Fashion platform Lyst raises $85m ahead of public listing May 12, 2021 Fashion platform Lyst has raised $85m ahead of its initial public offering as users jumped to 150m. New investors in the ecommerce app include funds managed by Fidelity International, Novator Capital, Giano Capital and C4 Ventures, alongside existing backers Draper Esprit, 14W, Accel, Balderton Capital, Venrex and LVMH. Entrepreneur and strategic advisor Carmen Busquets, who [...]
US investment giant to take London-listed UDG Healthcare private in £2.6bn deal May 12, 2021 UDG Healthcare, the Dublin-based health services group, is set to go private after a subsidiary of US private equity giant Clayton, Dubilier & Rice made a £2.6bn cash offer to buy the firm. Nenelite, an Ireland-based affiliate of Clayton, Dubilier & Rice, today announced the proposed deal, which is subject to shareholder approval and is [...]
Catering group Compass sounds optimistic note despite pandemic eating into sales and profit May 12, 2021 Catering company Compass Group suffered a sharp drop in revenue and profit in the first half of the year but sounded a positive note on its future prospects this morning. Compass’ revenue dropped 32.4 per cent from £12.48bn to £8.44bn in the six months ended 31 March due to the impact of coronavirus restrictions on [...]
London rents fall to most affordable level in a decade May 12, 2021 London rents have fallen to their most affordable level in a decade due to a drop off in demand during the pandemic. While demand has ticked up since lockdown restrictions have lifted – by seven per cent in inner London – affordability is running at a ten-year high. Rental prices in London are down 9.4 [...]
Queen’s Speech planning reforms to make building new housing developments easier May 11, 2021 The government’s planning reforms are expected to be unveiled today when the Queen delivers a speech opening a new session of parliament this morning. The speech will reportedly include legislation on reform of the planning system to allow more new homes to be built on undeveloped land. It comes as the Conservatives aim to expand [...]
Morrisons online sales continue to soar despite lockdown easing May 11, 2021 Morrisons said online sales have continued to soar this year despite the lifting of lockdown restrictions. In an update this morning the supermarket chain said online sales were up 113 per cent in the 14 weeks ended 9 May compared to the same period last year. Internet sales helped boost group like-for-like sales excluding fuel [...]
Coca Cola: ‘Optimism ahead’ for soft drink giant’s Europe business May 11, 2021 Coca Cola said there is “optimism ahead” for its businesses in Europe, Australia and New Zealand as the coronavirus conditions begin to improve across the regions. In the first quarter total revenue fell four per cent to €3,09bn, dragged down by a 7.5 per cent dip in European sales, which dropped to €2.29bn. However, the [...]
Joules expects to beat profit and sales forecasts after PM confirms further lockdown lifting May 11, 2021 Fashion retailer Joules this morning said it expects to beat profit and revenue forecasts for this year following the confirmation that coronavirus restrictions will ease further next week. The brand said revenue and profit before tax before exceptional items will come in higher than the current analyst consensus of £187m and £4.1m respectively. It said [...]
Landlords vs retailers: What the New Look legal case means for future of CVAs May 10, 2021 New Look today defeated a legal challenge to its restructuring plan by a group of its landlords in a landmark case that experts say will clear the way for other retailers to use Company Voluntary Arrangements to combat the impact of the pandemic. The ruling is likely to deepen tensions between tenants and landlords, as [...]
New Look landlords lose legal battle against retailer’s restructuring plan May 10, 2021 New Look landlords have today lost their legal battle against the high street retailer’s restructuring plan. The High Court ruled against the group of landlords that had challenged New Look’s company voluntary arrangement. The retailer launched its second CVA within two years last September after its sales suffered during the coronavirus pandemic. New Look’s proposal [...]
