Next mulls bid for Sir Philip Green’s collapsed retail empire Arcadia December 18, 2020 Next is reportedly weighing up a bid for Sir Philip Green’s collapsed retail empire Arcadia with US investment firm Davidson Kempner Capital Management. The high street retailer is holding detailed discussions with Davidson Kempner about a combined offer for Arcadia, the owner of Topshop, Dorothy Perkins and Miss Selfridge, after it fell into administration last [...]
Tesco completes £8bn Malaysia and Thailand business sale prompting £5bn shareholder windfall December 18, 2020 Tesco has completed the £8bn sale of its Thailand and Malaysia businesses and is gearing up to pay a £5bn special dividend to shareholders. The supermarket announced this morning that the division’s have been acquired by C.P. Retail Development Company, which is backed by Charoen Pokphand Group, CP All Public Company and Charoen Pokphand Foods. [...]
Are investors adjusting to the new normal? December 18, 2020 Potential for recovery following Covid-19 and trends which have accelerated as a result of it give many reasons for optimism heading into 2021 The list of reasons for investor uncertainty heading into 2021 remains long. A global pandemic. Lockdowns. Volatile markets. Political turbulence. Uncertainty over jobs and the economy. Record levels of government borrowing – [...]
Retail sales dip in November as lockdowns bite December 18, 2020 Retail sales remained above their pre-pandemic levels in November despite a month-on-month fall, new figures reveal. The closely watched retail sales figures from the Office for National Statistics show a 3.8 per cent drop in November compared to October, with many stores particularly in England forced to close for much of the month. Online retailing [...]
Nation of beer drinkers: Brits spend extra £2.1bn on booze in lockdown December 18, 2020 Booze-drinking Brits spent an extra £2.1bn on alcoholic beverages this year as they stocked up on lager, wine and spirits while pubs were closed during lockdown. Despite its name, Corona was one of the lager brands to toast the largest growth, with sales up £68m compared to last year. Lager was the fastest growing drink [...]
Watches of Switzerland repays furlough cash as it clocks surge in sales during pandemic December 17, 2020 Watches of Switzerland has raised its full-year guidance and announced it will repay furlough cash, after clocking a major boost in profits and sales during the pandemic. Operating profit at the luxury watchmaker beat expectations over the six months to 25 October, hiking 52 per cent year on year to £45.6m. Adjusted earnings before tax [...]
UK inflation drops to 0.3 per cent as clothes and food prices sink December 16, 2020 The UK’s inflation rate fell sharply to 0.3 per cent as food and clothes prices eased during England’s month-long lockdown, according to the latest official figures. The headline CPI rate sank from 0.7 per cent in October to 0.3 per cent in November, data from the Office for National Statistics (ONS) showed. Clothes and footwear [...]
Travis Perkins returns furlough cash following DIY boom December 16, 2020 Travis Perkins has announced it will return business rates relief and furlough cash for its Wickes and Toolstation brands, as the company continued to see a strong demand for DIY during the pandemic. The Northampton-headquartered firm said this morning that the repayment of government assistance totalled £50m. “Given the status of Wickes as an essential [...]
Before the Bell: Flash PMIs and Federal Reserve in focus December 16, 2020 The pound had a pretty good day yesterday as optimism grows that a UK/EU deal on trade could well be within reach after some positive comments from Irish PM Micheal Martin. “While we’ve been here many times before, the prospect of an imminent deadline can help concentrate minds, and despite some push back over fear [...]
H&M sales drop as second Covid-19 wave slows recovery December 15, 2020 H&M reported a sharp drop in sales in the fourth quarter as the second wave of coronavirus restrictions curbed spending. The world’s second-biggest fashion retailer said sales dropped 10 per cent, driven by a slowdown in the final quarter of the month. H&M said the recovery seen in the third quarter had continued into the [...]