Lloyds private equity bid for UK manufacturer in trouble November 24, 2011 THE PRIVATE equity arm of taxpayer-owned Lloyds bank has run into trouble in its bid for a family-owned British manufacturer in a deal worth about £70m, City A.M. can reveal. The family that owns Benson Group, which produces packaging for well-known brands sold in Asda, Tesco and Boots, has been trying to sell out of [...]
M&S France launch sees Bostock quizzed November 24, 2011 MARKS & Spencer took its wares back to France after a decade’s absence from its soil yesterday, claiming that Parisians were yearning for its gourmet chutney and sensible knickers. The return to France is part of a new international strategy aimed at a handful of countries. Goods will be priced around 10 per cent higher [...]
Green to cut hundreds of shops as wary consumers stay home November 24, 2011 ARCADIA Group, the retailer owned by billionaire Sir Philip Green, yesterday said it planned to close up to 260 stores over the next three years after announcing a big fall in profits. The group, which owns fashion retail stores including Topshop, Miss Selfridge, and department store BHS, said it would not renew half of its [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 23, 2011 FINANCIAL TIMES BOSTOCK IN TALKS TO QUIT M&S FOR ASOS Kate Bostock, the head of Marks and Spencer’s clothing and homewares business, is in advanced talks to take up a senior role at Asos. People familiar with the situation said Bostock was talking to the online fashion retailer about becoming its managing director. Losing Bostock, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 20, 2011 FINANCIAL TIMES CAYMAN DIRECTORS COLLECT FUND JOBS A small group of Cayman Island “jumbo directors” are sitting on the boards of hundreds of hedge funds as demand for independent directors booms in the Caribbean tax haven. A least four individuals hold more than 100 non-executive directorships each, and 14 have more than 70 – each [...]
Fears for UK economy knock FTSE lower in volatile trading November 16, 2011 AFTER yet another rollercoaster session, Britain’s top share index ended a touch lower yesterday, as upbeat US economic data proved a welcome distraction for investors gripped by concern over the UK economy and Europe’s debt crisis. The UK benchmark closed down 8.42 points, or 0.2 per cent, at 5,509.02, after a session in which it [...]
M&S predicts shoppers will flock at Xmas November 8, 2011 MARKS & SPENCER yesterday revealed a fall in first half profits after it chose not to pass on the full extent of spiralling costs to cash-strapped shoppers and battled with a “challenging” economic environment. Britain’s biggest clothing retailer reported underlying pre-tax profits of £315.2m in the six months to 1 October, 10 per cent lower [...]
Here is the Next step for Marks & Spencer to take November 8, 2011 TWENTY years ago, the UK was in recession and Marks & Spencer had just changed its boss: some things never change. Under Rick Greenbury, M&S went on to have a good 1990s, before over-expansion led to the inevitable and painful correction, under a new management team. Twenty years on, the competition is much tougher and [...]
M&S profits fall by 10pc November 8, 2011 Marks & Spencer posted a 10 per cent drop in first-half profit after second-quarter underlying sales fell for the first time in two years, underscoring the pressure on UK consumers. The 127-year-old group, Britain’s biggest clothing retailer which also sells homewares and upmarket food, said on Tuesday it made a profit before tax and one-off [...]
BEST OF THE BROKERS October 26, 2011 RECKITT BENCKISER Citi rates the household goods maker “buy” with a target price of £40. The broker has cut its forecasts for the firm to reflect higher than expected Medicaid rebates, offsetting expected rises in organic growth. However, Citi continues to see the valuations for the firm as compelling, with the stock currently trading on [...]