Investec has warned exposure to Poundland owner Steinhoff could hit profits December 11, 2017 Investec has warned its exposure to troubled South African retail giant Steinhoff could knock as much as three per cent off its profit. In a statement aimed at quelling fears from investors, the lender said its exposure to scandal-hit Steinhoff, whose shares collapsed last week after its chief executive resigned, represents a “small portion” of [...]
Poundland share price crash: Discounter’s owner Steinhoff share price drops another 28 per cent December 7, 2017 Shares in Steinhoff, the owner of Poundland, have dropped another 32 per cent this morning, following yesterday’s crash. The South Africa-listed stock plummeted by 66 per cent on Wednesday after the chief executive quit amid reports of an accounting probe. Steinhoff shares have fallen off a cliff (Source: Investing.com) Marcus Jooste stood down after Steinhoff [...]
Poundland share price crash: Discount group’s owner Steinhoff slashed by more than 66 per cent as CEO quits amid accounting probe December 6, 2017 Shares in Steinhoff, Poundland’s South Africa-listed owner, have plummeted this morning as its chief executive quit amid news of an accounting probe. Markus Jooste announced his resignation with immediate effect late last night, as the company announced that “new information has come to light” relating to “accounting irregularities requiring further investigation”. Steinhoff’s board said that, [...]
Poundworld founder Chris Edwards to head up rival Poundstretcher October 15, 2017 Struggling bargain retailer Poundstretcher is set to be taken over by the founder of one of its main competitors, Poundworld. Chris Edwards, who founded Poundworld in 1974, is in line to become chief executive of Poundstretcher, the Sunday Times reported yesterday. Poundworld sold a majority stake to American private equity firm TPG in 2015 for [...]
Trouble in store: More pain on the way for UK retail April 10, 2017 A triple-blow of tax hikes, rising costs and a squeeze on consumer spending is threatening to wipe out thousands of British retailers, with a string of familiar high street names expected to fall into administration this year. Nearly 23,000 retailers were under significant financial stress at the end of the first quarter according to insolvency [...]
Ultimate Products’ London IPO has been priced at £105m ahead of it joining the main market next week March 1, 2017 Ultimate Products' offer price has been set at 128p, which will equate to a market capitalisation of approximately £105.2m. The offer comprises 41,084,800 shares, representing 50 per cent of the company’s issued share capital on admission. Shore Capital is acting as sponsor, global co-ordinator and bookrunner to the Company, and Cenkos is acting as joint bookrunner. [...]
Consumer goods group Ultimate Products heads for a £100m-plus IPO in the next few days March 1, 2017 Ultimate Products, the innovative consumer goods group, is set for a £100m-plus IPO in London within days. It will list on the main market under the name of UP Global Sourcing Holdings. The IPO’s pricing could take place as early as today. The placing is understood to be substantially oversubscribed with investors taking part believed [...]
Tescooker? Everything you need to know about Tesco eating Booker January 27, 2017 The UK's largest supermarket, Tesco, announced this morning that it will merge with wholesaler and convenience store supplier Booker Group. Share pries for both companies flew, with Tesco finishing the day nine per cent higher, at 206.3p, while Booker rose 16 per cent to 212.3p – above Tesco's offer price. Here's everything you need to know about the [...]
Sainsbury’s chairman lambasted for using staff to revamp country home January 23, 2017 Sainsbury's chairman David Tyler has been taken to task by the company board for using a supermarket employee and supplier to help refurbish his country home in East Sussex. Tyler, who was appointed chairman in 2009, was given a warning by the board after an internal investigation found that a Sainsbury's employee and supplier helped in [...]
City Moves for 19 January 2017 | Who’s switching jobs January 19, 2017 GFT Technologies Christian Ball has been appointed head of retail across the Atlantic region at GFT, a provider of business, technology and design consulting to global banks. Christian brings extensive experience with him to spearhead GFT’s retail banking team and is joining the firm from Meniga, one of the top-performing fintech companies in Europe. In the [...]