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Wholesale lobster prices have hit an 11-year high following a burst in popularity in lobster rolls and the now-affordable luxury gracing the menus of more and more casual dining chains. Lobster is now worth $6 (£4.80) a pound, according to US data group Urner Barry. Read more: Lobster and burgers folks… That's it Groups such as B.O.B [...]
Arcadia paid £2m to staff in BHS' head office to keep them from leaving as the business collapsed into administration. In a statement, ex-BHS Darren Topp said nearly 100 people resigned in four weeks from the end of March 2016, and the money from Arcadia was used to "stem the tide of resignations". Read more: Insolvency Service [...]
The Pensions Regulator (TPR) is seeking more powers to prevent another pensions crisis on the scale of BHS'. In evidence given to the Work and Pensions select committee, TPR has called for a mandatory clearance process for some corporate transactions, such as a company being sold when its pension scheme is underfunded, as was the [...]
Retailer Ted Baker has shrugged off "challenging trading conditions" to hike its dividend and post robust double-digit profit growth in the first half of the year. The figures Revenue at the clothes and accessories maker rose by 14.4 per cent to £259.5m in the 28 weeks to 13 August, while profit before tax grew by 20.5 per cent [...]
Anheuser-Busch InBev completed its tie-up with British drinks behemoth SABMiller last night, combining to form the world's biggest brewer in a £79bn merger. The new company, which will continue to trade under AB InBev's name, will have operations "in virtually every major beer market". AB InBev chief exec Carlos Brito said: As a truly global brewer, we [...]
Pure Gym confirmed this morning it has abandoned plans to proceed with an initial public offering (IPO), citing concerns about a "challenging" and volatile market. The company, which is the UK's largest gym operator, announced it was planning a £190m share sale in mid-September. Pure Gym had planned to use the proceeds to repay its existing [...]
The food sector has had its best quarter of sales in two years, according to new figures. Like-for-like sales across all retail categories increased 0.4 per cent year-on-year in September, according to data from the British Retail Consortium (BRC) and KPMG. Read more: Rosé wine, gin and ice cream sales gave Waitrose a summer boost last [...]
Britain's largest gym chain will pull its planned London listing tomorrow after concerns from board members over challenging initial public offering market conditions. Pure Gym had planned a £190m share sale and it is understood that the company had gathered sufficient investor interest for the proposed listing. Read more: Pure Gym unveils plans to float on London [...]
Luxury goods group Moet Hennessy Louis Vuitton reported a positive first nine months of the year with sales of over €26bn. Like-for-like sales increased by five per cent in the first nine months compared with 2015 and all five of its divisions revealed solid single-digit growth. Read more: I'll drink to that: LVMH boss gets on board with wine app The Paris-based group [...]
The £79bn Megabrew merger between Anheuser-Busch InBev (AB InBev) and SABMiller is due to become effective this evening, closing one of the UK's largest ever corporate deals. The tie-up is due to come into effect at or around 7pm this evening (8pm Brussels time) and shares in the newly-merged company will list on Euronext Brussels, [...]
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