Poundland agrees to probe by authorities into 99p Stores deal May 6, 2015 POUNDLAND said yesterday it has agreed to proceed with a full-scale investigation by the competition watchdog over its proposed £55m tie-up with 99p Stores. The bargain chain said last month that it was considering whether to continue to pursue the deal or walk away after the Competition and Markets Authority (CMA) raise concerns over 92 [...]
Poundland brings forward competition probe into 99p Stores deal May 6, 2015 Bargain store Poundland has bought forward a competition probe into its offer to buy rival 99p Stores for £55m. The Competition and Markets Authority (CMA) previously said the tie-up could create "a realistic prospect of less competition" in 80 local areas – and an additional 12 areas where they will be competitors in the near future. It said [...]
Poundland eyes extension over 99p Stores deal probe April 14, 2015 Poundland is expected to ask for an extension tomorrow over its decision on whether to walk away from its £55m tie-up with 99p Stores or proceed with a full-scale probe by the competition watchdog. The Competition and Markets Authority (CMA) said last week that it had concerns over 92 areas where it believes there could [...]
Poundland’s quids in: Sales surpass £1bn at discount retailer for the first time April 14, 2015 Sales at Poundland have smashed past the £1bn mark for the first time. The figures Sales at Poundland for the full year to the end of March were £1.1bn, up almost 12 per cent on the previous year's sales of £997m on a constant currency basis. It expects pre-tax profits to be in line with [...]
Poundland faces competition probe over 99p Stores tie-up April 9, 2015 POUNDLAND’S offer to buy rival 99p Stores for £55m is facing an in-depth investigation by the competition watchdog, amid concerns reduced competition will lead to fewer promotions and store closures. The Competition and Markets Authority (CMA) warned that it could launch a 24-week in-depth probe unless Poundland “offers acceptable undertakings to address the CMA’s competition [...]
Poundland-99p Stores tie-up threatened by Competition and Markets Authority April 9, 2015 Poundland's offer to buy rival 99p Stores for £55m is facing an in-depth investigation by the competition watchdog, amid concerns reduced competition will lead to reduced quality, fewer promotions and store closures. The Competition and Markets Authority (CMA) said it believes the tie-up could create "a realistic prospect of less competition" in 80 local areas – [...]
Best of the Brokers for 09 March 2015 March 9, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com HENRY BOOT WH Ireland reiterated its “buy” rating on the construction business, after its “unequivocally positive” announcement that Aberdeen City Council has approved the master plan and business case for a major new exhibition and conference centre. POUNDLAND GROUP Canaccord Genuity reiterated its [...]
Quids in: Inside Poundland founder Steve Smith’s £5.7m mansion March 6, 2015 The house comes complete with water feature, although there's no word on whether the Roller is included in the price… (Source: Estates Direct) They say a pound doesn't stretch as far as it once did, but that doesn't seem to be the case for Poundland founder Steve Smith, who has put his Shropshire mansion up [...]
Topps Tiles appoints Poundland’s Shapland as its next chairman February 25, 2015 TILING specialist Topps Tiles yesterday announced that Poundland chair Darren Shapland will become its chairman after current chair Michael Jack announced his retirement. Jack, who has served as Topps’ chairman since 1999, will step down on 18 March, handing the reins to Shapland. As well as Poundland, Shapland is also chairman of Maplin Electronics, non-executive [...]
Morrisons chairman Andrew Higginson adds Warburg Pincus to CV February 22, 2015 Private equity giant Warburg Pincus has signed up new Morrisons chairman Andrew Higginson as a senior advisor for the firm, it came to light yesterday. It is thought the experienced retailer will help Warburg identify possible acquisitions – not limited to the retail sector – in a part-time role. Higginson’s relationship with Warburg dates back [...]