Wonga and Poundworld scolded by ASA for misleading ads October 8, 2014 Troubled payday lender Wonga and value retailer Poundworld were rapped over the knuckles yesterday by the Advertising Standards Agency (ASA) for failing to include crucial price information in adverts. A Wonga advert failed to disclose the annual percentage rate on its loans, while Poundworld sells some items which cost more than a pound. Wonga has not advertised [...]
Sainsbury’s needs to shore up the shop – Bottom Line October 1, 2014 In business, timing is everything, and retail moves faster than most businesses. Justin King, Sainsbury’s ex-kingpin, seems to have grasped this better than most when he sailed off into the sunset earlier this year, just as the storm clouds were gathering over the supermarket. Under King’s helm, Sainsbury’s reported a 2.1 per cent rise in [...]
Private equity leaders feast on IPOs and deals September 23, 2014 PRIVATE EQUITY MANAGER of the year Private equity groups have feasted on fresh opportunities thrown up by ongoing financial trends this year, from the rise of China’s market economy to the dissipation of traditional bank lending. This year’s nominations include some of London’s most senior dealmakers and executives and reflect the capital’s pivotal importance at [...]
Maplin appoints Darren Shapland as chairman August 11, 2014 Electrical goods retailer Maplin has appointed Darren Shapland, the new Poundland chairman, as its non-executive chairman. He replaces John Lovering who is retiring. Shapland starts his role next month following the sale of Maplin by Montagu Private Equity to Rutland Partners for £85m in June. Shapland was previously Carpetright chief executive and also held senior [...]
Shapland is named Poundland chair in retail merry-go-round July 29, 2014 Poundland yesterday named Darren Shapland as its new chairman after losing its current boss to the troubled supermarket Morrisons in the latest round of retail musical chairs. Shapland joined the bargain chain’s board as a senior independent director ahead of its £750m float in March after a brief stint as chief executive of the flooring [...]
Tesco veteran Andrew Higginson to chair Morrisons after 15 years at supermarket July 28, 2014 Tesco’s former finance boss Andrew Higginson is expected to be appointed as the chairman of rival supermarket chain Morrisons. Current chairman Sir Ian Gibson has been in the position since September 2007, and last month announced his intention to stand down. Retail veteran Higginson spent 15 years on the board at Tesco, with 11 as [...]
The price of a chocolate bar is about to rise. Here’s why July 27, 2014 Two of the world’s largest chocolate companies have announced price hikes in response to rising cocoa prices which have hit a three-year high. Mars, the maker of M&Ms, Snickers and of course the namesake Mars bar, is the latest confectioner to raise prices in a bid to offset the rising costs of cocoa. Hershey, the [...]
Toblerone and Red Bull a hit for Poundland in Spanish Dealz shop July 3, 2014 Poundland chief executive Jim McCarthy said yesterday its Dealz chain “could be bigger” in Europe than its sister chain in the UK, after kicking off its expansion by opening its first store in Spain on Wednesday. The company, which reported a 23.5 per cent jump in annual profits yesterday, said 2,700 people came [...]
Ships ahoy as Silicon Valley Bank sets sail for Independence Day summer party July 3, 2014 Silicon Valley Bank UK’s boss Phil Cox may hail from Cornwall rather than California, but he’s still keen for the bank’s British employees to celebrate the 4th of July in style. Employees at the Lothbury branch of the bank will be setting sail on a cruise along the Thames this evening for the outfit’s aptly-timed [...]
Poundland sees profits dive but plans to add 60 new stores July 3, 2014 Budget chain Poundland has reported a fall in statutory pre-tax profits of 19 per cent to £21.5m, thanks largely to costs associated with its recent IPO. Underlying pre-tax profits rose a hefty 23 per cent to £36.8m. The company, which had its IPO in March, enjoyed growth in like-for-like sales of 1.9 per cent and [...]