Tesco prepares for boardroom revamp after £250m profit error October 5, 2014 Tesco is to shake up its board as part of new chief executive Dave Lewis’ efforts to restore the supermarket’s credibility after an accounting error that led it to overstate its profits by £250m. The retailer is expected to appoint a number of new non-executives to the board, which is led by chairman Sir Richard [...]
Yahoo in talks to invest in Snapchat app October 5, 2014 Yahoo is in talks to use part of its war chest from selling down its stake in Alibaba to invest in photo messaging app Snapchat. The start-up, which was launched in 2011 by three Stanford University students, is in the process of raising a new round of investment valuing it at around $10bn (£6bn). Yahoo [...]
Sainsbury’s new boss Mike Coupe blames “perfect storm” for sales drop October 1, 2014 Sainsbury's new chief executive said that a “perfect storm” of effects had plunged sales further into the red in the second quarter as the supermarket retailer cut its full-year sales forecast and warned that it might review its dividend. In his first official trading update since taking over from Justin King in July, Mike [...]
UK finance watchdog launches probe into Tesco’s profit debacle October 1, 2014 Tesco was put under further pressure yesterday after the Financial Conduct Authority (FCA) said it had launched a full investigation into the Tesco accounting scandal that had knocked £4bn off its market value. Britain’s biggest supermarket stunned the City after revealing last week that it had overstated first-half profits by £250m. The accounting error, which [...]
Shares in high street retailers cool on Next’s warm weather warning September 30, 2014 SHARES in the UK’s biggest clothing retailers slumped yesterday after industry bellwether Next warned it might have to cut its profit forecast if the warm weather continued. Next said third-quarter sales to date were up six per cent rather than the 10 per cent it had forecast as the mild September weather deterred shoppers from [...]
Endless Capital sells Kiddicare two months after £2m takeover September 30, 2014 ENDLESS Capital has sold Kiddicare to online retailer Worldstores just two months after buying the mother and baby products site for £2m from Morrisons. The turnaround specialist bought Kiddicare in July after Morrisons’ disastrous ownership of the site. The Yorkshire-based grocer bought Kiddicare in 2011 for £70m as part of its bid to build its [...]
Morrisons exec is charged with insider dealing September 29, 2014 MORRISONS’ former treasurer and head of tax has been charged with insider dealing ahead of the retailer’s £216m tie-up with Ocado last year. The Financial Conduct Authority (FCA) said yesterday it had charged Paul Coyle with two offences of insider dealing. He will now face criminal proceeding and is set to appear before Harrogate Magistrates’ [...]
Aldi undaunted by price war as profits surge September 29, 2014 GERMAN discounter Aldi said yesterday that the supermarket price war was helping to drive more customers into its shops as it reported a 65 per cent jump in full-year profits. The retailer, together with its German peer Lidl, has been stealing market share from the big four supermarkets as it ramps up its presence in [...]
Conservative think tank The Bow Group boycotts party conference September 28, 2014 The Tory high command was dealt a blow last night after the UK’s oldest Conservative think tank snubbed the annual party conference to launch a manifesto with Boris Johnson. The Bow Group, which was set up in 1951 and counts former cabinet minister Lord Howe amongst its members, accused the Conservative party conference of being [...]
Trophy deals help fuel profits at Knight Frank September 28, 2014 SECURING trophy buildings for cash-rich investors helped Knight Frank deliver record sales and profits last year, the property agency said today. The firm, which is owned by its partners and operates 335 offices in 52 countries, saw profits jumped by 33 per cent in the year to £136.6m in the year to 31 March compared [...]
