Jaeger halves annual losses October 1, 2013 TROUBLED fashion chain Jaeger yesterday said it had stopped the rot after stemming losses last year and putting in place new management. The company, which was acquired by private equity group Better Capital last year, said post-tax losses for the year ending February were £13.1m, down from £35.5m. Overall turnover fell to £70.7m from £85.5m [...]
Grand Theft Auto V hit by online problems October 1, 2013 OWNERS of Rockstar’s new Grand Theft Auto V game faced problems yesterday as the the game’s newly-launched online world was plagued with technical problems. Rockstar warned last week that players of the game, which racked up sales of more than $1bn during its first three days, could face problems as millions raced to join its [...]
Crumbs! Cameron fails to use his loaf October 1, 2013 DAVID Cameron may have been pilloried yesterday for failing LBC’s everyman test and admitting he didn’t know the price of sliced bread, but after using our loaves and doing a little investigative work, The Capitalist has a crumb of sympathy for the Prime Minister. Whether one prefers artisan sourdough or tiger bread, the selection of [...]
Poundland eyes 2014 flotation as sales surge October 1, 2013 POUNDLAND is eyeing a possible initial public offering (IPO) in the first half of next year as the private equity owners of the discount retailer look to cash in on its surging sales. The chain, which has benefitted from thrifty shoppers seeking value during the economic downturn, posted a 15 per rise in sales to [...]
Brand Index: Price-conscious shoppers are feeling festive about Aldi October 1, 2013 ALDI has been on the rise this week. The discount grocer said its pre-tax profits had more than doubled in 2012, and during the year it attracted 1m additional shoppers. The company also revealed that it is launching a new own-brand line of cut-price luxury foods in time for the Christmas season. Aldi has a [...]
Walker Greenbank profits rise as wallpapers dazzle US consumers October 1, 2013 WALKER GREENBANK, the luxury wallpaper maker, posted a jump in first half profits yesterday after its colourful fabrics and wallpapers caught the eye of American and Asian customers. The company behind brands including Morris & Co – set up by nineteenth century textile designer William Morris – reported a 13.3 per cent rise in adjusted [...]
Ex-Npower chief exec joins Albion October 1, 2013 London-headquartered venture capital firm Albion Ventures yesterday said it has hired former RWE Npower chief executive Volker Beckers as the chairman of Albion Community Power (ACP), a renewable power generation and investment firm. Beckers was group chief executive of the big six energy supplier’s parent company from 2010 until 2012. ACP is looking to raise [...]
Mitie wins £38m pub contract October 1, 2013 Outsourcing group Mitie has secured a £38m contract with Mitchells & Butlers to handle the pub chain’s waste management and cleaning for three years. Mitie will provide recycling and waste management at all 1,600 pubs and restaurants operated by Mitchells & Butlers, while also cleaning 650 locations across the firm’s estate. Mitchells & Butlers brands [...]
Merck plans to axe 8,500 jobs October 1, 2013 Merck yesterday became the latest drug company to cut spending, announcing plans to cut annual operating costs by $2.5bn and eliminate 8,500 jobs. US-listed Merck said it aims to narrow its focus to products with the best chance of winning regulatory approval and achieving substantial sales. The job cuts, representing more than 10 per cent [...]
Energy bosses hit out at plans to rejig market October 1, 2013 THE BOSS of energy firm SSE yesterday called for the government to incorporate the cost of its green initiatives into taxation to bring down bills, rather than forcing a price freeze as proposed by the Labour party. In an open letter to the leaders of the three major political parties, Alistair Phillips-Davies said “while rising [...]