AB InBev toasts $16bn sale of Australian beer business to Japanese group Asahi July 19, 2019 The world’s largest brewer AB InBev has offloaded its Australian business to Japanese group Asahi as it looks to pay down its debt. In a deal worth $16bn (£9bn), the owner of Budweiser, Corona and Stella Artois is calling time on its Australian subsidiary, Carlton & United Breweries. Read more: New tube map shows you [...]
Upper Crust owner SSP takes hit from Boeing 737 Max ban July 19, 2019 UK-based airport restaurant operator SSP today revealed its revenue rose by nine per cent in the second quarter despite it being hit by the Boeing 737 Max groundings. The Boeing 737 Max planes, which first flew in 2016, have been out of the air since March after crashes in Indonesia and Ethiopia killed 346 people. [...]
Post Office appoints ex-Nisa boss Nick Read as chief executive July 18, 2019 The Post Office has appointed consumer business veteran Nick Read as its new group chief executive. Read will join the group in September and replace outgoing chief executive Paula Vennells, who earlier this year announced plans to step down after seven years in the job. Read more: Use your local post office or lose it [...]
Debenhams prepares to ask lenders for extra £50m lifeline July 18, 2019 Debenhams is preparing to ask lenders for an additional £50m lifeline as it approaches the critical Christmas trading period. The department store, which was taken over by its lenders after it fell into administration three months ago, could require access to additional borrowing facilities as soon as this autumn, Sky News reported. Read more: Debenhams [...]
Asos profit warning: Three factors behind online retailer’s fall from grace July 18, 2019 Shares in fast fashion retailer Asos plummeted this morning as the online marketplace warned that profits will be lower than expected this year. The company blamed this morning’s profit warning – its second in just over six months – on operational issues at new warehouse facilities in Europe and the US. Operational issues plague retail [...]
Slug and Lettuce owner Stonegate Pub Company to pay £1.3bn for Ei Group July 18, 2019 Slug and Lettuce owner Stonegate Pubs announced this morning it has bought Ei Group, the largest owner and operator of pubs in the UK, for £1.3bn. Stonegate, which also owns pub chains Walkabout and Yates, will offer 285p in cash for each Ei share, a premium of more than 38 per cent on Wednesday’s close. [...]
‘Ray of hope’: Rising wages keep shoppers spending in June July 18, 2019 UK retail sales grew by one per cent in June compared to a month earlier, official figures have shown, reversing a fall in purchases in May. Read more: Real wages rise as UK inflation stays at two per cent However, in the three months to June British shoppers bought 0.7 per cent more goods, the [...]
Growing pains: Asos share price plunges after fresh profit warning July 18, 2019 Online fashion giant Asos suffered a double-digit drop in its share price this morning after warning that profits will be lower than expected this year, citing new troubles in its international warehouse facilities. In its second profit warning in just over six months, the firm said today that it was reducing its forecasts as it [...]
Premier Foods pay report passes despite shareholder anger July 17, 2019 Mr Kipling owner Premier Foods passed its executive pay recommendations this afternoon despite frustrated shareholders’ anger at the state of the company. Shareholder advisory firm ISS had recommended that investors oppose the remuneration report after the company paid former chief executive Gavin Darby a full salary of £864,000 in lieu of his notice period. Read [...]
Google suspends Viagogo from advertising amid claims ticket site has not changed its ways July 17, 2019 Google has today dealt a blow to controversial second-hand ticketing company Viagogo by suspending its website as an advertiser. It is the second setback for the firm this month. Earlier in July, the Competition and Markets Authority (CMA) said it would take Viagogo to court. Read more: MPs warn consumers against using ticket reseller Viagogo [...]