Just Eat rejects increased Prosus takeover bid December 10, 2019 Food delivery platform Just Eat has rejected an increased takeover bid from Prosus, saying the offer still “significantly undervalues” the company. In a statement this morning Just Eat said the revised terms of 740p per share, up from 710p per share and which values the delivery platform at £5.1bn, “fails to reflect appropriately the quality” [...]
Ted Baker share price crashes as bosses quit after profit drop December 10, 2019 Ted Baker’s share price plummeted to a 16-year low this morning after two executives quit, plunging the stricken retailer further into crisis as it slashed its profit forecast and suspended its dividend. Shares dropped as much as 35 per cent in morning trading following the departure of chief executive Lindsay Page and executive chairman David [...]
Another dog for Softbank as it sells Wag stake back to company December 10, 2019 Japanese investment giant Softbank has been left with its tail between its legs after selling its stake in Wag back to the dog-walking startup, capping off a disappointing year for its $97bn Vision Fund. Softbank has agreed to sell its almost 50 per cent stake in the company and will no longer have representation on [...]
Watches of Switzerland boosted by luxury watch demand in first half-year results since listing December 10, 2019 Watches of Switzerland said today that strong demand for luxury watches had helped it boost sales and profit in its first half-year results since floating in May. The high-end retailer said revenue grew 17 per cent to £428.7m in the six months to 27 October and adjusted profit before tax was up 112 per cent [...]
Lidl sales help it hit record stake in UK supermarket sector December 10, 2019 The biggest supermarkets shed yet more market share to discounters Aldi and Lidl in the three months to the start of December, new data out today reveals. The big four grocers saw their collective market share drop by over one per cent to 67.7 per cent as people delayed their Christmas shopping and Black Friday [...]
Wetherspoons heads to the bar for £200m splurge on 10,000 new jobs December 10, 2019 Pub group JD Wetherspoons is set to spend £200m on its pub estate over the next four years creating up to 10,000 new jobs, it said today. The pub chain said it would invest the money developing new pubs and hotels as well as enlarging its existing pubs across the UK and the Republic of [...]
Mothercare sinks into deeper loss as sales slip December 10, 2019 Retailer Mothercare fell further into the red in the first half of the year, with its loss before tax rising to £21.2m in the six months to the end of October. The baby wear retailer also saw net debt rise to £24.5m in the period, representing a 14.4 per cent increase year on year. Read [...]
Inconvenienced store: McColl’s warns earnings will miss expectations December 10, 2019 Convenience store chain McColl’s warned earnings would narrowly miss expectations due to “unseasonable weather” and low consumer confidence. Revenue slipped 1.9 per cent for 12 months to the end of November, the firm revealed in a trading update today. Read more: Investors see signs of recovery at McColl’s after supply chain disruption It warned that [...]
Shoppers to spend more than £4bn at independent shops over festive season December 10, 2019 Small retailers are set to enjoy a £4.4bn spending boost over the festive season as Christmas shoppers plan to support independent businesses, according to the latest research. Shoppers are expected to spend £140.4m at small businesses every day in December, as consumers prepare to buy nearly a fifth of their gifts from independent retailers. Read [...]
Tiger cuts Juul’s valuation in half to $19bn December 9, 2019 E-cigarette maker Juul has had its valuation slashed in half to $19bn (£14.5bn) by investment firm Tiger Global Management. According to the Wall Street Journal, the writedown happened at the end of September, as investors continue to cool on one-time Silicon Valley darlings. Read more: Vaping backlash hits Altria for $4.5bn Fellow investors such as [...]