Pizza Express owner to pay down debt pile with £80m cash injection November 6, 2019 The Chinese owner of restaurant chain Pizza Express has launched a tender offer to buy up £80m of the company’s unsecured bonds, as it looks to allay concerns about the firm’s financial future. Chinese private equity firm Hony Capital, which bought the company in 2014, appointed financial advisors before crucial talks with creditors last month [...]
Luke Johnson hires bankers for Gail’s Bakery sale November 6, 2019 Serial entrepreneur Luke Johnson has reportedly appointed bankers to explore a sale of Gail’s Bakery. Johnson has appointed bankers at Nomura to oversee the sale of Gail’s parent company Bread Holdings, Sky News reported. A sale process is expected to be launched in the next few months with a price tag of £150m, the report [...]
Arcadia bolsters senior digital team in online sales push November 6, 2019 Sir Philip Green’s Arcadia has bolstered its digital team with three new senior hires, as the embattled retail group seeks to improve online sales as its physical stores continue to struggle. Arcadia, which owns high street brands such as Topshop and Dorothy Perkins, has created a new role – group chief digital officer – as [...]
Connect Group shares slide as pre-tax profit falls 18 per cent November 6, 2019 Shares in newspaper distributor Connect Group fell more than four and a half per cent this morning as the company reported an 18 per cent fall in pre-tax profits for the year ending 31 August. According to the group’s preliminary results, profits fell from £28.4m in 2018 to £23.2m this year, with earnings per share [...]
Intu braced for income drop as retail CVAs take a toll November 6, 2019 Shopping centre owner Intu is expecting to report a sharp drop in rental income for 2019 after a higher-than-anticipated volume of insolvencies from its occupants. Shares in the group tumbled 13 per cent after the bell this morning as the real estate giant revealed that it might have to sell off assets or make a [...]
Mothercare shares surge after UK business enters administration November 6, 2019 Shares in Mothercare have soared this morning after the maternity and baby retailer’s UK business entered administration. Mothercare’s share price surged more than 36 per cent this morning, to 13p, after management firmed up administration plans and revealed further details on the company’s turnaround proposals. Read more: Mothercare shuts up shop in UK Last night [...]
Marks & Spencer profit knocked lower by poor clothing sales November 6, 2019 Weak clothing and home sales knocked profit 17 per cent lower at Marks & Spencer in its latest half-year, it revealed today. But the high street chain’s share price led the FTSE risers, climbing up 5.3 per cent to 192.05p, as investors felt it could have been a lot worse as boss Steve Rowe said [...]
Mothercare shuts up shop in UK as PwC called in for administration November 5, 2019 Mothercare has called in the administrators, meaning it will shutter its 79 UK stores and put 2,500 jobs at risk. Administrators from PwC said the baby retailer’s outlets will go in a phased closure, after the UK business had been “loss making for a number of years” despite its international franchises being profitable. On Monday, [...]
Boots owner Walgreens exploring taking pharmacy chain private November 5, 2019 Walgreens Boots Alliance has been exploring whether to go private following private equity interest in the US pharmacy chain, which has a market value of more than $55bn, according to people familiar with the matter. In recent months, Walgreens has held preliminary discussions with some of the world’s largest private equity firms about putting together [...]
Morrisons takes fight over data breach liability to Supreme Court November 5, 2019 Morrisons will begin its final appeal to the Supreme Court this week after losing a landmark case over the liability of employers in staff data breaches. The supermarket giant lost an initial challenge at the Court of Appeal in October last year after a judge ruled that the supermarket was legally liable for a former [...]