Reuben brothers plan new tower November 22, 2010 THE BILLIONAIRE Reuben brothers’ property firm has applied for planning permission for a 42-storey tower in the Paddington Basin, ramping up its redevelopment plan for the area. European Land and Property, a joint venture between the Reubens’ firm Aldersgate and the Jarvis family trust Pearcroft, altered its planning application earlier this month to include the [...]
BEST OF THE BROKERS November 18, 2010 MARKS & SPENCER Execution Noble has upgraded the supermarket to “buy” with an upgraded fair value price of 475p, following its research on M&S customers. The broker sees the firm’s new strategy as a real driver for sales growth, with the food business as a particularly strong opportunity. It adds that the brand could also [...]
Securitas eyes new UK deals November 17, 2010 THE chief executive of Securitas, one of the world’s largest security companies, is warning that the global threat posed by terrorism is escalating while vigilance at airports means travellers will have to pay the price with longer queues. The company Alf Goransson leads provides security at four airports in the UK, including Liverpool and the [...]
Northern Foods and Greencore plan merger November 17, 2010 Food manufacturer Northern Foods has agreed to merge with Ireland’s Greencore Group to create a combined group with annual sales of around £1.7bn. The deal will see the creation of a combined business to be named Essenta Foods which will be headquartered in Dublin, the companies said in a joint statement. Northern Foods shareholders will [...]
Punch finance chief leaves November 16, 2010 Ian Dyson’s shake-up of Punch Taverns continued yesterday when the company announced it was parting company with finance director Phil Dutton. Dutton will depart in March. Dyson, a former finance director of Marks&Spencer, is trying to turn around a business that has been fighting debts of about £4bn. The company said in a statement that [...]
Halfords finance chief unveiled November 15, 2010 Halfords unveiled its new chief financial officer yesterday – poaching Andrew Findlay from Marks & Spencer to be finance director. He replaces Nick Wharton, who is heading to furnishings group Dunelm. Findlay, presently director of finance, tax and treasury at M&S, will start in February. Halfords reports its half-year results tomorrow. Profit for the half-year [...]
BEST OF THE BROKERS November 15, 2010 MARKS & SPENCER Deutsche Bank rates the high street giant a “hold” with a target price of 430p. The broker believes the benefits of new boss Marc Bolland’s overhaul of the stores will not be seen until 2012/13. However, DB says the retailer’s recent results pointed to strong sales momentum in the short term, with [...]
John Lewis is ranked among influential list November 14, 2010 RETAIL giant John Lewis has surged into a ranking of Britain’s most influential brands, as the group’s partnership approach to doing business and a record year for till receipts propelled it into the top three. TLG’s annual index of UK Business Thought Leaders ranks John Lewis below Apple and Google but above other respected names [...]
Frozen food fall hits Northern November 9, 2010 Northern Foods yesterday posted a 34 per cent fall in first-half underlying pre-tax profit as it was hit by lower demand at its Frozen division, which makes pizzas to pies. The company, which makes own-label products for retailers as diverse as premium food seller Marks & Spencer and discounter Aldi, said trading conditions at its [...]
M&S pledges to launch new lines as profit rises November 9, 2010 MARKS & SPENCER will launch hundreds of new lines as it relies on its “special” image to fuel profit over the next three years, its new chief executive said yesterday. Marc Bolland unveiled his blueprint for the retailer while also announcing a 17 per cent rise in half-year pre-tax profit to £348.8m. Bolland, who took [...]