Mothercare looks overseas as UK business shrinks July 19, 2012 Baby products retailer Mothercare, facing intensifying competition in Britain, said its overseas sales rose 11 percent in the first quarter, contrasting with a more than 10 per cent fall in total sales in its home market. The company, which also sells maternity wear, said comparable sales in the UK fell 6.7 per cent in the [...]
Coller raises $5.5bn to buy private equity assets July 19, 2012 Coller Capital has raised $5.5bn (£3.5bn) to buy private equity investments from banks and other investors, tapping into a growing niche that has seen some of the biggest pools of capital raised by buyout firms over the last year. As traditional private equity groups have found new capital hard to raise and deals tough to [...]
UK retail sales edge up July 19, 2012 UK retail sales edged up by just 0.1 per cent in June from the month before, official figures have shown. The Office for National Statistics (ONS) said that the dire weather in June had contributed to a contraction in sales in the food sector. Sales volumes were up 1.6 per cent compared with June 2011.
Sports Direct profit soars July 19, 2012 Sports Direct posted a strong rise in full year profit boosted by buoyant online sales, which helped it win market share from rivals. The sports retailer, controlled by billionaire Newcastle United soccer club owner Mike Ashley, on Thursday said its underlying pretax profit rose 17.3 per cent to £162.1m in the 53 weeks to 29 [...]
Halfords chief executive steps down July 19, 2012 Halfords said its chief executive David Wild is stepping down and has reported falling sales after the wet weather hit trading. Wild is to leave the car accessories and bicycle retailer with immediate effect, and chairman Dennnis Millard will take over the role until a successor is found. Halfords said like-for-like revenues fell 5.6 per [...]
Kingfisher sales pick up July 19, 2012 Kingfisher, Europe’s biggest home improvement retailer, said underlying sales recovered in its second quarter, showing its resilience in the economic downturn even though heavy rain put British and French shoppers off buying seasonal ranges. The firm, which runs the market-leading B&Q chain in Britain as well as Castorama and Brico Depot in France and elsewhere, [...]
Lloyds agrees sale of 632 branches to Co-Op July 19, 2012 Lloyds Banking Group has agreed the sale of 632 branches to the Co-Operative Group, concluding a process aimed at boosting competition in British high-street banking and streamlining its business at the behest of regulators. Lloyds – which is 40 per cent owned by the government – said the Co-Op would pay £350m for the branches [...]
Green caught up in HSBC scandal July 18, 2012 GOVERNMENT minister Lord Green was last night dragged into the scandal surrounding HSBC after the Labour party said the peer has “serious questions to answer” regarding his time in charge of the bank. Green was chief executive of HSBC between 2003 and 2006, then chairman until 2010. During this period some of HSBC’s clients were involved [...]
BP closer to selling out in Russia July 18, 2012 BP’S plan to rid itself of troublesome Russian venture TNK-BP took another twist yesterday, as the oil firm agreed to sit down with its oligarch partners to discuss a sale. Alfa Access-Renova, the vehicle used by the Russian tycoons to control half of TNK-BP, said yesterday it would use its right to first refusal on [...]
Cameron pledges to take back G4S Olympic money July 18, 2012 THE GOVERNMENT will activate all possible clauses in G4S’s Olympic security contract to claw back money from the firm, including the £57m management fee it has refused to give up, David Cameron and sports minister Hugh Robertson vowed yesterday. Speaking during a trip to Afghanistan, Prime Minister Cameron said his government will “go after” G4S [...]
