BHS administration “more significant than Woolworth’s” as cost to taxpayer stacks up April 26, 2016 The collapse of BHS could be "more significant than Woolworths" – and the business is unlikely to survive in any meaningful form, experts have told City A.M. Parent company Retail Acquisitions called in administrators Duff & Phelps yesterday afternoon, a year after buying the debt-laden business from Sir Philip Green for £1. Managing directors Phil [...]
Now BHS is in administration, the bidders are circling – but wouldn’t it be wiser to let it die with dignity? April 26, 2016 After the sale of BHS by Sir Philip Green to the previously unheard-of Retail Acquisitions last year, it was only a matter of time before we reached this point. Bought for £1 because of the heavy debt and pensions liabilities, too much work was needed for the 88-year-old retailer to find its footing again. Even [...]
BHS administration: Who has blood on their hands as yet another retailer falls into administration? April 25, 2016 The loss of a UK retailing stalwart from our high streets is always a sad affair. There is, of course, a sense of nostalgia as old photos of where we once shopped appear. And the human tragedy of those losing their livelihoods – in the case of BHS that’s 10,000 current employees, and thousands more [...]
BHS is in administration: Here’s what analysts say was to blame (and what the future holds) April 25, 2016 BHS is in administration having notched up £1.3bn in debt, it has been confirmed this afternoon. Duff & Phelps has been appointed to handle the iconic retailer's administration, with managing directors Phil Duffy and Benjamin Wiles sounding confident about finding a new buyer. City A.M. understands more than 30 enquiries have already been made, and now [...]
Primark parent Associated British Food’s share price rises as profits climb but currency woes take their toll April 19, 2016 Profits were up across the board at Associated British Foods for the first half of the year – but currency woes have hurt top line growth. The figures Group revenue for the Weston-owned business stood at £6.12bn over the 24 weeks to 27 February, down two per cent on an actual basis or up two [...]
Sweet tooth for peckish Primark-owner Associated British Foods as it snaps up Africa’s largest producer of sugar April 8, 2016 Primark-owner Associated British Foods (ABF) has finally filled a long-standing hole this morning, completing a £262m purchase of Illovo Sugar Limited, Africa's largest producer of the sweet stuff. The extra calories failed to put much energy behind ABF shares in London, however, with the firm up just 0.41 per cent to 3,401p in the first minutes [...]
Market close: FTSE holds steady, but Glencore leads the commodities sector down March 29, 2016 The FTSE 100 clocked a so-so first day back in the office after Easter, remaining unchanged at 6,105. However, there was more than just leftover Easter eggs for traders to sink their teeth into. Commodities giants were left bruised after a note from Barclays warned that the sector could be in for a fresh rout. [...]
BHS is slipping further behind rivals Primark and Debenhams in high street fight March 9, 2016 Retailer BHS’ woes appear to be worsening. As the embattled retailer recently announced significant job losses, it is a suitable time to explore consumer perception of the brand, and what this means for the longer-term prosperity of an old high street favourite. But how did it come to this? YouGov BrandIndex points to two issues the [...]
Companies warned over the risk of foreign exchange swings as volatility set to continue throughout 2016 March 1, 2016 International companies are being warned that swings in the value of the pound mean risk is building in the foreign exchange market as levels of uncertainty in 2016 are anticipated to be similar to last year. The pound has dropped considerably against both the dollar and the euro so far this year as worries around a [...]
Primark parent Associated British Foods says half year figures will be better than expected as currency headaches lift February 22, 2016 Primark parent company Associated British Foods has said its half year results should come in slightly better than expected, as currency woes have partially lifted. The group said it expected "some progress" in adjusted operating profit for the six months to 27 February, but said adjusted earnings per share would come in slightly lower – a [...]