Phoenix expects to beat cash targets as £3.2bn Standard Life Assurance acquisition nears close August 23, 2018 Insurer Phoenix Group said today it expects to beat its target for cash generation this year as it announced its half-year results. Phoenix, which focuses on acquiring life insurance units that are closed for new business, said its acquisition of Standard Life Assurance for £3.2bn was progressing well with the deal expected to close on [...]
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 [...]
Demand for London retail space slumps as high street woes deepen | City A.M. July 19, 2018 Demand for retail space in London has dived as woes around high street closures grow, according to a highly-regarded survey out today. Roughly 68 per cent more chartered surveyors in London’s retail sector noted a quarterly fall, rather than a rise, in demand for space in the capital, reaching levels not seen since 2008. The [...]
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 [...]
Ocado delivers mixed results July 10, 2018 Ocado revealed a mixed set of first-half results. Revenue rose by 12.1 per cent to £799 million, while EBITDA slipped by 13.9 per cent to £38.9 million. When you factor in depreciation, amortisation, impairments and net finance costs the company swung to a loss of £9 million. The CFO expects the full-year pre-tax loss to [...]
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 [...]
City Moves for 26 June 2018 – who’s switching jobs at Shop Direct, Eversheds Sutherland and Blippar? June 26, 2018 Today's City Moves cover retail, legal eagles and tech. Take a look at these movers and shakers: Shop Direct Shop Direct, the UK’s second largest pureplay digital retailer, has appointed Emma Alexander as fashion director, heading up its branded and own brand clothing and footwear offerings. She will report to group product director and executive [...]
Is the high street really doomed? June 26, 2018 UK high street retailers have endured a torrid time over the last few years. A slew of store closures, job losses and administrations don’t make for pretty headlines, and illustrate just how difficult it is for those looking to invest in the retail sector. Discount retailer Poundworld followed electronics firm Maplin and toy retailer Toys [...]