Analyst Views | Does Hays’ quarterly performance bode well for the future? October 9, 2012 HENRY CARVER PEEL HUNT The first quarter update reads better than recent statements from the peer group, but trading conditions are still difficult and the outlook is still highly uncertain… With no catalysts on the horizon and risk to forecasts remaining on the downside we maintain our “sell” recommendation. STEVE WOOLF NUMIS Hays’ first quarter [...]
Wolseley buys US plumbing firm October 9, 2012 Wolseley, the FTSE-listed builders’ merchant, has stepped up its US expansion after announcing yesterday it has acquired Davis & Warshow, a New-York-based plumbing supplier, for £49m. Davis & Warshow’s 11 sites will be intergated into its US Blended Branches business. Chief executive Ian Meakins said: “The acquistion… allows us to enter the greater New York [...]
B&Q cuts 220 head office jobs October 9, 2012 DIY retailer B&Q is set to make 220 workers redundant at its head office in Hampshire as part of a move to create a more “agile, omnichannel retailer”. The job cuts stem from the group’s “Martini” plan launched in 2009 by its parent company Kingfisher to reduce costs and improve customer service in stores and [...]
Mitie buys home care provider October 9, 2012 Bristol-based outsourcing company Mitie yesterday announced it had acquired the UK’s fourth largest home care service provider Enara from August Equity and Enara’s senior management for £110m. The deal was funded by bridge loans from existing investors and though costs of around £5m are expected to be incurred in the next 12 months to integrate [...]
Paralympic win for Sainsbury’s as its sales rise October 9, 2012 J SAINSBURY’S sponsorship of the Paralympic Games and Brand Match campaign has helped the British supermarket steal market share from its three biggest rivals. New figures from industry experts Kantar Worldpanel showed that Sainsbury’s sales rose 5.6 per cent in the 12 weeks to 30 September, boosting its share of the UK grocery market to [...]
Justin King hits out at Osborne October 9, 2012 SAINSBURY’S chief executive Justin King has criticised chancellor George Osborne’s plan to allow employees to swap workplace rights for shares in their firms. The supermarket boss told a retail conference that the plan is “not what we should be doing”, adding that such a scheme would destroy trust between the public and some of Britain’s [...]
McLoughlin is upbeat on HS2 October 9, 2012 TRANSPORT secretary Patrick McLoughlin insisted yesterday that the failure of the West Coast franchise competition will not scupper the chances of the High Speed 2 route linking London to the north. He told an event at the Conservative conference that he would not review the case for HS2 in light of the franchise fiasco. McLoughlin [...]
Karen Millen opens first store in China October 9, 2012 KAREN MILLEN opened its first store in China today as part of its ambitious plans to roll-out 60 stores across the country over the next five years. The fashion chain, which has 350 stores and concessions worldwide, also revealed plans to launch a local language website in spring next year along with a second store, [...]
Ryanair bows out of Stansted Airport auction October 9, 2012 RYANAIR yesterday dropped its efforts to buy a stake in Stansted, blaming the airport’s owner Ferrovial for refusing to engage. The budget carrier has written to all of its potential bidding partners to withdraw from the process, citing “Ferrovial’s decision to exclude Ryanair from the Stansted sale”. Ryanair had been looking to take a 25 [...]
West Coast train disaster highlights Virgin’s appeal October 9, 2012 LAST Wednesday the government scrapped the award of the West Coast Mainline franchise to First Group. Although the public will take a dim view of the technical flaws in the bidding process (by 51 per cent to 18 per cent in a YouGov/Sunday Times poll they thought former transport secretary Justine Greening should resign) there [...]
