Sir Philip Green offers landlords cash to save Arcadia rescue plan June 7, 2019 Sir Philip Green has offered landlords £10m a year of his family’s cash to offset the impact of rent cuts in a bid to secure their backing to rescue his retail empire. Landlords had been asked to slash rental costs by 30 per cent to 70 per cent across 194 of Arcadia’s 566 UK and [...]
Barnes & Noble bought by Waterstones owner Elliott for $476m June 7, 2019 US bookseller Barnes and Noble will be taken private by hedge fund Elliott Management in a $475.8m deal. The price of $6.50 per share represents a premium of 42 per cent on Wednesday’s price, a day before reports of a potential deal emerged. Read more: Waterstones acquires Foyles bookshops as it squares up to [...]
Fashion app Depop grabs $62m from Airbnb and Uber investor June 7, 2019 British fashion marketplace app Depop has today closed a series C funding round at $62m (£48.8m), led by US venture capital stalwart General Atlantic. Existing investors HZ Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures and Tempocap also participated in the round, alongside Klarna founder Sebastian Siemiatkowski. Depop said it will use the funding to expand [...]
Wren Kitchens to create 1,200 new jobs June 6, 2019 Wren Kitchens plans to create 1,200 new jobs as it seeks to expand its manufacturing workforce. The company is seeking approval to build a new £120m manufacturing facility in the Humber. The new factory, which will be the company’s fourth in the region, is set to be built on a 180-acre site behind company’s headquarters [...]
Ofcom boss Sharon White chosen as next John Lewis chair June 6, 2019 Ofcom boss Sharon White is set to replace Sir Charlie Mayfield as the next chair of John Lewis, taking on the role as the retailer battles to recover from a recent plunge in profits and tough trading conditions on the high street. White, who is currently chief executive of the UK’s communications regulator, is set [...]
Auto Trader drives up profit despite market uncertainty June 6, 2019 Online car marketplace Auto Trader raced to a 15 per cent rise in profit in the 2018-19 financial year, its results have shown today, with the company saying it is not worried about Brexit. Read more: Auto Trader profit zooms ahead as advertising spend accelerates The figures Auto Trader’s profit before tax rose 15 per [...]
Sir Philip Green’s fashion empire hangs by a thread as CVA vote is delayed June 5, 2019 SIR PHILIP Green made a dramatic last-minute bid to stall the collapse of his retail empire tonight after postponing a crunch vote that threatened the future of his high street brands. In a shock move the Topshop tycoon decided to delay the final decision from creditors on whether to approve an insolvency process for his [...]
Asda leads way as supermarkets slash fuel prices June 5, 2019 Drivers will get a boost at the pumps as Asda led supermarkets to cut prices this week. The supermarket will tomorrow slash prices by 3p per litre of diesel at all its 322 petrol stations across the UK, and 1p for petrol. Read more: Oil prices hit four-month low It brings the price to 128.7p [...]
Mike Ashley’s Sports Direct lines up Game takeover June 5, 2019 Mike Ashley is set to lodge a bid for Game Digital, as the retail tycoon’s spending spree shows little sign of slowing down. Sports Direct, which already owned a 20 per cent holding in Game, has launched a takeover offer for the gaming firm after upping its stake in the group to roughly 38 per [...]
Findel posts surge in full-year profit as it unveils name change June 5, 2019 Home shopping company Findel has posted a sharp rise in profit and unveiled a new brand name, just weeks after it fended off a takeover bid from major shareholder Sports Direct. Pre-tax profit jumped 33 per cent to £29.4m in the year to the end of March, while revenue rose 5.7 per cent to £506.8m. [...]