British Airways, Next and ITV at risk of credit rating downgrades May 15, 2020 Some of the UK’s biggest companies are at risk of having their credit ratings downgraded and becoming “fallen angels”, ratings agency S&P has said, raising the possibility of a sharp rise in borrowing costs in the midst of the worst downturn since the 1930s. Big names such as Next, British Airways and ITV are in [...]
Boohoo raises £198m as fashion retailer eyes acquisitions May 15, 2020 Fast fashion retailer Boohoo has raised £198m as it seeks to take advantage of the coronavirus crisis to snap up global brands. Boohoo, which raised the funds through a share placing announced last night, said it would use the proceeds to “take advantage of numerous opportunities that are likely to emerge in the global fashion [...]
FTSE 100 rises but US stocks stall after dire retail sales data May 15, 2020 US stocks have fallen in the wake of dire retail sales data, even as the FTSE 100 has risen on the final day of a choppy week of trading that has seen investors second-guess the recent stock market rally. The UK’s FTSE 100 index was up 1.5 per cent this afternoon at 5,785 points in [...]
Tesco bosses receive bonus boost after Ocado removed from competitor list May 14, 2020 Tesco bosses received a bonus boost last year after the grocer removed online supermarket Ocado from a list of competitors. Tesco chief executive Dave Lewis would have missed out on around £1.6m in shares if the online rival had remained on the list used to compare Tesco’s performance against its competitors. Before Ocado was removed, [...]
Private equity firm 3i Group holds dividend despite profit slump May 14, 2020 Buyout firm 3i Group today said it will pay its 2020 dividend as planned despite a collapse in profit caused by the coronavirus crisis. 3i said it would keep its total dividend of 35p per share for this year, with a dividend of 17.5p per share to be granted in July subject to shareholder approval. [...]
WH Smith revenue dives 85 per cent during coronavirus lockdown May 14, 2020 WH Smith reported an 85 per cent drop in revenue for last month after the coronavirus lockdown forced the retailer to close high street and transport hub stores. The newsagent chain said travel revenue plunged 91 per cent due to travel bans around the world, and high street revenue was down 74 per cent. WH [...]
UK retail sales suffer record decline as online surge fails to offset impact of closed shops May 13, 2020 A sharp rise in online shopping failed to offset plummeting UK retail sales last month, which suffered a record decline in April due to the coronavirus lockdown. Total sales plunged 19.1 per cent in April, against an increase of 2.4 per cent last year, which is the worst decline since records began in 1995. Over [...]
Suits you: TM Lewin bought by private equity firm SCP May 12, 2020 British menswear brand TM Lewin has today been acquired by SCP Private Equity via special purpose vehicle Torque Brands. TM Lewin, which was established in 1898, was sold to SCP for an undisclosed amount by Bain Capital Credit which acquired the shirt-and-tie retailer in 2015. SCP has acquired the business as a going concern, taking [...]
Moss Bros reopens online store after government return to work guidance May 12, 2020 Menswear retailer Moss Bros has reopened its online store following updated government advice for more people to return to work. The company said it will relaunch its e-commerce operations from tomorrow after implementing safety measures and following updated government guidance on returning to work. Moss Bros, which closed its physical and online stores in March, [...]
Angling Direct accelerates online sales growth and eyes reopening physical stores May 12, 2020 Angling Direct has reiterated its guidance after “encouraging” levels of trading across the firm’s online stores amid the coronavirus outbreak. Online sales in April were up 24 per cent year-on-year with a “further acceleration of these trends experienced in May 2020 to date.” Additionally, the retailer said investment in Angling Direct’s French, German and Dutch [...]