Boohoo: Struggling retailer faces shareholder revolt over boss’s £650k bonus June 19, 2023 Boohoo is facing a shareholder revolt at its upcoming AGM this week as tension brews over hefty bonuses handed to executives. The Manchester-based fast-fashion business‘s share price fall 2.13 per cent this morning, after Institutional Shareholder Services (ISS) asked investors to oppose the pay report following a decision to hike bonuses. “tThere is no compelling [...]
Coco-Cola HBC share price knocked after drinks giant snaps up vodka group for £172m June 19, 2023 Coca-Cola HBC, the bottler of Coca-Cola products, has seen its share price knocked after it revealed plans to snap up a Finland-based Vodka group for $220m (£172m). The soft-drink company’s latest move comes as it looks to expand its presence within the alcoholic drinks market, while already bottling popular Italian apéritif Aperol. Today it revealed [...]
BAT shakes up top team as it ploughs ahead with growth through cigarette alternatives June 19, 2023 Lucky Strike maker British American Tobacco (BAT) has shaken up top level management with a string o senior appointments – including a new chief operating officer. The rejuvenation of its top team follows the departure of the group’s ex chief executive Jack Bowels who was replaced by Tadu Marroco. Marroco, the firm’s former finance director [...]
Online retail firms in trouble as punters turn back to the high street June 19, 2023 E-commerce retailers which were bolstered by Brits stuck at home during the pandemic are now going bust, a new report shows, as the cost of living crisis continues to eat away at businesses. The number of insolvencies of UK e-commerce businesses rose 71 per cent to 529 in the past year, up from 309 in [...]
More lenders expected to hike mortgage rates following HSBC, brokers warn June 15, 2023 More and more lenders are set to increase rates on mortgages, brokers have warned, as the fallout from the Bank of England’s rate rise continues to devastate homeowners. The fresh blow to the housing sector comes as HSBC pushed mortgage rates up for the second time in one week in an unprecedented move for the [...]
‘London buzzing’: City pub favourite Fuller’s boosted by summer drinking as workers return to office June 15, 2023 The chief executive of Fuller’s has said London is “buzzing” with activity as sunny spells and a return to office working has helped boost business trade. Simon Emeny, Fuller’s’ chief reported an increase in corporate booking across its almost 400 strong pub estate as employees returned to the office post-pandemic. The pub chain also reported [...]
Asos drive to turn “stock into cash” by buying less and flogging discounted old items June 15, 2023 Asos is buying less stock and ramping up sales of its current items in the latest efforts to boost profit, as the struggling online retailer steams ahead with its turnaround plan – posting a £20m rise in earnings. The fashion brand said it is on-track to deliver adjusted earnings before interest and taxes (EBIT) guidance [...]
Edinburgh Woollen Mill Group still owes £167m to unsecured creditors following collapse June 14, 2023 Philip Day’s Edinburgh Woollen Mill Group empire is understood to still owe money to unsecured creditors following its collapse almost three years ago. The cluster of retail assets, which included Jaeger, Peacocks, Bonmarché, and Edinburgh Woollen Mill, fell into administration in 2020 after sales declined during the pandemic. However, administrator reports for the brands now [...]
Robert Walters: Share price plunges for recruitment giant after warning of ‘significantly’ lower profits June 14, 2023 Global recruitment agency Robert Walters shares nosedived this morning when markets opened as the staffing firm warned that its profits for the year would be “significantly” lower than previously anticipated. Shares in the London-listed recruiter plunged by 15 per cent, however they have now clawed back to around 13 per cent, as the group posted [...]
Pyrex maker files for US bankruptcy after inflation and high rates batter sales June 14, 2023 The maker of Pyrex and Instant Pot has filed for Chapter 11 bankruptcy as dwindling sales and high inflation have battered the business. Instant Brands, which is US owned, is said to have much as $1bn (£790m) in liabilities. Instant Brand, which trades in John Lewis and Argos for upwards of £180, was impacted by [...]
