Naked Wines hopes US float will be recipe for success after Majestic sale August 4, 2019 Online wine retailer Naked Wines is said to be preparing for a US listing following the sale of sister company Majestic. Chief executive Rowan Gormley has told investors he plans to list the firm on the tech-heavy Nasdaq exchange once the sale of Majestic goes through, the Sunday Times reported. Read more: Majestic Wine sells [...]
Mike Ashley and Philip Day in battle to buy Jack Wills August 3, 2019 High street giants Mike Ashley and Philip Day are embroiled in a battle to takeover Jack Wills, which is on the brink of administration. The billionaires’ companies, Sports Direct and Edinburgh Woollen Mill, are the two remaining bidders for the fashion chain, according to Sky News. Read more: Majestic Wine sells brand and stores for [...]
Majestic Wine sells brand and stores for £95m to focus on Naked Wines August 2, 2019 High street retailer Majestic Wine is set to sell all its stores as well as its brand for £95m as it transitions into an online-only company. US private equity firm Fortress is buying the outlets, securing 1,000 jobs as it committed to keeping the 200-store network, which had a turnover of £300m last year. Read [...]
KPMG appointed administrators as Laterooms and Superbreak collapse affecting thousands of holiday-goers August 2, 2019 KPMG has been appointed as administrators to Laterooms and Superbreak following the companies collapses on Thursday. Both firms are owned by the Malvern Group, which has ceased trading, after Cox & Kings India, which owned a 49 per cent stake in the company, defaulted on loan repayments. Read more: Pets at Home set to beat [...]
Pets at Home set to beat profit expectations as revenue jumps 10 per cent August 2, 2019 Pets at Home revealed that its revenue had grown by 9.9 per cent to £303.4m for the period 29 March to 18 July in a scheduled trading update released today. Retail revenue was up 8.7 per cent to £266.4m and vet group revenue was up 18.8 per cent to £37m for the period this year, [...]
Hotel Chocolat goes into meltdown over missing ‘Chocmobile’ August 1, 2019 Luxury chocolate retailer Hotel Chocolat has appealed for help in finding a missing van, nicknamed the ‘Chocmobile’ Read more: Sweet like chocolate: Hotel Chocolat credits relentless innovation for sales boost The chocolatier said the “beloved” van had been stolen from its Hertfordshire headquarters earlier this week, and called on the public for help in tracking [...]
Prada revenue up despite banning end-of-season sales August 1, 2019 Prada reported a slight increase in revenue today boosted by its wholesale business and full price sales after the luxury retailer banned end-of-season discounting. The designer brand posted net revenue of €1.57bn (£1.43bn), an increase of two per cent on last year, as full price sales growth offset the decision to stop seasonal markdowns. Read [...]
Laterooms collapses after failure to sell business August 1, 2019 Holiday bookings site Laterooms has collapsed into insolvency after its parent company Malvern Group ran out of cash before it could secure a sale. Last month Malvern appointed KPMG to undertake an accelerated sales process after Cox & Kings India, which owned a 49 per cent stake in Malvern, defaulted on loan repayments. The default [...]
Westfield owner suffers income drop as UK retailers shut shops and cut rents August 1, 2019 Retail landlord Unibail-Rodamco-Westfield (URW) suffered a drop in UK rental income in the first six months of the year as the property giant’s two London sites were hit by store closures and leasing delays. Like-for-like net rental income was down 3.1 per cent compared to the previous year as tenants – struggling in a challenging [...]
Intu share price fall continues after dividend cancellation August 1, 2019 Shares in retail landlord Intu continued to fall this morning after the Trafford Centre owner yesterday cancelled its dividend as it fell to a £900m loss. Intu’s share price was down as much as 6.7 per cent at 44.6p this morning before recovering slightly to 45.45p. Read more: Intu share price crashes at it cancels [...]