End of the road in sight for BHS sale June 2, 2016 The futures of BHS and thousands of its staff are hanging in the balance as administrators and the only known remaining bidder struggle to agree terms. BHS administrator Duff & Phelps held further discussions with a buyer backed by Richess Group yesterday, with some executives hopeful that a deal could be announced to salvage BHS today. [...]
Key advisers on the £1 sale of BHS are being asked to reveal their fees June 1, 2016 The two key advisers on the BHS sale to Retail Acquisitions have today been asked to reveal their fees. The Work and Pensions select committee, which is overseeing one of the two inquiries currently examining the BHS fiasco, has written to representatives from accountancy firm Grant Thornton and law firm Olswang for more details on how [...]
Before the bell: What you need to know before the US market open June 1, 2016 The Organisation for Economic Co-operation and Development (OECD) has warned that Brexit would play havoc with the global economy and Japan's Prime Minister Shinzo Abe says the country will get fresh new stimulus in the Autumn. Here's what you need to know before the market open at 14:30 London time. US indices are pointing the wrong way in the pre-market. [...]
The supermarket squeeze: Big four supermarkets outperformed by discounters and premium competitors June 1, 2016 The big four food retailers – Tesco, Sainsbury's, Asda and Morrisons – are suffering in the supermarket squeeze today as both discount and premium challengers boasted the strongest sales growth. Tesco had the smallest drop in sales of the big four, at 0.1 per cent, and Asda the biggest, with a 5.1 per cent decline in sales. Discounters Aldi and [...]
Halfords reports rise in revenue and profit for 2016 June 1, 2016 Motoring and cycling retailer Halfords has unveiled a new tie-up with an Olympic cyclist, as it reports an increase in revenue and profit in its preliminary results for the 2016 financial year. The figures Sales were up 1.5 per cent like-for-like, to £1.022bn from £1bn, with £869m coming from the group's retail operations, and £153m made through [...]
2016 set to be year of retail failures as number of shoppers on Britain’s high streets in “terminal decline” June 1, 2016 The number of consumers on Britain’s high streets is in “terminal decline” as shopping habits change fundamentally, raising the prospect of more retail failures this year. Speaking to City A.M. after the demise of suits-specialist Austin Reed was confirmed yesterday, Diane Wehrle from top retail analyst Springboard said: “We’re no longer going to see increases in footfall [...]
Chinese steel and iron ore futures post worst monthly performance on record May 31, 2016 Chinese steel and iron ore futures clocked their worst monthly slump on record, amid a deepening crisis in the global steel industry. Rebar, or reinforcing steel, clocked a 23 per cent monthly decline, its worst on record since launching in 2009. The most-traded rebar on the Shanghai futures exchange closed down 0.8 per cent at 1,978 yuan [...]
Austin Reed to close most of its stores and cut 1,000 jobs as part of rescue deal with Edinburgh Woollen Mill May 31, 2016 Nearly 1,000 jobs are set to go at Austin Reed as details of the store's rescue deal started to emerge this morning, and nearly all the stores will be closed. Administrators were only able to convince Edinburgh Woollen Mill – who have agreed to buy the menswear retailer – to take on the chain's brand and stock. The retailer fell [...]
Best of British: Four top UK stocks for your ISA – the cream of the house builders, defence, television and retail May 31, 2016 The UK is home to many great businesses and buying shares in ones with good business models and prospects for growth can be a great way to boost savings in an Isa or Sipp. Markets have been rocky this year because of Brexit and trouble overseas, but we asked the best fund managers for examples of [...]
BHS: The six answers we have so far from the parliamentary inquiries May 30, 2016 Last week, Frank Field, chair of the Work and Pensions committee, said that the two inquiries launched to unmuddy the waters surrounding BHS’ collapse into administration in April had so far left them with more questions than answers. With both Retail Acquisitions’ largest shareholder Dominic Chappell and Arcadia bigwig Sir Philip Green preparing to tell [...]