Eve Sleep cancels Simba merger talks as it warns of revenue hit September 20, 2019 Eve Sleep has called off a potential merger with rival Simba Sleep as it said “now is not the right time” to make an acquisition. Eve, which overhauled its management team in March, has decided to focus on its own business recovery instead of the talks, which it confirmed were underway last month. Read more: [...]
Debenhams scores victory over landlords in High Court battle September 19, 2019 Debenhams has won a High Court battle with landlords to push through its CVA proposal that will lead to store closures. Sports Direct owner Mike Ashley had funded the landlords’ case after his significant shareholding was wiped out when Debenhams went private in a rescue deal. Read more: Sports Direct ‘trying to drive Debenhams into [...]
UK retail sales unexpectedly fall in August September 19, 2019 UK retail sales fell in August as British shoppers bought fewer goods than in July, defying expectations of zero growth in a worrying sign for the UK economy. Read more: Cheaper computer games drag down UK inflation to three-year low The quantity of goods bought in August fell by 0.2 per cent month on month [...]
City Pub Group to scale back acquisitions amid Brexit worries September 19, 2019 One of the UK’s listed pub chains signalled it would scale back on buying new establishments as the company waits for the Brexit storm to blow over. City Pub Group said this morning it will “take a much more prudent and even more selective” approach to acquisitions. Read more: High spirits: City Pub Group cheers [...]
Tate & Lyle agrees £930m ‘de-risking’ pension deal with Legal & General September 19, 2019 Food and drink ingredient supplier Tate & Lyle has agreed a £930m annuity insurance “buy-in” with Legal and General. Tate & Lyle has transferred its pension scheme so it is underwritten by the financial services giant, which it said would provide “certainty and security” for its affected members. Read more: Tate & Lyle reports flat [...]
Next defies retail gloom with rise in profits but shares fall on weak start to autumn trading September 19, 2019 Next reported a rise in pre-tax profits and sales this morning, as the retailer shrugged off tough trading conditions on the high street during the first half of 2019. The group’s share price dropped four per cent in morning trading after it flagged a weak start to the autumn season as a result of the [...]
Watchdog warns JD Sports’ £90m Footasylum merger could hurt competition September 19, 2019 The UK’s competition watchdog has warned that JD Sports’ £90m move for rival Footasylum may hurt competition on the high street, referring it for a deeper investigation. The Competition and Markets Authority (CMA) will begin a second phase of scrutiny into the acquisition. Read more: Government intervenes in £4bn Cobham takeover on national security grounds [...]
Sports Direct notifies business department as it continues auditor hunt September 18, 2019 Sports Direct has notified the Business, Energy and Industrial Strategy (BEIS) department that it is tendering for a new auditor after Grant Thornton declined to be reappointed at its annual meeting last week. Sports Direct does not have an auditor following Grant Thornton’s withdrawal from the role. Read more: Mike Ashley survives shareholder vote at [...]
Falling computer game prices drag UK inflation to lowest rate in three years September 18, 2019 UK inflation slipped to its lowest point in three years in August, official figures have shown, dragged down by falling computer game prices. Read more: Fall in UK unemployment pushes earnings growth to 11-year high Prices in British shops rose by an annualised rate of 1.7 per cent in August, the Office for National Statistics [...]
Profits slide and sales wane at B&Q owner Kingfisher September 18, 2019 Kingfisher reported falling profits and sales this morning as its struggling B&Q chain held back the firm’s turnaround efforts. Pre-tax profits at the group hit £245m in the first half of 2019, falling from £280m in the same period a year ago. Read more: Retail footfall drops again Blaming “disappointing” performances in its core UK [...]