Ted Baker shares crash as retailer swings to £23m loss October 3, 2019 Ted Baker’s share price crashed 25 per cent as markets opened today, following a disastrous set of results that saw it swing to a loss and warn on its full-year results. Investors sold out of the embattled fashion retailer to take shares down almost 28 per cent as it booked a £23m half-year loss for [...]
Naked Wines sells wine merchant Lay & Wheeler for £11.3m October 2, 2019 Naked Wines today said it has agreed to sell fine wine merchant Lay & Wheeler (L&W) in a deal worth £11.3m. Read more: City grandee Michael Spencer tables bid for Naked Wine dealer L&W The online wine retailer said it will sell the division, made up of Lay & Wheeler Limited and Vinotheque Holdings, to [...]
Deliveroo losses deepen in expansion drive October 2, 2019 Deliveroo deepened its losses last year despite soaring sales as it pushed forward with expansion plans. The food delivery app said losses before tax were £232m in 2018 from £199m the previous year. Global sales increased by 72 per cent to £476m for the year. Read more: Deliveroo ad banned over misleading claim it could [...]
Big Boots to fill: Meet the Walgreens exec replacing Tesco’s CEO October 2, 2019 Boots veteran Ken Murphy has been named as the successor to outgoing Tesco chief executive Dave Lewis. The City reacted with surprise this morning to the news of Lewis’ departure, and the appointment of the relatively unknown new boss. Read more: Analysts react to Dave Lewis shock departure Murphy, a qualified accountant, began his career [...]
Tesco CEO: Analysts react to Dave Lewis’ shock departure October 2, 2019 Tesco chief executive Dave Lewis this morning made the shock announcement that he is preparing to step down, saying the supermarket giant’s turnaround is complete. Lewis cited personal reasons for his decision and declared that five to six years is an appropriate tenure for a chief executive. Read more: Tesco CEO Dave Lewis quits Boots [...]
Tesco CEO Dave Lewis quits as supermarket declares turnaround ‘is complete’ October 2, 2019 Tesco chief executive Dave Lewis is stepping down from the Big Four supermarket, it revealed today as it declared its turnaround is complete. The CEO will leave the business next summer after chairman John Allan said he had accepted his resignation letter “with regret”. Read more: Tesco sells mortgage arm for £3.8bn Lewis called the [...]
Topps Tiles shares sink on fourth quarter sales dip October 2, 2019 Shares in Topps Tiles dipped this morning as the company revealed political uncertainty hurt fourth quarter trading. The tile retailer said like-for-like sales fell 1.9 per cent in the fourth quarter as uncertainty impacted consumer confidence. Shares fell 6.5 per cent this morning. Read more: Brokers urge investors to buy Topps Tiles shares as sales [...]
Flutter shares jump 14 per cent on £11bn merger with Stars Group to create one of the world’s largest gambling firms October 2, 2019 Flutter Entertainment and Nasdaq- and Toronto-listed Stars Group said today they were merging in a deal that will create one of the world’s largest gambling businesses. Shareholders in Flutter, formerly known as Paddy Power Betfair, will own approximately 54.6 per cent of the new company with Stars shareholders owning approximately 45.3 per cent of the [...]
Asos to appoint Ocado boss to board as it plots leadership shake-up October 1, 2019 Asos is set to announce a raft of new boardroom appointments as it looks to rebuild investor confidence after a series of profit warnings. The online retailer will tomorrow announce several new non-executive directors, including Luke Jensen, the chief executive of Ocado’s tech solutions arm, Sky News reported. Read more: Asos profit warning: Three factors [...]
John Lewis to axe a third of senior managers to save £100m October 1, 2019 The John Lewis Partnership is slashing its senior management layer by one third in a shock £100m bid to cut costs at the struggling retailer. Around 75 senior managers will get the axe from the current total of 225 in head office, John Lewis said. As part of the shake-up, the embattled chain also revealed [...]