Ted Baker appoints law firm Herbert Smith Freehills to probe hugging claims December 6, 2018 Fashion chain Ted Baker said this morning it has appointed law firm Herbert Smith Freehills (HSF) to investigate claims of forced hugging by its boss Ray Kelvin. The Ftse 250 chain’s shares have been battered since the news emerged that the fashion retailer has launched an internal investigation into harassment claims. In a trading update [...]
Outgoing Unilever chief makes plea for unity in speech to shareholders December 6, 2018 Outgoing Unilever boss Paul Polman has asked shareholders to trust his successor as he prepares to step down next month. The Dutchman announced his resignation months after investors shot down plans to combine the company’s London headquarters with that in the Netherlands. Polman, 62, said investors will have to trust his successor Alan Jope, a [...]
Proxy adviser tells investors to vote against ‘excessive’ pay of Associated British Foods boss December 5, 2018 An influential advisory group today recommended that shareholders vote against the "excessive" pay package of the Associated British Foods (ABF) boss. The firm’s chief executive George Weston, who belongs to the billionaire family that owns a majority stake in ABF, earns approximately 129 times the salary of the company’s average employee, with proxy firm Pensions [...]
Boohoo countdown promotions broke advertising rules, says ASA December 5, 2018 Online fashion retailer Boohoo misled customers by using a fake countdown clock, according to the Advertising Standards Agency (ASA). The advertising watchdog said Boohoo broke its rules by using false time limits, putting customers under unnecessary pressure to make purchases. Boohoo’s promotions used a countdown clock offering shoppers discounts if they bought items before a deadline. But an [...]
Thomas Cook share price rebounds after stocks hit a five-year low following profit warnings December 5, 2018 Thomas Cook shares have rebounded after a torrid week, rocketing by as much as a third this morning, clawing back some of the nearly 60 per cent losses in the past eight days. The boom came as Moody’s downgraded the corporate family rating of the travel agents to B2 from B1 and changed the outlook to [...]
Deliveroo riders defeated in High Court battle over collective bargaining rights December 5, 2018 A union acting for a group of Deliveroo riders was defeated today in a High Court fight over whether the delivery firm’s drivers were entitled to collective bargaining rights. In a key decision on the future of the gig economy the court ruled that Deliveroo riders are self-employed and therefore would not be allowed to collectively [...]
Joules shines amid retail gloom as it prepares for Brexit December 5, 2018 Fashion retailer Joules has bucked the gloomy trend in retail with a strong first half as it prepares for Brexit. Joules, which sells colourful styles inspired by English country life, grew revenue 17.6 per cent to £113.1m in the 26 weeks to 25 November, compared to the same period last year. In a pre-close trading [...]
Patisserie Valerie appoints interim CFO as it seeks to steady the ship after accounting scandal December 5, 2018 Embattled cake shop Patisserie Valerie has appointed an interim CFO after its last one was suspended before quitting amid an accounting scandal surrounding a £40m black hole. Nick Perrin will serve in the role until the bakers can find a permanent successor to Chris Marsh, who resigned following investigations into possible fraud at the company. [...]
Thomas Cook drops up to 60 per cent in nightmare week December 4, 2018 The Thomas Cook roller coaster continued its bumpy ride today as stocks plummeted in an early morning sell-off, dropping as much as 60 per cent below last Monday’s price. The stock fluctuated from highs of 22.64p to lows of 19.89p, falling 16 per cent before rallying to close 4 per cent down. Meanwhile, the cost of insuring debt [...]
Ted Baker’s share price slides further in wake of ‘forced hugging’ complaints December 4, 2018 Ted Baker's share price slumped more than 10 per cent in trading this morning as the City continued to digest the news of harassment allegations surrounding the luxury retail firm’s boss. Shares dipped almost 11 per cent to 1,387p today, having dived 15 per cent yesterday. Yesterday the FTSE 250 firm’s board said it had launched [...]