Under-fire Ted Baker issues profit warning as shares plunge February 27, 2019 Ted Baker warned investors of a £10m hit to profits for its full year this morning, blaming a series of unexpected blows to its bottom line. Profit before tax for the year to the end of January is now expected to fall in the region of £63m, sending shares crashing 13 per cent to 1,734p. [...]
To buy or not to buy: The never-ending twists in Mike Ashley’s retail plan February 11, 2019 What on earth is Mike Ashley’s plan? That is the question echoing around the City every time the retail tycoon emerges as an unlikely buyer of another beleaguered high street brand. It is almost a weekly occurrence these days, and one that leaves journalists, shareholders, and even some of Ashley’s own directors scratching their heads [...]
ScS Group ends talks to buy Sofa.com leaving Mike Ashley in the driving seat February 1, 2019 Home furnishings retailer ScS Group said today it had ended talks with furniture retailer Sofa.com, leaving the way clear for Mike Ashley who is reportedly putting together a multi-million pound bid. ScS said today it is “no longer in discussions regarding a potential acquisition of the business and assets of Sofa.com”. Sky News reported that Ashley, [...]
Billionaire Mike Ashley’s retail empire balloons by a third in one year January 31, 2019 Mike Ashley’s retail footprint has swollen by more than a third in the last year, following a spending spree in 2018 that saw the billionaire tycoon snap up some of Britain’s largest high street chains. The Sports Direct owner, who is reportedly now in talks to add beleaguered music retailer HMV to his growing estate, bought House [...]
Personal insolvencies reach seven-year high as credit squeezed and wages stagnate January 29, 2019 The number of people in England and Wales turning to insolvency to deal with debt problems has risen to a seven-year high as consumer credit tightens and wages stagnate. There were 34,108 individual insolvencies in the fourth quarter, an increase of 34.8 per cent on the third quarter. In 2018 the number of people who [...]
JD Sports owner heads list of the UK’s top 50 taxpayers January 27, 2019 Financiers, hedge fund managers and housebuilders dominated a new list revealing the UK’s biggest taxpayers, published on Sunday. The Sunday Times tax list, which also includes high profile names such as David and Victoria Beckham, estimates the amount of tax paid to HMRC by the UK’s wealthiest people based on publicly available information. Read more: The [...]
Sports Direct and Intu strike deal to save four House of Fraser sites January 22, 2019 Four House of Fraser stores have been brought back from the brink of closure following a deal struck between Sports Direct and shopping centre landlord Intu. Last-minute talks between Mike Ashley’s sportswear firm and Intu Properties has led to department stores in Norwich, Thurrock, Gateshead and Nottingham being saved, having previously been earmarked for closure. More [...]
House of Fraser suffers 60 per cent sales drop in run-up to Christmas January 21, 2019 House of Fraser has reportedly suffered a dive in sales over the crucial Christmas trading season, in a fresh sign of the woes facing the beleaguered department store chain. Year-on-year sales plunged 60 per cent in the 12 weeks to 18 December, according to Kantar Worldpanel figures reported in The Sunday Telegraph. It is the [...]
JD Sports eyes strong profits thanks to international expansion January 14, 2019 JD Sports today said it expects full-year profits to hit the higher end of its targets as international growth helped defy tough retail conditions. The sports retailer reported total sales growth of 15 per cent in the 48 weeks to 5 January, with like-for-like sales up five per cent in the same period. Read more: Retail [...]
Debenhams chairman tells Mike Ashley to make a bid for the chain amid loan row December 16, 2018 The chairman of Debenhams has told Sports Direct owner Mike Ashley to make a bid for the entire department store chain if he is serious about taking control of the company. Sir Ian Cheshire today issued an ultimatum to the tycoon, who holds a 30 per cent stake in the struggling department store, amid a [...]