Man City owner CFG buys majority stake in India’s Mumbai FC November 28, 2019 City Football Group (CFG), the Abu Dhabi company which owns Manchester City, has signed a deal to purchase a 65 per cent stake in India’s Mumbai City FC. The acquisition means that CFG will own stakes in eight football clubs, including majority stakes in New York City FC and Melbourne City. Read more: Silver Lake [...]
Motorpoint takes hefty profit hit due to low consumer confidence November 28, 2019 Profit at Motorpoint, the UK’s largest independent vehicle retailer, fell nearly 20 per cent this morning as the company struggled with lower consumer confidence. Shares in Motorpoint were up 2.3 per cent this morning. Read more: Amigo shares jump as it boosts customer numbers and loan book The figures Profit at the car seller fell [...]
Philip Day’s Peacocks nears deal to buy Bonmarche out of administration November 28, 2019 Womenswear retailer Bonmarche is close to being bought out of administration by rival firm Peacocks, in a deal that could see 30 stores close before Christmas. Peacocks, which is owned by billionaire businessman Philip Day, has been named the preferred bidder for the embattled retailer, administrator FRP Advisory said this morning. However, negotiations are ongoing [...]
Model railway brand Hornby narrows losses after putting brakes on discounting November 28, 2019 Model railway brand Hornby narrowed its losses in the first half of the year as the company ramped up full-price sales and put the brakes on discounting. The figures The company reported a loss after tax of £2.71m in the six months to 30 September, from a £3.23m loss the previous year. Read more: Hornby [...]
UK supermarkets further increase plastic footprint despite pledges November 28, 2019 Seven out of the UK’s top 10 supermarkets increased their plastic footprint , as the total amount of plastic packaging used rose to 900,000 tonnes a year. Out of the UK’s 10 largest supermarkets, only Waitrose, Tesco and Sainsbury’s achieved marginal reductions over the past 12 months. Read more: Unilever pledges to cut plastic use [...]
Catalyst Capital Group makes rival bid for Saks owner Hudson’s Bay November 27, 2019 Catalyst Capital Group has made a rival bid to buy the owner of Saks Fifth Avenue, challenging an offer led by its chairman. Private equity firm Catalyst has offered $11 per share in cash for Canadian department store group Hudson’s Bay Company, in an offer that values the company at C$2.03bn (£1.18bn). Read more: Saks [...]
Virgin Active and Iceland investor Brait to offload assets November 27, 2019 South African investment firm Brait, which owns stakes in New Look, Iceland and Virgin Active, has announced a financial restructuring plan that will see it offload its assets. Shares in the Johannesburg-listed company plunged more than 15 per cent after it unveiled plans to sell off its assets in a bid to reduce debts and [...]
Victoria Beckham’s fashion business has turned a loss – again November 27, 2019 Victoria Beckham’s fashion business turned another loss last year, after demand for its clothes “plateaued”. The company, called Victoria Beckham Limited, has not made a profit since its 2008 launch. It reported a £12.3m loss last year, with sales slipping 16 per cent to £35m amid weaker wholesale demand. Read more: Victoria Beckham’s fashion HQ put [...]
Britvic profit loses its fizz as France law hurts sales November 27, 2019 Fizzy drink maker Britvic suffered almost a 25 per cent plunge in annual profit, it revealed today, following a writedown of French assets. Read more: Squashed: Britvic looks to cut final salary pensions The figures Profit before tax sank 24.3 per cent to £110.3m for the year to the end of September after Britvic struggled [...]
Pub chain Marston’s sinks to a loss November 27, 2019 Pub chain Marston’s said today it made a loss of £20m in the last year, compared to a profit of £54.3m in 2018. The brewer said revenue for the year to 28 September grew to £1.174bn, from £1.141bn in 2018. It said profit before tax on an underlying basis slipped to £101m from £104m, but [...]