Private equity firms add Polish auction site to their basket for £2.7bn October 14, 2016 A consortium of private equity companies has announced the acquisition of Polish auction website Allegro. Cinven, Permira and Mid Europa this afternoon unveiled a $3.25bn (£2.66bn) deal to buy the company from South Africa's Naspers Limited. Read more: Stock Spirits appoints new chief exec and refocuses business on Poland Allegro, described as Poland’s eBay, was founded in 1999 and [...]
M&S pay row: Marks and Spencer faces £100m bill for pension changes and payments to cushion pay cut pain October 14, 2016 Marks and Spencer is making a payout of at least £100m to its employees to cushion the pain of the pay cuts and as part of pension changes it is introducing for shop staff. The retailer is cutting benefits to shop staff such as premium pay on Sunday and Bank Holidays following the introduction of the [...]
Law firm claims “dramatic victory” in its fight to gain equal pay for women working at Asda October 14, 2016 Law firm Leigh Day has claimed a "dramatic victory" in its fight to gain equal pay for women working at Asda. Employment Judge Ryan has ruled that women in Asda stores will be able to compare themselves to higher-paid men working in the supermarket's distribution centres. Read more: M&S makes £100m payout to employees to cushion [...]
Former William Hill boss Ralph Topping slams plans to merge with Canada-based gambling group Amaya October 14, 2016 Former William Hill chief executive has called on the bookmaker's current management staff to axe plans to conduct a £4.5bn merger with Canadian online betting giant Amaya. Ralph Topping, who led the company for eight years before departing in 2014, said he "fully support[s]" majority shareholder Parvus Asset Management, which yesterday slammed a possible deal, saying it [...]
The fall in sterling has given the UK’s cosmetic surgery sector a facelift October 14, 2016 While the still-falling value of sterling has worried many sectors of the UK's economy, the cosmetic surgery industry has received a veritable lift from the weaker pound. Cosmetic surgery clinics are booming off the back of the Brexit vote and subsequent currency hit, as plastic surgery tourism to UK clinics has been made "considerably more [...]
Forget pumpkin spice lattes, now you can get beer in your Starbucks coffee with its Espresso Cloud IPA October 14, 2016 Forget pumpkin spice lattes and Christmas-themed cappuccinos, Starbucks has taken its drink innovation to a whole new level this autumn – though it might be one you want to skip for your 8am coffee. Coffee lovers and craft beer aficionados might want to stop reading now – some of you might find this news a little difficult [...]
Mountain Warehouse takes a hike on IPO plans as half-year sales double October 14, 2016 Outdoors retailer Mountain Warehouse abandoned plans to float in London before the EU referendum, the group revealed today. Despite initial discussions showing there was strong investor interest, the company ditched the idea in the early summer. Its decision was confirmed as the better move, a source close to the company said, after the pro-Brexit referendum [...]
Elegant Hotels announces second dividend but bookings hit over the summer by “political uncertainties” in the UK October 14, 2016 Caribbean tourism group Elegant Hotels has announced it will pay out another dividend in February despite its booking feeling the effects of a summer of "political uncertainty" in the UK. In addition to an interim divi for the period to 30 September of 3.5p per share, Elegant Hotels will also pay a second divi also [...]
Marmitegate: A typical story of belligerent boardrooms October 14, 2016 Marmitegate – it divided the nation. You might even say it spread fear. Either way, Tesco revealed last night that it has resolved its feud with Unilever, producer of everything from Marmite to Ben & Jerry’s ice cream, after the consumer goods giant tried to impose a blanket 10 per cent price hike on its products due [...]
Marmitegate is the “thin end of the wedge” for the retail industry October 14, 2016 Tesco and Unilever's public price war is the "thin edge of the wedge" for the retail sector after the Brexit vote, analysts have said, as the prospect of higher import costs and job losses weigh on the industry. Unilever has used the fall of sterling after the Brexit vote as a basis for increasing its prices for [...]