out a small number of women's and [...]
AB InBev’s not toasting Brazil as brewer posts drop in profit and cuts revenue forecast October 28, 2016 Anheuser-Busch InBev has been celebrating the £79bn takeover of SABMiller earlier this month, but Brazil spoiled the party for its third quarter results. The world's biggest brewer reported a surprise drop in third-quarter profit and cut its revenue forecast. And it's all Brazil's fault apparently – one of the brewer's most important markets. Read more: AB InBev shares [...]