Studio Retail Group shares jump after £50m Findel sale December 16, 2019 Studio Retail Group announced it has sold its education business Findel for £50m, as it reported a slump in profits in its interim results following a spike in additional PPI claims. Shares in the company surged more than seven per cent after it announced Findel has been sold to the City of Wakefield Council as [...]
Rightmove: Tory election win will boost UK house prices by two per cent in 2020 December 16, 2019 UK house prices are expected to see a two per cent jump next year following the Conservative Party’s election victory. Prices will benefit from greater home-mover confidence, which has been weakened by political uncertainty since the 2016 EU referendum. However the latest research suggests the housing market will only return to full health when “Brexit [...]
Cineworld to buy Canadian operator for $2.1bn December 16, 2019 Cineworld has agreed to buy Canadian operator Cineplex for $2.1bn, the company announced this morning. The deal, which will add 165 cinemas and 1,695 screens to Cineworld’s portfolio, is subject to shareholder approval and is expected to complete in the first half of next year. Read more: Cineworld suffers from weak box officce as it [...]
New Look appoints ex-House of Fraser boss as CEO December 12, 2019 New Look has appointed former House of Fraser boss Nigel Oddy as chief executive, filling the top job for the first time in more than two years. Oddy, who joined the retailer as chief operating officer in April this year, will take on the role from the beginning of January 2020. Read more: New Look [...]
HP accuses Autonomy boss Mike Lynch of lying in $5bn fraud trial December 12, 2019 Hewlett-Packard (HP) today accused British businessman Mike Lynch of lying to the High Court when he gave evidence in his $5.1bn (£3.9bn) Autonomy fraud trial. HP is suing Lynch, the founder of software firm Autonomy, and his former finance chief Sushovan Hussain, over claims they falsely inflated the company’s revenue for two years before the [...]
Tossed owner Zest Food secures creditor backing for rescue plan December 12, 2019 Tossed owner Zest Food has secured the backing of its creditors to implement a rescue plan, which will allow its salad bar brand to continue to trade. The healthy fast food chain, which trades from 24 central London locations, said that no stores will need to close immediately, but it will seek to exit onerous [...]
Aberdeen Standard offloads largest property fund asset December 11, 2019 Aberdeen Standard Investments has offloaded the biggest asset in its property fund following a spike in investor redemptions. The asset management giant has sold The Moor shopping centre in Sheffield to New River real estate investment trust, after putting it on the market with an £89.4m price tag. Read more: Debate: Should illiquid assets be [...]
Mike Lynch $5bn fraud trial enters final stages December 11, 2019 British businessman Mike Lynch will face renewed scrutiny tomorrow as Hewlett-Packard kicks off its closing submissions in a $5.1bn fraud trial centred on its acquisition of software firm Autonomy. Hewlett-Packard is suing Lynch, the founder of software company Autonomy, and the firm’s former finance chief Sushovan Hussain, accusing the company of falsely inflating its revenue [...]
Supercuts secures rescue deal December 11, 2019 Budget hair salon chain Supercuts has secured a rescue deal, in a move that will save more than 1,000 jobs. Bushell Investment Group, owned by entrepreneur Lee Bushell, supported a management buy-out of the business and assets of Supercuts owner Regis UK. Around 60 sites are expected to close as part of the deal, with [...]
Amazon’s Deliveroo investment raises competition concerns, watchdog finds December 11, 2019 Amazon’s proposed investment in food delivery platform Deliveroo has been thrown off course after the competition watchdog said the deal raises serious concerns. The Competition and Markets Authority (CMA) today said the investment may require an in-depth investigation. Amazon led a $575m funding round in Deliveroo in May, however the CMA has put the brakes [...]
