John Whittaker-led consortium abandons £2.9bn offer for Intu, sending shares crashing November 29, 2018 Intu’s share price nosedived by 36 per cent this morning after a consortium ditched plans to pay £2.9bn for the shopping centre empire, blaming market uncertainty. Intu had repeatedly extended the deadline for the offer from a consortium led by billionaire shareholder John Whittaker, but today the consortium said it would abandon the takeover attempt. “Given the [...]
Tiffany sales disappoint Wall Street as Chinese shoppers curb their luxury spending November 28, 2018 A slump in demand from wealthy Chinese tourists has taken the sparkle off of Tiffany’s latest sales report this afternoon, with weaker-than-expected results sending shares down during pre-trading on Wall Street. The luxury jewellery maker missed its estimates today after reporting a three per cent rise in same-store sales, falling below Refinitiv projections of a [...]
Ikea’s change of focus hurts group profits as it braces for redundancies November 28, 2018 Ikea group profits dropped by a quarter in its latest financial year, driven down by billions of pounds invested into adapting to people's changing shopping habits. The furniture giant’s parent company, Ingka Group, reported the €780m (£688.7m) year-on-year drop in its full-year results this morning, blaming spending on transforming its business model to an approach focused heavily on [...]
Vita Mojo shakes things up with a £10m series A fundraise, backed by Investec November 28, 2018 Healthy food-focused restaurant chain Vita Mojo has raised £10m in a series A fundraising round led by Investec Bank, as it heads for expansion. The firm said it is now "coming out of stealth mode" to help other businesses with its technology, having already signed up a few major customers such as Virgin Active, Chilango and Wokit. [...]
Thomas Cook shares continue to fall, dragging FTSE firms down with it November 28, 2018 Package holiday provider Thomas Cook's share price has continued to fall for a second day, after having more than £175m wiped off its market value yesterday. The firm announced its third profit warning in five months, blaming the UK's long summer heatwave for a decline in Brits heading abroad. Shares in the FTSE 250 company declined by [...]
Restaurant Group shareholders approve £559m Wagamama takeover despite vote revolt November 28, 2018 Restaurant Group shareholders approved the planned the £559m takeover of Wagamama today, but 40 per cent of shareholder votes opposed the deal. The vote sent the Restaurant Group's share price down by almost 10 per cent. The Frankie and Benny's owner had been set for a shareholder showdown after a number of investors voiced their intentions to vote [...]
Patisserie Valerie searching for new auditor November 27, 2018 Patisserie Holdings, the parent firm of embattled cafe company Patisserie Valerie, has begun hunting for a new auditor to replace its under-fire accountant Grant Thornton. The bakery chain is in talks to find a successor to Grant Thornton, according to Sky News, days after the Financial Reporting Council (FRC) said it was probing the beancounter over [...]
H&M axes skinny jeans brand Cheap Monday November 27, 2018 H&M is to axe its independent skinny jeans brand Cheap Monday, with the Swedish retailer blaming “major challenges” to the fashion industry for the decision. The world’s second largest clothing retailer is scrapping the Cheap Monday clothing, which is mainly sold online and through its sole UK outlet on Carnaby Street, as it looks to [...]
Viagogo forced to overhaul ticket-selling practice by competition watchdog November 27, 2018 Ticket reseller Viagogo was today forced to “overhaul” the way it does business by the UK’s competition watchdog. In a landmark legal victory the Competition and Markets Authority (CMA) has secured a court order that will force Viagogo to tell customers the specific seat that they will get and whether there is a risk of [...]
Flooring maker Victoria’s rising revenue leads fightback after October bonds fumble saw shares plummet November 27, 2018 Flooring company Victoria’s share price increased this morning as revenue jumped in its interim report, just weeks after it pulled out of a plan to issue bonds which caused shares to plunge 35 per cent in two days last month. The figures Underlying pre-tax profit jumped 87 per cent for the six months ending 29 September [...]