Asos share price falls 13.7pc following poorer than expected sales growth September 16, 2014 Asos share price plummeted this morning following news of a poorer than expected sales growth for the three months ended August, with a warning that profits will not grow during the next financial year. Shares fell by 13.7 per cent to 2,092 pence on Tuesday, compared to Monday's value of 2,382 pence. The [...]
Phones 4u founder John Caudwell had considered rescue bid before collapse September 15, 2014 Less than two weeks ago, the founder of Phones 4u, billionaire John Caudwell, was starting to put the pieces together to see if he could launch a daring rescue plan to save the business that had just been cut out by Vodafone, one of its two key trading partners. “Having realised what that meant [Vodafone’s [...]
MySale founders Carl and Jamie Jackson are no flash in pan September 15, 2014 Carl and Jamie Jackson: The winning team behind the website that started with the 2001 British Lions rugby tour down under Retail has always been a family affair for Carl and Jamie Jackson, the co-founders of MySale – a “flash” website where shoppers can buy countless brands at a discount for short periods of time. [...]
MySale ramps up expansion with Danish Invitetobuy acquisition September 15, 2014 MySale, the Australian flash sales site, is pushing ahead with its European expansion, after snapping up a 60 per cent stake in a rival Scandinavian website. The online retailer, which counts Sir Philip Green and Mike Ashley’s Sports Direct among its shareholders, said yesterday it planned to use its acquisition of Denmark’s Invitetobuy to launch [...]
500 jobs at risk as Rileys Sports Bars enters administration September 15, 2014 Sports bar chain Rileys has entered administration, putting more than 500 jobs at risk across the UK. This is the second time in two years the pool hall business has entered administration, and comes two months after parent company Greybull Capital put it up for sale. Rileys was founded in 1878. Rob Harding [...]
Dubai Mall owner aiming for £1bn IPO in UAE’s biggest flotation since financial crisis September 14, 2014 The biggest flotation in the United Arab Emirates (UAE) since the global financial crisis seven years ago is underway as Dubai’s Emir Malls Group (EMG) is hoping to raise nearly $1.6bn (£983m) from the sales of shares. EMG is offering 2bn shares, worth around 15.4 per cent of equity, with the price range set [...]
Dealmakers thrive in City’s flotation frenzy September 14, 2014 DEALMAKER of the year Although there has been a dearth of mergers and acquisitions so far this year, there has been a rash of initial public offerings (IPOs) for our dealmakers to get their teeth into. There has been some exciting deals for bankers to get a buzz from. Verizon Wireless’ $130bn deal to take [...]
UK footfall takes a hit in August despite rebound in retail sales September 14, 2014 FEWER shoppers visited shopping centres and high streets in August, even as retail spending rebounded, new figures show. The British Retail Consortium (BRC) and Springboard revealed this morning that footfall dropped by 1.1 per cent in August compared with the same time last year. This was greater than the 0.6 per cent fall in July [...]
Dr Martens profits take big stride forward September 14, 2014 BRITISH footwear brand Dr Martens has posted a leap in sales and profits in its first year since being bought out by private equity firm Permira. Revenues rose by 30 per cent to £209m in the year to March, as the retailer increased the number of shops from 13 to 41 across the US, Europe [...]
Photobox boss Stan Laurent: The man driving Moonpig’s growth story September 14, 2014 By the end of April, it became clear to Stan Laurent that London’s doors were effectively closed to new consumer-facing internet companies. There had just been the perfect storm of disastrous market debuts from Just Eat and AO World, along with two profit warnings from Asos that triggered a sell-off in shares of fellow fashion [...]