Brexit secretary Dominic Raab clashes with John Lewis as profits tumble 99 per cent September 13, 2018 Brexit secretary Dominic Raab has clashed with John Lewis after its chairman Charlie Mayfield suggested the store’s 99 per cent plunge in profits was partly due to Brexit. Profits at John Lewis plummeted to just £1.2m in the first half of this year amid what Mayfield called “challenging times” for retail. He also warned that [...]
Alive and kicking: JD Sports thrives in struggling high street environment September 11, 2018 JD Sports sprinted ahead of its high street rivals as it boosted both profit and revenue margins in its interim results today. The figures The shoe and sportswear retailer posted a 35 per cent year-on-year hike in revenue to £1.85bn for the six months to the end of August while profits before tax stepped up [...]
Debenhams calls in top auditors to weigh up potential insolvency September 9, 2018 Embattled department store chain Debenhams has called in Big Four accountancy firm KPMG to help carry out desperate restructuring measures which could include a controversial insolvency process. Among the contingency options currently being weighed up by KPMG is a company voluntary arrangement (CVA), which is an insolvency option that can be used to close stores [...]
Horse Racing Betting Tips: You won’t feel ripped off if you back Berkshire September 6, 2018 ASCOT stages a number of hugely competitive seven furlong handicaps during the season and tomorrow’s Cunard Handicap (2.45pm) is another. Punters face a slightly easier task in this as there is a maximum field of 20, as opposed to the normal 29, with the course protecting the ground for next month’s QIPCO British Champions Day. [...]
Rightmove faces FTSE 100 eviction as engineering firms climb, say analysts August 29, 2018 Online estate agent Rightmove is the top contender to drop from the FTSE 100 during its reshuffle next week, analysts have predicted. A weak housing market in London and the south-east, and tough competition for rivals such as Zoopla and PurpleBricks could see the company dropped into the FTSE 250, despite year-on-year growth in revenue [...]
Last Week in the City: August rate rise now less likely July 20, 2018 Garry White, chief investment commentator, looks at the market-moving events that have shaped the UK equity markets this week (16 to 20 July 2018). The chances of an interest rate rise at the Bank of England’s August meeting appeared to recede this week after inflation data was more subdued than expected and retail sales data [...]
M&S cuts ties with Big Six as it partners with Octopus for new energy brand July 18, 2018 Marks & Spencer has today cut its ties with the Big Six energy providers as it announced a new partnership with challenger Octopus Energy. Octopus has been selected to supply energy and services under the M&S brand from September, in a move which the retailer is touting as part of its transformation plan. The company [...]
World Cup 2018: Gareth Southgate and Harry Kane the biggest winners as England’s run in Russia boosts commercial appeal of key figures | City A.M. July 16, 2018 Even in defeat, there was an undeniable feel-good factor around England at the World Cup. Gareth Southgate and his team worked hard to cast aside the negativity of previous major tournaments and reach a first semi-final since 1990. And while their on-field exploits have seen them hailed as heroes, they could also lead to off-field [...]
M&S could cease to exist without radical change, warns chairman July 10, 2018 Marks & Spencer’s management confessed existential dread to shareholders today, as its new chairman warned the retailer could disappear within years if the business is not overhauled. Speaking at the company’s annual general meeting (AGM), chairman Archie Norman said: “In decades to come, there could be no M&S.” It marked a blunt first appearance for [...]
The GKN break-up is a test for Melrose, don’t bank on a tax cut and Marc Bolland is not just any NED June 29, 2018 Vultures. Asset-strippers. Corporate predators. The board of Melrose has had these perjorative labels and more thrown at it in the months since its initial bid approach for GKN. This week’s approval by the Committee on Foreign Investment in the United States of the £8bn takeover removed the final obstacle to a deal that elicited greater [...]