Tesco prepares to sell off restaurant chain Giraffe March 31, 2016 Tesco is preparing for another disposal and sounding out potential buyers for restaurant business Giraffe. The supermarket bought the chain in 2013 for £49m, with plans to open Giraffe branches beside its stores. At the time, Tesco said the deal was an "opportunity to develop some of the space in our larger stores to create retail destinations [...]
World’s wealthiest sportsmen: David Beckham and Michael Jordan top rich list for retired athletes March 31, 2016 Michael Jordan and David Beckham are living proof that there's plenty of life left to be lived after retirement. Despite earning unprecedented riches in their chosen field (or court) of dominance, both men are making more money now they've traded trainers and trackies for a suit and tie. Basketball icon Jordan has topped a Forbes list of [...]
AO World’s share price surges as it raises its full year forecast March 31, 2016 AO World's share price soared this morning after raising its full year forecast this morning. The electricals retailer said its UK business had performed strongly in the last three months of its financial year, with both revenue and Ebitda ahead of expectations. As a result, UK revenues for the year to 31 March are expected [...]
EU referendum could explain “exodus from investment funds”, says analyst as new figures show February outflows of £399m March 30, 2016 The EU referendum vote has been blamed for an "exodus from investment funds". New figures from the Investment Association show the industry saw net outflows of £399m from UK authorised investment funds last month. Laith Khalaf, a senior analyst at Hargreaves Lansdown, said the figures came as a "surprise". He added: "One possible reason behind the poor numbers is [...]
Why some IPOs aren’t all they’re cracked up to be March 30, 2016 Despite a high number of hotly anticipated flotations in recent years, 2016 has been slow going for initial public offerings. Now the dust has settled, it is interesting to examine the wide variations in performance. Compare Just Eat, Auto Trader, Poundland and AO World. All four came to market in the first few months of [...]
Millennials are so healthy they’ve started rejecting bacon, according to new survey from Glotech Repairs March 29, 2016 In a potential threat to the traditional English fry-up breakfast, new research suggests millennials are spurning bacon in favour of healthier alternatives. A survey of breakfast eating habits has found more than 25 per cent of 18 to 24-year-olds have removed bacon from their first meal of the day. As well as shunning bacon, scrambled is overtaking [...]
Foyles swings back into black as new Charing Cross flagship becomes a bestseller March 29, 2016 The late Foyle brothers would be proud. The eponymous bookshop they founded over a century ago – initially selling their old textbooks – has returned to profitability after a turbulent few years that saw the company move to a new flagship store on Charing Cross Road. Foyles, which has six book stores in Birmingham, Bristol [...]
Negative interest rates spark 2016 gold rush – but can German buyers push prices even higher? March 29, 2016 Almost a quarter of world GDP lies in economies whose central banks now have negative interest rates of some form. This experimental policy – used variously to weaken strengthening currencies and attempt to stimulate growth – has its fans, but investors have not been among them. “There’s a sense that central banks are running out [...]
Adnams reports 39 per cent increase in spirits sales and profits despite slow first half of 2015 March 24, 2016 Spirits sales lead the way at the Suffolk-based drinks company Adnams as it recovered from low turnover in the first half. The figures The brewer, distiller and retailer posted a rise in operating profits of 7.3 per cent, reached £4.1m. The company's pre-tax profit reached £4.72m, up from £4.44m in 2014. Because of its rise in operating profits, [...]
Next warns year ahead will be worst since 2008 despite posting rise in full-year revenues and profits March 24, 2016 Next has warned the year ahead could be the most challenging since the recession, as it reported rises in both full-year revenues and profits today. The figures Next reported a five per cent increase in underlying profit before tax, totalling £821.3m from £782.2m last year. Operating profit rose by almost the same level, 4.9 per cent, to £851.8m [...]