Permira plans £400m Birds Eye refinancing July 8, 2012 Private equity house Permira is considering a refinancing of frozen food firm Birds Eye, which would land the firm a €500m (£397m) windfall. Under the terms of the refinancing, the level of Birds Eye’s debt would expand to almost €2bn from €1.4bn. Permira, which bought the UK-based frozen food producer from Unilever for €1.6bn in [...]
Firms more cautious on profits July 8, 2012 THE NUMBER of profit warnings issued by UK businesses fell 18 per cent in the second quarter of 2012, according to figures out yesterday from Ernst and Young – but only because firms are more cautious in their initial predictions, not because profits are improving. Sixty warnings were issued in the quarter, down from 73 [...]
Debenhams launches website in German to lure shoppers July 8, 2012 DEBENHAMS, Britain’s second largest department store group, revealed yesterday it is launching its first foreign language website in Germany as part of its ambitions to expand overseas. The retailer, which runs 164 stores in the UK and Ireland and the Magasin du Nord chain in Denmark, also plans to expand its international delivery service to [...]
M&S expected to reveal weak non-food sales July 8, 2012 RETAIL giant Marks & Spencer (M&S) is expected to announce weak first-quarter sales at its annual meeting tomorrow, after clothing sales were hit hard by the poor weather. A consensus forecast of 12 analysts compiled by the company predicts a 6.7 per cent drop in clothing and homeware sales compared to the same period last [...]
It’s not just any sales fall, it’s an M&S sales fall July 8, 2012 MARKS & SPENCER’s trading update tomorrow is likely to suggest that the high-street stalwart has been particularly weather-beaten in the first quarter of the year. Not only in the face of the wettest spring on record – which it is expected to blame for a 6.7 per cent decline in non-food sales – but also [...]
French may buy iconic British toy store Hamleys July 8, 2012 HAMLEYS may be sold to French retail group Groupe Ludendo, according to reports yesterday. Britain’s most famous toyshop is currently owned mainly by nationalised Icelandic bank Landsbanki, famous for running the Icesave deposit programme that defaulted in the financial crisis of late 2008. Landsbanki acquired its stake from retail investment group Baugur in a debt-for-equity [...]
High Street footfall drops as weather hits retail recovery July 8, 2012 FOOTFALL on Britain’s high streets fell by 5.5 per cent in June, hitting hopes that an increase in consumer spending could boost the economic recovery. Research released today by consumer monitoring firm Springboard blamed rain throughout the month, which has continued into July and is set to wipe out any potential boost from the Queen’s [...]
Valentino to go to Qatar July 8, 2012 THE EMIR of Qatar may buy Valentino from its private equity owners, Sky News said yesterday. The private equity firm Permira currently owns Valentino, having acquired the luxury Italian fashion brand near the top of the market, for €2.6bn (£2.1bn). The acquisition would see not only the eponymous Valentino label, but also Missoni changing owners. [...]
Stagecoach to launch luxury sleeper buses July 8, 2012 TRAVEL company Stagecoach is eyeing a move into upmarket transport through its budget bus brand Megabus. It has commissioned a 52ft double-decker bus, designed to carry passengers on inter-city journeys. It is understood that the buses, which will operate under the firm’s Megabus brand, will have luxury leather seats by day, and give way to [...]
Serious Fraud Office reopening probe into Weavering Capital July 8, 2012 THE Serious Fraud Office (SFO) has reopened its criminal investigation into the collapse of Weavering Capital in 2009 – 10 months after dropping the original probe. New director David Green called for the U-turn after a high court judge found Weavering Capital’s founder Magnus Peterson liable for deceit and breach of his fiduciary duties in [...]
