Supermarket sweep: Sainsbury’s boss Mike Coupe on for 86 per cent payrise June 3, 2016 J Sainsbury has proved that it is undeterred by the general shareholder sentiment this AGM season, awarding chief executive Mike Coupe an 86 per cent payrise. As revealed in the supermarket's annual report, which was published today, Coupe will receive £2.8m for his efforts for the 2015-16 financial year, up from £1.5m the year before. However, the paypacket for Coupe, [...]
Dollar plummets as US reports weakest jobs growth in six years, pushing back expectations of a US rate rise June 3, 2016 "Crazy". "Absolute shocker". "Unbelievable". It's safe to say US jobs growth just blew analysts' minds. Official data published today showed US employers added just 38,000 jobs last month – the lowest figure in six years, and way below the 160,000 expected. Meanwhile, earnings growth remained weak, rising just 0.2 per cent on last month, down from 0.4 [...]
Institute of Directors boss slams Arcadia chairman over BHS collapse in open letter to MPs June 3, 2016 A day after its collapse, the boss of one of the UK's largest business lobbying organisations has said he "can't defend" the running of BHS – and added that "serious questions need to be asked of almost everybody concerned". In an open letter to MPs Frank Field and Iain Wright, chairs of the Commons Select [...]
End of an era: thousands of jobs to go at BHS stores to close as administrators call time on sale June 2, 2016 BHS is being wound down today after administrators revealed no deal was found to rescue the store, likely putting 11,000 staff out of work. In a statement this afternoon, administrators Duff & Phelps said it had "not been possible to agree a sale of the business". BHS is now being “wound down” because no buyer would [...]
Private equity guru Jon Moulton considered buying BHS and Austin Reed June 2, 2016 Private equity guru Jon Moulton has said he had considered snapping up collapsed retailers BHS and Austin Reed. Moulton told City A.M. that he decided against rescuing the businesses as it was “too hard” to revive them. Speaking about why BHS failed, the Better Capital founder said “tough competitive market with too much traditional retail trading space” led [...]
New homes on sale in London: from a Hackney reservoir opened by Sir David Attenborough to Shared Ownership homes in Greenwich and Penge June 2, 2016 Woodberry Down, Stoke Newington From £475,000 Live in an apartment overlooking a protected nature reserve in north east London that hasn’t been accessible to the public for 200 years. Sir David Attenborough re-opened the Stoke Newington Reservoir in April and now the first homes next to it, The Nature Collection, are on sale. Set across [...]
Timeline: A blow-by-blow account of how BHS’ demise unfolded June 2, 2016 One of the biggest names on the UK's high street could be about to disappear, after its administrators began the process of winding it down. The news comes after a tumultuous few months for the retailer, which announced in April that it was entering administration – just over a year after it was sold for £1 by Arcadia [...]
From Sir Philip Green to Frank Field, these are the most important reactions to BHS’ wind-down June 2, 2016 It's the end of an era: after weeks of uncertainty, today BHS' administrators finally announced they were calling time on the sale of BHS – without a buyer. That could mean the disappearance of one of the high street's biggest names, with all 163 stores closing. Not surprisingly, given the size of the collapse – some [...]
A vote to leave the EU could send the FTSE 100 south by 10 per cent over 12 months, bankers at UBS have warned June 2, 2016 Quitting the EU could knock the FTSE 100 back by 10 per cent over the next 12 months, to levels last recorded in February this year, UBS Wealth Management has warned. The pound would also take a hit, dropping to $1.25 and €1.20. In February the FTSE fell as low as 5536.97, 10 per cent off its current 6,185.79. The fall would [...]
BHS fiasco could spark a Cadbury moment for takeover rules, says top City law firm June 2, 2016 The ongoing BHS debacle could cause the government to have a Cadbury moment and change the Takeover Code, a City law firm has said today. Pinsent Masons believes that the level of public interest in the high street retailer's administration, and the £1 sale to Retail Acquisitions that took place just one year beforehand, may force a rethink to the [...]