Winemakers running out of storage space in wake of ‘record’ harvest October 21, 2018 The 2018 English wine harvest is so enormous that there is not enough space to hold it, astonished wine makers are reporting. The long hot summer has produced an unprecedented volume of grapes, in what is certain to be the biggest vintage since the English wine industry began to take off thirty years ago. With [...]
Hamleys’ Chinese owner eyes exit with strategic review of toy shop October 21, 2018 Hamleys’ Chinese owner is considering a sale of the toymaker a week after it posted a 500 per cent decrease in profits. C.banner, which acquired Hamleys for around £100m in 2015, has started a strategic review after being approached by potential buyers. Read more: Hamleys replaces finance chief after disappointing results However it is unlikely [...]
Debenhams could close dozens of stores as it looks to cut costs October 21, 2018 Debenhams is expected to announce further store closures on top of the 10 it already has planned, as it presents its full-year results on Thursday. The beleaguered retail giant, which has issued three profit warnings and has lost two-thirds of its share price since the start of 2018, is looking to save £30m by axing [...]
Take me back says Superdry founder as he slams clothing company’s ‘disastrous eight months’ October 21, 2018 Superdry's co-founder has said the business is being led in the wrong direction after a poor start to the year which has seen shares plunge. Julian Dunkerton, who left the clothes store’s board in March, said he wants to return to help the struggling businesses fortunes after a “disastrous eight months.” Read more: Superdry shares [...]
Patisserie Valerie could face investor action over £40m black hole in accounts October 21, 2018 Cafe chain Patisserie Valerie could face legal action from shareholders over the £40m black hole in its accounts. Lawyer Philip Rubens, from the firm Teacher Stern, is canvassing institutional shareholders and claims to be on the verge of securing third-party funding. He is aiming to make a claim against the AIM-listed firm for losses endured [...]
Procter & Gamble shares spike in surprise profits boost October 19, 2018 Rising profits for the first quarter at consumer goods group Procter & Gamble (P&G) took the market by surprise today, leading its share price to rise almost eight per cent. The giant behind brands such as Pampers, Bounty and Pantene reported organic sales growth of four per cent in the last three months, its best results in [...]
Manchester’s iconic House of Fraser store is set to close after rescue talks break down October 19, 2018 Another House of Fraser store has been axed after rescue talks with the landlord broke down, the company confirmed today. The Kendals department store in Manchester's Deansgate will close down in the New Year. Read more: Hamleys replaces finance chief after disappointing results A spokesman for House of Fraser said: "We have suggested various options to the landlord [...]
Intercontinental Hotels shares fall amid slowed revenue growth and $500m special dividend October 19, 2018 British multinational hotels giant Intercontinental Hotels Group said it intends to pay $500m (£383.6m) to shareholders through a special dividend, after revenue growth slowed in the third quarter. In a trading update published today, Intercontinental said global revenue per available room (revpar) rose one per cent in the third quarter and was flat in the US, [...]
Auto dealer Pendragon’s shares tumble on fresh profit warning October 19, 2018 Franchised car dealership Pendragon issued a profit warning to investors today, over fears a newly introduced global engine testing regulations will cause future market instability. Pendragon said in a trading update for its third quarter that it now expects its underlying profit before tax for the year to reach £50m, a drop of 17 per cent from [...]
Fizz rises to the top: Shake up at Coke as key executives replaced October 18, 2018 Coca-Cola yesterday announced major management changes a year after Brit James Quincey stepped up as chief executive. Brian Smith will become president and chief operating officer, filling the vacancy left when Quincey was promoted. Read more: Whitbread shareholders vote Coca-Cola's Costa merger through Smith is a 21-year veteran of the company and currently serves as [...]