Patisserie Holdings sells Baker & Spice for £2.5m February 15, 2019 Patisserie Holdings has sold its Baker & Spice brand for £2.5m, in a disposal that comes hours after the embattled cake chain offloaded its 117 Patisserie Valerie and Philpotts stores for £13m. In a statement this morning the embattled cake chain said that Baker & Spice, a deli and bakery chain which belonged to Patisserie Holdings [...]
Stock Spirits executives survive boardroom coup by activist investor Western Gate February 14, 2019 Vodka maker Stock Spirits has emerged unscathed after fending off an audacious boardroom coup mounted by activist investor Western Gate. Chairman David Maloney and senior independent director John Nicolson had their heads on the block at the company’s annual general meeting (AGM) this morning after the disgruntled shareholder launched an attack on the firm’s leadership. [...]
45,000 homes could be delivered by developing vacant town centre space February 14, 2019 Tens of thousands of new homes could be built by developing space left empty in Britain’s struggling town centres, according to new research that comes amid calls to solve Britain’s high street and housing woes. Vacant retail spaces in town hotspots across the UK could be replaced by a minimum of 45,000 residential properties, data [...]
Luke Johnson will see his reputation recover from Patisserie Valerie’s fraud scandal February 14, 2019 Warren Buffett once said that “bad things aren’t obvious when times are good”. It is a statement that rings painfully true in the case of Luke Johnson, who was riding high last year with a £250m fortune, when the bad things – an alleged long-term fraud of Patisserie Valerie accounts – were apparently far from obvious. [...]
Meet the banker-turned-restaurateur bringing the City’s dining scene to life February 14, 2019 Whatever happened to the liquid lunch? It is a question often asked with nostalgia throughout the Square Mile. Traders in pubs, City executives in boardrooms, journalists and lawyers in wine bars; the sight and smell of booze at noon was at one point in time as much a part of the City’s identity as pin-stripes [...]
Patisserie Valerie wins rescue backing from private equity firm February 14, 2019 Scandal-hit Patisserie Valerie has been rescued in a £13m management buyout backed by Irish private equity firm Causeway Capital Partners. The cake chain confirmed this morning that Causeway Capital Partners had struck a deal with Patisserie Valerie's administrators in a move that is set to save 2,000 jobs and 96 of the firm's remaining branches. Retail and [...]
So Moneysupermarket: Price comparison site grows profits as chairman steps down February 14, 2019 Moneysupermarket’s chairman is set to step down after five years in the hotseat, as the price comparison website grew both profit and revenue in a bumper 2018. Bruce Carnegie-Brown will also step down from his non-executive director position at the company’s annual general meeting in May after serving as chairman since 2014. Read more: Ofgem [...]
Coca-Cola bottler core profits fizz February 14, 2019 A soft drinks bottler led the FTSE 100 market fallers this morning after analysts noted that finance costs had offset strong organic growth, which has been boosted by a rise in appetite for sparkling beverages and a return to growth in its key Russian market. The figures Coca-Cola HBC AG said this morning that profits before [...]
DEBATE: Is Valentine’s Day just a commercial gimmick? February 14, 2019 Is Valentine’s Day just a commercial gimmick? Beatrice Timpson, a political communications consultant, says YES. Frankly, if he turns up on Valentine’s Day without a Cards Galore “Be mine forever” teddy, a bunch of garage-forecourt-fresh coronations, and a candle reeking of potpourri, ditch him. He’s clearly not serious. He’ll run off with Audrey the au pair before [...]
The Restaurant Group shares fall as chief executive Andy McCue prepares to step down February 14, 2019 The Restaurant Group (TRG) led the market fallers this morning after chief executive Andy McCue surprised the City by announcing plans to resign "due to extenuating personal circumstances". TRG's share price plunged almost 15 per cent in morning trading following a statement today from McCue, who is set to remain in his position until a new boss is [...]