Discount high street chain launched by Christo Wiese and ex-Asda boss Andy Bond plots more store openings April 28, 2016 Pep&Co, a discount variety chain launched last year by former Asda boss Andy Bond and Christo Wiese, the South African retail magnate, has announced plans to roll-out more stores this autumn after opening 50 sites in just over 50 days last summer. Wiese already snapped up discount chain New Look through his investment vehicle Brait in 2014. However, [...]
Blame game kicks off following BHS failure April 27, 2016 The heat was turned up on the two most recent owners of BHS yesterday, as insiders and politicians sought to place the blame for the retailer's collapse. Dominic Chappell, a former racing driver, bought BHS from previous owner Sir Philip Green last year for just £1. On Monday, the 88-year-old retailer was placed in administration, [...]
Arcadia boss Sir Philip Green could face grilling from two separate MP committees over BHS’ demise and £571m pension shortfall April 27, 2016 Update: The most recent owners of BHS will be called in front of MPs, according to reports. MPs on the business, innovation and skills (BIS) select committee will call them in to give evidence, Sky News has reported. Meanwhile, the Work and Pensions select committee has said it will call former BHS boss Sir Philip Green [...]
Nestle whips up joint venture Froneri with R&R Ice Cream to sell frozen foods in more than 20 countries April 27, 2016 Global food giant Nestle has agreed a joint venture with British food firm R&R Ice Cream to sell ice cream and frozen food in more than 20 countries. The 50/50 joint venture, which will be called Froneri, will be based in the UK and will combine Nestle and R&R's ice cream activities in Europe, the Middle East, [...]
Former BHS owner Dominic Chappell “preparing bid” for BHS – but insiders think he’s “living in cloud cuckoo-land” April 27, 2016 The former owner of BHS, Dominic Chappell, is close to making a bid for the iconic retailer that entered administration on Monday – but sources have already dismissed him as "living in cloud cuckoo-land". Chappell, who is facing pressure under claims he took £1.5m out of the firm and moved into another company called BHS [...]
Conforama drops out of the race for Darty, paving the way for Fnac April 27, 2016 French furniture chain Conforama has dropped out of the race to buy Darty, leaving the track clear for rival bidder Fnac to takeover the electricals retailer. The company, which is owned by South African retail conglomerate Steinhoff, said would not improve on its third and final offer of 160p per share because "it would no longer create [...]
Home Retail Group profits slump 28 per cent as firm admits “disappointing” performance from Argos April 27, 2016 Home Retail Group – the company everyone wanted a slice of earlier this year – has revealed a full year profits drop of 28 per cent as sales ticked down. HRG and Sainsburys' share prices were both down in early trading. The figures The Homebase and Argos parent company said benchmark pre-tax profit fell 28 per cent [...]
Barclays profits tumble 25 per cent as investment banking woes continue April 27, 2016 Barclays pre-tax profits have fallen by almost a quarter year-on-year as the investment bank division struggled to perform. But with a sign of progress being made, and confidence about the outlook for the rest of the year, Barclays' share price rose 3.9 per cent in early trading. The figures Barclays' first quarter pre-tax profit dropped 25 per [...]
City Moves for 27 March 2016 | Who’s switching jobs April 27, 2016 Saxo Bank Saxo Bank, the trading and investment specialist, has appointed Jeff Zorek as chief operating officer of global sales based in London and reporting to Matteo Cassina, global head of sales. Jeff joins Saxo with over 30 years of financial services experience, managing businesses in securities trading, high-speed electronic execution, risk management, clearance, settlement and [...]
eBay share price rises as online auction site posts four per cent jump in revenue during first quarter of 2016 April 26, 2016 Shares in online retailer eBay rose by over 1.7 per cent in after hours trading as the company revealed a jump in revenue during the first three months of the year. Sales went up by four per cent, from $2.06bn (£1.41bn) in the first quarter of 2015, to $2.14bn, and gross profit went from $1.65bn to [...]