‘National scandal’: Mike Ashley lashes out as Debenhams falls into clutches of lenders April 9, 2019 Sports Direct owner Mike Ashley has launched a scathing attack on the board of Debenhams this afternoon as the British high street stalwart fell into administration. Read more: Debenhams falls into administration as lenders take over The billionaire called on authorities to reverse the administration process that started today and reiterated his calls for advisers on [...]
Debenhams falls into administration as Sports Direct fails with £200m equity offer April 9, 2019 Embattled department store chain Debenhams has fallen into the hands of its lenders, entering administration despite an 11th-hour bid from Sports Direct billionaire Mike Ashley to keep it public. Read more: Debenhams shares suspended as it falls into clutches of lenders Although the retailer’s 165 stores will continue to trade, some 50 outlets have already been flagged [...]
British American Tobacco calls in headhunters as chairman prepares to step down April 9, 2019 The chairman of British American Tobacco (BAT) is set to step down as changes to financial regulations mean he can no longer serve on the board. Richard Burrows, who has chaired the firm since 2009, is the latest victim of new City rules meaning directors can no longer be considered independent after nine years. Read [...]
Waitrose removes ‘ugly’ Easter chocolate duckling from shelves after complaints of racism April 9, 2019 Waitrose has been forced to apologise and temporarily remove a trio of chocolate ducklings from its shelves, after customers complained about the darkest one being called “Ugly”. One customer tweeted to say it “doesn’t look good at all. Thousands of other options… why ugly?????” Read more: Telegraph hires Waitrose editor who resigned after vegan row [...]
Cake walk: Cake Box revenues soar 30 per cent after summer IPO April 9, 2019 Cake Box today predicted a sweet end to its first year as a public company, telling investors that revenue will rise 30 per cent year on year to a record £17.1m for the 12 months to the end of March. Like-for-like sales growth of 6.5 per cent was the icing on the cake after the [...]
Debenhams shares suspended as it prepares to fall into administration April 9, 2019 Debenhams’ shares were suspended this morning as it prepares to go into administration, falling into the hands of lenders after rejecting an improved equity offer from Sports Direct. Read more: Debenhams shares slump as shareholders risk losing everything The Financial Conduct Authority temporarily suspended trading of the under-fire department store “at the request of the [...]
Hornby expects revenue to fall despite turnaround plan April 9, 2019 Model train-maker Hornby said today revenue for the year would be lower than the previous year due to issues with stock shortages. In a trading update for the year to 31 March it said that despite these “legacy issues”, its underlying margins have improved and reduction in overheads has continued. Read more: Hornby narrows losses [...]
City Pub Group share price rises as it returns to profit after 2017 loss April 9, 2019 City Pub Group pulled itself back into profit in 2018, it revealed this morning, as it said it intends to continue its expansion in London and the south east. Read more: City Pub Group sales rise amid string of acquisitions Its shares opened 7.3 per cent higher on London's Alternative Investment Market (Aim) this morning, [...]
Confidence hits new low but spending climbs amid sunny weather April 9, 2019 Confidence in the UK economy tanked to its lowest level in five years last month, as shopping sentiment wavered in the wake of Britain’s imminent departure from the EU. Uncertainty over Brexit has pushed confidence to its lowest level since Barclaycard began recording data in 2014, with almost seven in ten respondents saying they are [...]
Sports Direct says Debenhams has rejected £150m equity offer as pre-pack administration looms April 8, 2019 Sports Direct has said that Debenhams spurned a £150m equity offer from Mike Ashley, in a sign that the embattled retailer is inching closer towards a pre-pack administration. Read more: Debenhams shares slump as shareholders risk losing everything In a statement this afternoon Sports Direct said that the department store chain, which is set to hand ownership [...]