M&S appoints strategy and transformation director February 5, 2020 Marks & Spencer has appointed a new chief strategy and transformation director as the retailer seeks to improve the performance of its key clothing and home division. Former Dixons Carphone UK and Ireland boss Katie Bickerstaffe, currently a non-executive director at the high street chain, will take up the new role on 27 April. Bickerstaffe, [...]
Mike Lynch arrest: Autonomy CEO submits himself for arrest in US extradition case February 5, 2020 Autonomy founder Mike Lynch has this morning submitted himself for arrest in what his legal team said is a formality triggered by a US extradition request. Lynch – who is facing charges of securities fraud, wire fraud and conspiracy in the US related to the 2011 sale of Autonomy to Hewlett Packard (HP) – has [...]
Retail bosses call for £6bn corporation tax hike to fund business rates cut February 5, 2020 Retail bosses are preparing to urge the Treasury to increase corporation tax in order to cut business rates by £6bn in a bid to save the UK’s struggling high streets. The recommendation to the government will be made in a report by a sub-committee of the Retail Sector Council, due to be shared in the [...]
Poundland-owner Pepco’s boss says sale ‘almost inevitable’ February 5, 2020 The chief executive of Poundland-owner Pepco Group said it is “almost inevitable” the company will be sold, as the retailer updated the market on its strong Christmas trading last year. Pepco Group boss Andy Bond said it is likely that its owner Steinhoff will sell the firm, adding he is “genuinely open minded” on the [...]
Housebuilder Redrow’s profit falls 15 per cent February 5, 2020 Housebuilder Redrow hailed what it called a “robust” performance in the six months to December, despite posting a 15 per cent fall in profit amid “an uncertain political and economic background”. The figures Redrow revealed profit before tax sank 15 per cent year on year to £157m in the first half of its 2020 financial [...]
Investment in UK supermarket property surges to six-year high February 5, 2020 UK supermarket property deal value surged to a six year high last year as investors targeted retail real estate with steady returns. According to the latest research, property investors pumped £1.78bn into the UK supermarket sector in 2019, an 80 per cent jump on the previous year. There were 48 transactions during the year, up [...]
Investors plan to plough billions into UK real estate February 4, 2020 Real estate investors are planning to invest billions of pounds into UK property this year, after the General Election offered some clarity on Britain’s departure from the EU. Investment in the UK’s property market had slowed following the vote to leave the EU more than three years ago. However, the recent Conservative election victory has [...]
New John Lewis boss makes first key hire February 4, 2020 Former Ofcom boss Sharon White has made her first key hire as she takes over as chairman of struggling department store John Lewis. Nina Bhatia has been appointed executive director of strategy and commercial development following a reshuffle of the partnership’s structure. Bhatia, who was most recently managing director at home energy management company Hive [...]
Ferguson to consult shareholders on US listing plans February 4, 2020 Plumbing company Ferguson has launched a consultation with shareholders as it mulls a US listing following the demerger of its UK division Wolseley. Ferguson is considering two listing structures, one which would see it seek an additional listing of its shares on a major US stock exchange while remaining part of the FTSE 100. The [...]
Ikea is closing its first big UK store February 4, 2020 Ikea is preparing to close its Coventry store this year, which will be the first time it has shuttered a large site in the UK since its launch in the country 33 years ago. More than 350 jobs are at risk following the decision, which Ikea said was due to the “changing behaviour of customers [...]
