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 [...]
Cranswick’s pork sales to China surge after swine flu outbreak November 26, 2019 Sausage-maker Cranswick said its pork exports to the far east surged by 95 per cent in the first half of the year due to the outbreak of African swine fever in China. The disease has led to large-scale pig culls in China and sent pork prices soaring, causing domestic buyers to look elsewhere. The boost [...]
Traditional Christmas dinners ‘to cost more this year’ November 26, 2019 Buying a traditional Christmas dinner could set consumers back more than usual this festive season as issues with supplies have caused prices to increase. High summer temperatures has reduced the number of turkey eggs ,while flooding and rain have affected the supply of vegetables including Christmas dinner staples potatoes and Brussels sprouts. Read more: The [...]
Pets At Home profit jumps in first half as it eyes top-end full-year earnings November 26, 2019 Pets At Home’s share price surged in trading today after it posted a bumper profit increase and strong like-for-like sales growth for the first half of its financial year. Read more: Short sellers tail off at Pets At Home The figures The retailer enjoyed an 18.9 per cent year-on-year increase in underlying profit before tax [...]
Troubled burrito bond chain Chilango postpones AGM amid questions over future November 26, 2019 Chilango has postponed its annual general meeting (AGM) amid continued questions over the burrito chain’s future, City A.M. can reveal. The Mexican restaurant group is in talks with restructuring firm RSM to secure its long-term future, and is almost eight weeks late posting its accounts to Companies House. Read more: FCA to ban marketing of [...]
Covent Garden JV writedown hurts Shaftesbury profit November 26, 2019 West End landlord Shaftesbury suffered a sharp drop in profit this year after taking a writedown on the value of a retail joint venture in Covent Garden. The figure Profit after tax fell from £175.5m to £26m due to the revaluation of the portfolio, which dipped 0.6 per cent to £4bn overall. However, the company’s [...]