Angling Direct chief executive steps down after 17 years February 10, 2020 The boss of Angling Direct, the UK’s largest fishing supplies retailer has stood down with immediate effect, having led the company for 17 years. Darren Bailey, who joined the firm in 2003, will remain on the board as a non-executive director. He has been replaced by fellow board member Andy Torrance. “Both myself and the [...]
Intu shares jump as it confirms talks over £1bn emergency cash raise February 10, 2020 Retail landlord Intu this morning confirmed that it was in talks with a number of investors over its £1bn emergency cash call. The property giant said that it was in “constructive discussions” with shareholders including the Peel Group and Link Real Estate Investment Trust (Link REIT) regarding a proposed equity raise alongside the firm’s full [...]
Stop clinging to the last century and let the high street evolve February 10, 2020 Every January, without fail, the hand-wringing begins. After predictably poor Christmas retail results, everyone wants to know: are we seeing the death of the high street? The gloom doesn’t stop. Last week, the boss of John Lewis was the latest to lament the retail landscape, warning of potential store closures and job losses. Why are [...]
UK consumers abandon high street for retail parks and shopping centres February 10, 2020 Consumers abandoned the high street in favour of retail parks and shopping centres last month, as landlords’ investments start to pay off. Footfall fell 0.5 per cent in the five weeks to 25 January compared to a drop of 0.7 per cent last year, driven by a 1.4 per cent jump in retail park visitors. [...]
UK insolvencies spike as construction firms struggle February 10, 2020 The number of UK firms falling into administration jumped last year, driven by companies in the building and construction industry. In total, 1,403 firms entered administration last year compared to 1,341 in 2018 – a rise of just under five per cent. Building and construction firms were the hardest hit by challenging trading conditions last [...]
Link REIT set to back Intu’s £1bn emergency cash call February 9, 2020 Hong Kong’s Link Real Estate Investment Trust is reportedly in talks with retail landlord Intu to back its £1bn emergency cash call. The property giant is nearing a deal with the Trafford Centre owner about becoming a “cornerstone” investor in the fundraise later this month, The Times reported. Peel Group, which owns a 27.3 per [...]
WH Smith calls on landlords to overhaul rent payment February 9, 2020 WH Smith is said to be urging its landlords to push back rent payment deadlines as the retailer looks to cash in on high street troubles. The stationery chain is set to push landlords to switch from receiving payment in advance to receiving it in arrears, the Sunday Times reported. The move, which would come [...]
William Hill ‘nears media deal’ with CBS Sports amid US expansion plan February 9, 2020 Betting giant William Hill is said to be close to signing a media deal with a US partner as it looks to tap into the American market. The bookmaker has struck up talks with media firm CBS Sports and is in the final stage of negotiations, the Sunday Times reported, adding that an announcement was [...]
Podcaster Audioboom eyes possible merger or sale February 8, 2020 The AIM-listed podcasting group, Audioboom, has asked bankers to help it explore the possibility of a merger or sale. The group, which is backed by property tycoon Nick Candy, has asked New York-based bank Raine to undertake a strategic review that could see the company taken over by a rival, according to Sky News. Raine’s [...]
Apple fined for slowing down old iPhones February 8, 2020 Apple has been fined 25m euros (£21m) for deliberating slowing down its older iPhone models and not making customers aware. The fine, which was imposed by France’s competition and fraud watchdog DGCCRF, was for failing to make this clear to consumers. Apple admitted in 2017 that it slowed down some of its iPhones but only [...]