Advent International teams up with rival private equity firms to plot takeover of Pepco February 3, 2020 Private equity firm Advent International is reported to be working with Hellman & Friedman and Mid Europa Partners on a bid for Pepco Group. A takeover could value Pepco at more than €4.5bn (£3.8bn), Sky News reported. Steinhoff International is looking to sell Pepco, which includes retailer Poundland. Advent offloaded Poundland to Warburg Pincus for [...]
Retail CEO turnover spikes in challenging year for sector February 3, 2020 Retail chief executive turnover reached a seven-year high in 2019 as the sector faced one of the toughest 12 months on record. The rate of chief executive churn increased 25 per cent on the previous year as the retail industry struggled with low consumer confidence, Brexit uncertainty, changing shopping habits and rising overheads. The latest [...]
DEBATE: Has the classic British cup of tea fallen out of fashion? February 3, 2020 Unilever could be selling its PG Tips and Lipton tea brands. Has the classic British cuppa fallen out of fashion? YES, says Jeff Young, founder of the London Coffee Festival, which celebrates its tenth anniversary on 2–5 April 2020. Britain is becoming a nation of coffee drinkers. This journey started 20 years ago with the [...]
Laura Ashley chief executive steps down after eight years January 31, 2020 Retailer Laura Ashley said today its chief executive Kwan Cheong Ng is stepping down after eight years in the role. Chief operating officer Katharine Poulter will take the helm at the company from 1 May. Poulter joined Laura Ashley this month as chief operating officer. She was previously managing director at budget household chain Wilko [...]
French and Italian economies shrink as Eurozone slows January 31, 2020 The French and Italian economies both unexpectedly contracted in the final quarter of the year as the struggling Eurozone caps off a year of weak growth. France’s economy – the second-biggest in Europe – shrank 0.1 per cent quarter on quarter in the final three months of the year, according to official statistics. Economists had [...]
French Connection takes itself off the market January 31, 2020 UK retailer French Connection has announced that it is no longer for sale, over a year after it started to look for buyers. The fashion chain said it “will now focus on completing its turnaround and build on the progress made in recent years” and also warned of a yearly loss in a market update [...]
Exclusive: Politicians slam House of Fraser for continuing to sell Presidents Club clothing line January 30, 2020 Politicians, businesswomen and equality campaigners have called on House of Fraser to stop selling a clothing line appearing to reference the Presidents Club dinner where businessmen allegedly groped hostesses. The Presidents Club annual dinner was plunged into scandal in 2018 after details emerged of attendees’ behaviour and revealing dresses hostesses were told to wear. The [...]
SCS boss to step down after 32 years at sofa retailer January 29, 2020 The chief executive of sofa retailer SCS Group has announced plans to step down at the end of the year, after 32 years with the business. The company will launch a search for a new boss after David Knight revealed he will retire from the role. Knight gave 12 months notice but will stay in [...]
DIY retailer Wickes builds sales ahead of Travis Perkins demerger January 29, 2020 DIY retailer Wickes announced strong sales growth in the fourth quarter of last year, ahead of its split from parent company Travis Perkins. The firm said like-for-like sales growth in the fourth quarter was 4.5 per cent, while year-to-date sales jumped 8.7 per cent. Trading in both its core division – which includes local trade [...]
Exclusive: Beales auditor faces scrutiny after collapse of department store chain January 28, 2020 The firm responsible for auditing Beales department store’s financial accounts is expected to face scrutiny after it emerged that the retailer collapsed just over four months after being given a clean bill of health. City A.M. understands that the Institute of Chartered Accountants in England and Wales (ICAEW) has made early-stage enquiries into Nexia Smith [...]