Big cheese: Dairy Crest shares soar after Saputo’s £976m bid February 22, 2019 Utterly Butterly and Cathedral City Cheddar cheese brand Dairy Crest is set to be taken over in a deal worth almost £1bn, the group announced this morning. Canadian dairy giant Saputo, which is listed on the Toronto Stock Exchange, is expected to snap up the London-listed firm for roughly £976m. The deal price of 620p in cash [...]
Snow deal: Merlin Entertainments sells off £100m Australian ski resorts February 22, 2019 Legoland owner Merlin Entertainments has sold off its Australian ski resort portfolio for almost £100m. The FTSE 250 group, which also owns London attractions such as Madame Tussauds, the London Eye and London Dungeons, said today that the "net proceeds will be used for general corporate purposes". US mountain resort firm Vail Resorts, which has [...]
Johnson & Johnson share price falls as baby powder scandal intensifies February 21, 2019 Johnson & Johnson’s share price fell today after it was revealed the Securities and Exchange Commission (SEC) are investigating the company over allegations over a possible asbestos contamination in its baby powders. The company’s share price fell 1.4 per cent after it revealed that it had received subpoenas from the US Justice Department and SEC regarding its [...]
HMV reopens Reading branch in race to prevent closures February 21, 2019 Doug Putman’s store reopening spree continued this morning after the new HMV owner struck a deal with landlords to resume service at the music chain’s Reading outlet. https://twitter.com/hmvtweets/status/1098516683256401921 HMV Reading is the sixth store that has been reopened since being earmarked for closure earlier this month, as Canadian entrepreneur Putman continues his run of rental [...]
Online tax could help a high street facing ‘bleak’ prospects, MPs say February 20, 2019 The government must seriously consider an online sales tax and change unfair business rates as the high street faces an “increasingly bleak” future, MPs have urged. The rates stack odds against retailers on a high street which needs reform after a string of prominent failures, the Housing, Communities and Local Government Select Committee found. Read more: [...]
Just Eat faces pressure as Cat Rock says investors back calls for merger February 20, 2019 Activist investor Cat Rock Capital said today that it has the backing of fellow shareholders after calling for Just Eat to merge, in a fresh headache for the takeaway ordering website. US-based Cat Rock, which owns a 1.7 per cent stake in Just Eat, said that it had the support of investors after hitting out [...]
Iceland Christmas sales fall despite furore over banned palm oil advert February 20, 2019 Iceland is set to reveal a decline in underlying sales over the festive period after its controversial Christmas advert failed to boost business. A report prepared for bondholders, obtained by the Financial Times, showed underlying sales fell by one per cent in the 16 weeks to 4 January. Read more: Iceland mulls bid for potential [...]
CMA may block Sainsbury’s-Asda merger, finding deal could push up prices and reduce quality February 20, 2019 Sainsbury's suffered a 15 per cent drop in its share price this morning after the grocer's £12bn proposed merger with Asda was thrown into doubt following a swathe of concerns raised by Britain's competition watchdog. The Competition and Markets Authority (CMA) said the tie-up could lead to "a substantial lessening of competition at both a national and local [...]
Laura Ashley warns on full-year performance amid market turbulence February 20, 2019 Laura Ashley has warned its full-year performance will fall short of market expectations after posting a drop in sales for its interim results. The homeware chain, which is owned by Malaysian United Industries, suffered a 4.2 per cent decline in like-for-like retail sales for the 26 weeks to the end of December. Read more: Laura [...]
DEBATE: Should we charge clothing brands for the cost of recycling to combat the environmental impact of fast fashion? February 20, 2019 Should we charge clothing brands for the cost of recycling to combat the environmental impact of fast fashion? Mary Creagh, MP and chair of the Environmental Audit Committee, says YES. Fashion shouldn’t cost the earth. But our desire for fast fashion means that carbon emissions, water use, and chemical and plastic pollution are destroying our [...]