Edinburgh Woollen Mill posts strong profits ahead of potential Bonmarche deal December 4, 2019 Philip Day’s Edinburgh Woollen Mill Group reported strong profits in its latest financial update as the billionaire businessman eyes potential acquisitions for his high street empire. The group, which includes brands such as Peacocks, Jaeger and Austin Reed, reported profit after tax of £23.4m in the 27 weeks to 2 March, on revenue of £327.14m. [...]
Billionaire businessman Surinder Arora warns Labour tax plans could scare businesses away from UK December 3, 2019 Billionaire businessman Surinder Arora has hit out at Labour’s plans to increase taxation on corporations and wealthy individuals, saying the proposals could drive businesses and investors away from the UK. Arora – who came to the UK from Punjab at the age of 12 before establishing hotel operator Arora Group – warned a Labour victory [...]
High street retailers urged to offer opt-out option for ‘buy now, pay later’ plans December 3, 2019 High street retailers have been urged to allow shoppers to opt-out of being shown “buy now, pay later” options, over concerns that the easily accessible credit could push vulnerable people into unaffordable debt. The Money and Mental Health Policy Institute, an initiative set up by personal finance guru Martin Lewis, said retailers should “help people [...]
Pakistani property tycoon Malik Riaz Hussain agrees £190m settlement with UK authorities December 3, 2019 Pakistani property tycoon Malik Riaz Hussain has agreed to hand over £190m to UK authorities, following allegations that the funds could have been proceeds of crime. The National Crime Agency said today it had reached a settlement with Hussian, who owns development company Bahria Town – one of the largest private sector employers in Pakistan [...]
Brexit disruption ‘to spark activist investor interest’ in UK December 3, 2019 Disruption from Brexit could spark an increase in activist investors targeting public companies in the UK, a new report has warned. The UK, which is already Europe’s largest market for activists, is at risk of drawing more attention from investors looking to pile the pressure on management over the coming year. Read more: EU finance [...]
Black Friday 2019: Sales up in November after discount event December 3, 2019 Retail sales increased last month thanks to a bumper Black Friday, as shoppers made the most of the pre-Christmas discounting event. November sales figures – adjusted for Black Friday, which fell outside of the British Retail Consortium’s standard recording period – showed 0.9 per cent growth compared to last year. Read more: Black Friday spending [...]
Private equity firms rule out increasing Inmarsat bid ahead of High Court hearing December 2, 2019 The private equity consortium seeking to buy British satellite company Inmarsat has refused to up its bid or extend its expiration date ahead of a High Court hearing tomorrow, despite a legal challenge that could see the deal collapse. Connect Bidco, a consortium involving Apax Partners, Warburg Pincus, Canada Pension Plan and Ontario Teachers’ Pension [...]
Food delivery apps serve up extra £400m in restaurant revenue December 2, 2019 Food delivery apps such as Deliveroo, Just Eat and Uber Eats are serving up an extra £400m in revenue for European restaurants, according to a new report. Third-party platforms, that customers can use to order food from a variety of restaurants, have also increased profit across the Europe’s restaurant sector, with venues in London seeing [...]
Wework rival Rocketspace exits UK December 2, 2019 Wework rival Rocketspace is planning to pull out of the UK and will close its London co-working office by next year. The San Francisco-based firm, which rented out space to London freelancers and start-up businesses at a shared office in Islington, said it has decided to “cease operations in the UK”. Read more: The big [...]
Huawei CFO Meng Wanzhou details life on bail December 2, 2019 Huawei’s finance chief, who was arrested in Canada a year ago, has penned an open letter detailing her life since her arrest, which includes taking up oil painting and reading more books. Meng Wanzhou, the daughter of Huawei founder Ren Zhengfei, also thanked her supporters, saying her “heart has been warmed” by their encouragement. Read [...]
