Debenhams prepares to ask lenders for extra £50m lifeline July 18, 2019 Debenhams is preparing to ask lenders for an additional £50m lifeline as it approaches the critical Christmas trading period. The department store, which was taken over by its lenders after it fell into administration three months ago, could require access to additional borrowing facilities as soon as this autumn, Sky News reported. Read more: Debenhams [...]
Asos profit warning: Three factors behind online retailer’s fall from grace July 18, 2019 Shares in fast fashion retailer Asos plummeted this morning as the online marketplace warned that profits will be lower than expected this year. The company blamed this morning’s profit warning – its second in just over six months – on operational issues at new warehouse facilities in Europe and the US. Operational issues plague retail [...]
Slug and Lettuce owner Stonegate Pub Company to pay £1.3bn for Ei Group July 18, 2019 Slug and Lettuce owner Stonegate Pubs announced this morning it has bought Ei Group, the largest owner and operator of pubs in the UK, for £1.3bn. Stonegate, which also owns pub chains Walkabout and Yates, will offer 285p in cash for each Ei share, a premium of more than 38 per cent on Wednesday’s close. [...]
Michel Barnier: UK will ‘face consequences’ of no-deal Brexit July 18, 2019 The EU’s chief Brexit negotiator has warned that the UK will have to “face the consequences” if it ends up leaving without a deal. Michel Barnier told the BBC that Theresa May’s deal, which was rejected three times by parliament, was the only way for Britain to exit the EU in “an orderly manner”. Read [...]
Premier Foods pay report passes despite shareholder anger July 17, 2019 Mr Kipling owner Premier Foods passed its executive pay recommendations this afternoon despite frustrated shareholders’ anger at the state of the company. Shareholder advisory firm ISS had recommended that investors oppose the remuneration report after the company paid former chief executive Gavin Darby a full salary of £864,000 in lieu of his notice period. Read [...]
Tory MP slams ‘con-artist’ Persimmon over Help to Buy faults July 17, 2019 A Conservative MP has branded property developer Persimmon a group of “crooks, cowboys and con-artists” after faults emerged in Help to Buy homes built by the firm. Speaking during Prime Minister’s Questions this afternoon Robert Halfon MP said he had met with constituents living in homes built by Persimmon that were “shoddily built, with severe [...]
Elon Musk reveals plans to connect human brains to computers July 17, 2019 Billionaire Elon Musk yesterday revealed plans to develop technology to allow human brains to connect with computers. Secretive “brain-machine interface” firm Neuralink was founded in 2017 to fight the “existential threat” of artificial intelligence developing further than humans. Read more: Tesla boss Elon Musk rebrands on Twitter as Daddy Dotcom At an event in California [...]
Activist investor Elliott takes stake in Saga July 17, 2019 US activist investor Elliott has taken a stake in troubled tourism and insurance firm Saga in a move that could put pressure on management to boost returns. Shares in Saga were up 9.18 per cent this afternoon after it was revealed that Elliott Capital Advisors has disclosed a 5.14 per cent stake in the company. [...]
Mr Kipling sales soar as Premier Foods prepares for AGM July 17, 2019 Mr Kipling sales soared 10 per cent in the first quarter of the financial year, boosting the revenue of parent company Premier Foods. Overall group sales were up 1.1 per cent, and first quarter branded sales increased by 2.9 per cent, the company reported this morning. Read more: Mr Kipling owner Premier Foods facing shareholder [...]
US property firm challenges Arcadia restructuring plans July 16, 2019 Sir Philip Green’s Arcadia retail empire has been hit with a legal challenge from a US landlord over the company’s restructuring plans. US property company Vornado, which owns two Topshop stores in New York, has launched an offensive against the two of the retailer’s seven recently agreed company voluntary arrangements (CVAs). Read more: Pensions regulator [...]
