Reckitt Benckiser picks Pepsico executive for top job June 12, 2019 Pepsico’s chief commercial officer Laxman Narasimhan has been appointed as the new chief executive of Reckitt Benckiser, beating a selection of internal candidates. Narasimhan will join the consumer goods company, which owns brands such as Dettol and Nurofen, as an executive director from 16 July before succeeding Rakesh Kapoor as group chief executive on 1 [...]
Neil Woodford’s investment trust shares rise after slide triggered by fund suspension June 11, 2019 Neil Woodford’s listed investment trust’s stock rose this morning following a share price slide after the former star trader’s flagship fund was suspended. Shares in Woodford Patient Capital Trust were up more than eight per cent today. Read more: FCA chief Andrew Bailey calls on Woodford to waive management fees The suspension of Woodford’s Equity [...]
Crest Nicholson reports profit slump on Brexit uncertainty June 11, 2019 Crest Nicholson reported a fall in profits this morning as Brexit uncertainty kept house prices flat across the south of England. The figures Revenue was £501.9m, up seven per cent on half-year 2018 while profit before tax fell 11 per cent to 64.4m. Read more: Intu appoints ex-Crest Nicholson exec as finance chief The company [...]
FCA chief Andrew Bailey calls on Neil Woodford to waive management fees June 11, 2019 The head of the City regulator has called on Neil Woodford to waive management fees for investors in his suspended fund. Andrew Bailey, the chief executive of the Financial Conduct Authority, said Woodford should “consider his position” on the fees. Woodford has declined to cancel the charges, which Nicky Morgan MP said was a “huge [...]
Ted Baker shares slide as retailer warns on profits in ‘difficult trading conditions’ June 11, 2019 Ted Baker’s share price plunged 25 per cent this morning after the fashion retailer warned on profits amid “extremely difficult trading conditions”. The company said underlying profit before tax for the year ending 25 January 2020 is likely to be between £50m to £60m, compared to a company compiled consensus of £70.9m. Read more: Ted [...]
Ramen chain Tonkotsu eyes expansion with YFM backing June 11, 2019 Ramen restaurant Tonkotsu has received £5m of funding from investment firm YFM Equity Partners as it eyes expansion. YFM will take a minority stake in the Japanese-inspired restaurant chain as it expands its presence in London. Read more: Gordon Ramsay’s restaurant empire returns to profit The group will open restaurants in Peckham and Shoreditch this [...]
HG Capital targets £80m fundraise June 10, 2019 HG Capital Trust plans to raise £80m through a share placing to fund opportunities in an “attractive proprietary pipeline”. The FTSE 250 investment trust will issue 37m new ordinary shares at 217.1p each, representing around 10 per cent of its current issued share capital. The trust said its partners and staff are expected to invest [...]
UK agrees post-Brexit trade deal with South Korea June 10, 2019 The UK and South Korea have agreed to sign a free trade deal ahead of Britain’s departure from the European Union. Talks between international trade secretary Liam Fox and South Korean trade minister Yoo Myung-hee concluded in Seoul last night. Read more: Small businesses pessimistic over Brexit The in-principle agreement, which will be officially signed [...]
Thomas Cook shares take off on potential Fosun deal June 10, 2019 Thomas Cook shares soared more than 18 per cent this morning after the travel agent confirmed it was in talks with Fosun International over the sale of its tour operator business. The Chinese tourism company, which is Thomas Cook’s largest shareholder, has approached the company over a potential takeover. Read more: Fosun lines up bid [...]
FCA under scrutiny from MPs after Woodford suspension June 10, 2019 The City regulator has come under scrutiny from MPs over the suspension of Neil Woodford’s flagship fund. Nicky Morgan MP, chair of the treasury committee, wrote to the Financial Conduct Authority (FCA) today regarding last week’s suspension. Investors are unable to trade or withdraw money from the Woodford Equity Income Fund after it was frozen [...]
