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 [...]
Chilango confirms plans to launch CVA and exit leases December 9, 2019 Embattled Mexican chain Chilango has confirmed plans to launch a company voluntary arrangement (CVA) in a bid to secure its future. City A.M. revealed yesterday that the chain was planning to launch a CVA – a controversial restructuring agreement that would allow it to re-open rent negotiations with landlords – as it battles cash-flow issues. [...]
M&S shares jump after Goldman Sachs hikes rating December 9, 2019 Shares in Marks & Spencer jumped this morning after investment bank Goldman Sachs hiked its stock rating following improvement in the retailer’s troubled clothing and home division. The company’s share price was up more than four per cent after Goldman Sachs issued a “buy” rating, from its previous “sell” recommendation, in a boost for the [...]
Takeaway hits back at Prosus’s ‘derisory’ bid for Just Eat December 9, 2019 Takeaway.com has fired back at rival Just Eat bidder Prosus, saying its increased takeover offer “remained derisory”. Prosus this morning announced that it has hiked its offer from 710p per share to 740p per share, valuing Just Eat at roughly £5.1bn. Read more: Prosus hikes Just Eat bid as it ramps up pressure on rival [...]
Prosus hikes Just Eat bid as it ramps up pressure on rival Takeaway.com December 9, 2019 Just Eat bidder Prosus today said it has increased its takeover offer, as the tech group looks to fend off a rival bid from Takeaway.com. Prosus, which is owned by South African conglomerate Naspers, has hiked its offer from 710p per share to 740p per share. Read more: Takeaway.com slams Prosus ‘scaremondering’ in battle to [...]
Late payments: Firms wait twice as long for cash in 2019 December 9, 2019 The UK’s small and medium-sized businesses are being stretched by customers failing to pay them on time, according to a survey from business body Market Finance. Firms had to wait an average of 23 days to receive their money in 2019, the survey found, up from 12 days in 2018. Read more: Government proposes measures [...]
World’s largest whisky collection expected to fetch £8m at auction December 9, 2019 Auctioneers have unveiled what is believed to be the world’s largest private collection of whisky to ever go under the hammer. The collection, which is expected to fetch between £7m and £8m at auction, includes over 3,900 bottles. Read more: South African drinkers get their whisky fix with post-Brexit trade deal It was built up [...]
Tesco leads FTSE 100 risers as it weighs up Asia sale December 9, 2019 Shares in Tesco rose more than five per cent in early trading today, as investors welcomed reports that the company is exploring a sale of its Asian businesses. The supermarket giant has confirmed that it will launch a strategic review of options for its businesses in Thailand and Malaysia, including a potential sale. Read more: [...]