Big tobacco: Philip Morris and Altria start talks over $210bn mega-merger as Marlboro-makers seek to light up alternative products August 27, 2019 One of the world’s most hotly anticipated mega-mergers kicked off yesterday as tobacco giants Philip Morris International (PMI) and Altria said they were in talks to form a $210bn (£170bn) behemoth. The deal would reunite two companies that split up in 2008 amid regulatory pressures at the time. Read more: Juul raises $325m to fund [...]
US landlords withdraw legal challenge to Arcadia CVA August 27, 2019 Two US landlords have withdrawn their legal challenges to Sir Philip Green’s restructuring plan for his embattled retail empire Arcadia. The businessman has reached an agreement with Vornado, which owns two Topshop stores in New York, and Californian landlord Caruso. Read more: US property firm challenges Arcadia restructuring plans The retail landlords had launched an [...]
Beyond Meat share price soars as KFC trials vegan ‘chicken’ August 27, 2019 Shares in Beyond Meat soared yesterday after KFC announced it was trialing a plant-based alternative to fried chicken. The fast food giant said the new product – known as Beyond Fried Chicken – would be available today at one of its Atlanta restaurants, with customer feedback determining whether it gets a further test or national [...]
Major investor swallows £41m of Carpetright’s huge debt pile August 27, 2019 One of Carpetright’s largest shareholders has paid to take on £40.7m of the retailer’s debt, sending shares surging. Meditor European Master Fund has underwritten a loan from Natwest and Ulster Bank to the carpet company to keep its revolving credit facility active. Read more: Carpetright shares buoyed as turnaround plan remains on track Carpetright’s share [...]
Time to scrap our archaic and misguided Sunday trading laws August 27, 2019 The Sunday Trading Act 1994 came into force 25 years ago yesterday, allowing shops to open on Sundays, but restricting opening times of stores over 3,000 square feet to six consecutive hours between 10am and 6pm. This compromise followed the defeat of the Shops Bill 1986 – Margaret Thatcher’s only defeat in the House of [...]
Links of London owner Folli Follie hires advisers to weigh up possible sale August 26, 2019 The owner of Links of London has confirmed that it has drafted in advisers to weigh up a sale of the troubled jewellery group. Read more: Laura Ashley drops into the red amid tough retail conditions Folli Follie, the Greek owner of the retail chain, said today that it has told Deloitte and Savigny Partners [...]
Greggs cooking up vegan versions of all its most popular products August 23, 2019 Greggs is working on plans for vegan versions of all of its best selling products following the success of the bakery’s vegan sausage rolls, its chief executive has announced. “We are plugging away at seeing if we can come up with a vegan version of all our top-selling lines. Obviously people want a vegan option,” [...]
Links of London hoping for rescue offer as it rushes to find a buyer August 22, 2019 The future of Links of London is reportedly hanging in the balance this week as the British jewellery chain rushes to find a buyer. The embattled group’s owner is on the hunt for a rescue offer by next week, according to Sky News, with sources telling the broadcaster that it was “almost inevitable” any sale [...]
Profit down 26 per cent at gambling group Rank as footfall declines August 22, 2019 Gambling group Rank has reported a drop in pre-tax profits after being hit by slowing sales at its Grosvenor Casinos and a decline in traffic at its Mecca Bingo halls earlier in the year. The figures Rank said that pre-tax profit for the full year was £34.6m, a 26 per cent drop on the £46.7m [...]
Sales plunge at fastest rate since financial crisis as UK retailers forecast trouble ahead August 22, 2019 Retail sales and orders have plummeted at their fastest since the financial crisis, according to a new survey that suggests optimism in the industry has plunged to a 10-year low. Read more: Laura Ashley drops into the red A report from the Confederation of British Industry (CBI) has found that retail sales volumes and orders [...]