Carpetright’s share price drops by a fifth as company warns knock to consumer confidence likely due to Britain leaving the EU June 28, 2016 Home furnishings specialist Carpetright warned consumer confidence would be hit by last week's referendum. The company's shares were down 8.40 per cent this morning after it announced sales in the UK fell one per cent in the eight weeks to 25 June. Chief executive Wilf Walsh said today that "the outlook has been further complicated by the [...]
Amazon who? Ocado shares jump as it delivers 14 per cent sales rise June 28, 2016 Everyone and their mum may be trying to get into the food delivery business at the moment (Amazon and Uber have both just launched offerings…) – but Ocado has suggested with experience comes wisdom, after it posted a juicy rise in sales. The figures Retail sales rose 13.9 per cent to £582.9m in the 24 weeks to the end of May, [...]
Work and Pensions and Business, Innovation and Skills Select Committees continue to quiz Richard Caring on BHS demise June 27, 2016 The two parliamentary select committees investigating BHS have deepened their inquiry into clothing tycoon and restaurateur Richard Caring. The Work and Pensions and Business, Innovation and Skills (BIS) select Committees have written to Caring for a second time, asking 20 further questions related to his business dealings with Sir Philip Green, Lady Green and BHS. [...]
Accounting watchdog announces investigation into PwC over BHS audit June 27, 2016 The watchdog for the accountancy industry has today announced it will launch an investigation into PwC over BHS. The Financial Reporting Council (FRC) said it will take a closer look at the professional services firm's audit of the retailer for the year ended 30 August 2014. A PwC spokesperson said: "We will co-operate fully with the FRC in its [...]
BHS fiasco rumbles on as Goldman Sachs and The Pensions Regulator due to reappear in front of the committees next week June 26, 2016 The BHS saga starts a new chapter next week, with two more evidence hearings due to take place in parliament. On Tuesday afternoon, the Work and Pensions committee and Business, Innovation and Skills committee are set to hear from Alex Dellal, Allied Commercial Exporters, Paul Sutton, Lesley Titcomb, chief executive of The Pensions Regulator and Neville Kahn, managing partner, financial [...]
Steinhoff is having second thoughts on Poundland post-Brexit June 24, 2016 South African conglomerate Steinhoff is going off discount retailer Poundland following the unexpected Brexit vote. Steinhoff, owner of UK furniture firm Harveys and Bensons For Beds, blamed last night's vote for the UK to quit the European Union, as well as the recent falls in Poundland shares, for the decision. The UK yesterday voted by 52 per cent to 48 per cent to [...]
BHS saga continues: Chappell comes under spotlight as MPs scrutinise funds he used June 23, 2016 Ever since BHS collapsed into administration, recriminations have flown about who is to blame for the parlous state of its finances, particularly with regard to the £571m pension deficit. Today, the spotlight fell again on Dominic Chappell, the former racing car driver and bankrupt whose outfit Retail Acquisitions bought BHS for £1 off from its [...]
Before the bell: What you need to know before the US market open June 23, 2016 Polls are open for the UK's European Union membership vote. Markets are betting people will opt to stay however and rallying around the world. Here's what you need to know before the US market open at 2:30pm London time. In the pre-market the S&P is up by 0.95 per cent, while the Nasdaq is one per cent higher. [...]
Going, going, gone: Harris and Hoole sale marks end of Tesco ambitions June 23, 2016 First Giraffe, then Dobbies, now it's Harris and Hoole which Tesco has sold off in its efforts to get back to what it's good at (being a supermarket). The sale marks the last of the major assets that are not part of its core retailing to go, and a curtailing of previous ambitions to expand beyond [...]
MPs want Dominic Chappell to explain the funds he took out of BHS, and his salary payments June 23, 2016 The joint select committee inquiry into the collapse of BHS wants to know about Dominic Chappell's bonus and why he was given one. MPs are also demanding more information from Chappell on the money he took out of the company, and the salaries of Retail Acquisitions directors, who "cannot escape scrutiny for the plight of BHS". [...]