Laura Ashley share price dives again in second day of losses February 18, 2020 Shares in struggling high street retailer Laura Ashley tumbled today as the brand’s owners continued to scramble to secure emergency funding to keep the firm trading. The retailer – which is due to publish its interim results on Thursday – suffered a share price drop of 22.96 per cent today, to 1.56p, after plunging more [...]
Retail investors exposed to too much risk, says City watchdog February 18, 2020 Retail investors are being pushed into purchasing higher risk products that expose them to more risk than they can afford, the Financial Conduct Authority (FCA) has warned. In its annual report on the areas that could harm consumers, the City watchdog said that the sale of “unsuitable or fraudulent products” represents the most significant harm [...]
HSBC: Profit plunges as bank plans 35,000 job cuts February 18, 2020 HSBC has outlined plans to offload $100bn (£77bn) of assets and dramatically downsize its investment banking arm in a restructure that will cost 35,000 jobs over the next three years. Profit before tax tumbled by a third to $13.6bn in 2019, HSBC said as it revealed its most radical overhaul since the financial crisis in [...]
Angling Direct blames bad weather for disappointing performance February 18, 2020 Despite strong growth and expansion in the last year, bad winter weather have dented Angling Direct’s profits. The figures Angling Direct have announced a 41.3 per cent increase in in-store sales to £27.9m, and expects to report revenue of £53.1m. Online sales grew 13.3 per cent to £25.2m as Angling Direct focused more on its [...]
Fearing the wurst: UK to lose right to sell sausages to the EU after Brexit February 17, 2020 UK food manufacturers could be blocked from selling fresh sausages and mince to the EU after Brexit, a retail sector lobbying group has warned as Britain gears up for trading negotiations with the bloc. Non-member countries must obtain an export health certificate for products of animal origin to enter the EU, but no licence exists [...]
Laura Ashley shares sink as £20m lifeline thrown into doubt February 17, 2020 Laura Ashley’s stock sank 41.54 per cent today after it warned its access to a £20m funding lifeline to keep it trading was in serious doubt. The retailer’s owner, Malaysian firm MUI Group, is now locked in discussions with lender Wells Fargo to secure enough cash to keep Laura Ashley trading. The asset-backed loan, agreed [...]
Laura Ashley owners battle with lenders in race to save high street chain February 16, 2020 The owner of high street chain Laura Ashley is in talks to secure a fresh draw down from one of its lenders to keep the struggling brand trading. A dispute between Laura Ashley and lender Wells Fargo over the retailer’s access to a £20m funding line has pushed the fashion firm’s Malaysian owner MUI Group [...]
Car manual publisher Haynes soars as it agrees £115m takeover February 13, 2020 Shares in Haynes surged 60 per cent this morning after the car manual publisher said it has agreed a £114.5m takeover deal by a French rival. Under the terms of the deal Infopro Digital will pay 700p per share, representing a premium of roughly 62 per cent on Haynes’ closing price yesterday. It marks the [...]
M&S bolsters menswear team after skinny jeans fiasco February 12, 2020 Marks & Spencer (M&S) has appointed a new menswear buying director, after the retailer’s Christmas sales were dented when it ordered too many skinny jeans in the wrong sizes. M&S chief executive Steve Rowe has been battling to turn the clothing and home division around, but total revenue slumped 3.7 per cent in the third [...]
Dunelm posts higher profits as like-for-like sales rise February 12, 2020 Profit jumped at furnishings firm Dunelm in the first half of its latest financial year, it said today, as like-for-like sales also improved. The figures Profit before tax leapt 19.4 per cent year on year to £83.6m as revenue rose six per cent to £585m. Like-for-like sales climbed 5.6 per cent. However, free cash flow [...]