Prudential rides out the storm to bolster profits August 12, 2014 The strong pound and changes to UK annuities failed to stop the country’s biggest insurer, Prudential, from surging to a better-than-expected rise in profit yesterday. The Pru, led by high-profile chief executive Tidjane Thiam, said operating profits rose seven per cent to £1.5bn for the six months ending June, beating analysts’ estimates. The [...]
New Look pauses Russia launch as situation worsens August 12, 2014 New Look's plans to launch in Russia have been put on hold because of concerns over the worsening political situation in the country. The retailer, which this morning posted group revenue growth of 8.1 per cent to £392.5m for the 13 weeks to June 28, had earmarked Russia as one of four countries ripe [...]
RBS mulls sale of Coutts’ units outside the UK August 11, 2014 Coutts might sell off its overseas arms, RBS told staff yesterday, as the bank looks to cut back its foreign operations even further. But the famous private bank’s UK business will not be sold, whatever happens to the rest of the group. RBS has refocused its operations on the UK since it collapsed [...]
Worst quarter for retail since summer 2012 as drop in food sales gets sector reversing August 11, 2014 Retail sales growth went into reverse last month, according to dreary figures released this morning, with the first quarter of contraction in more than two years recorded. Like-for-like sales dropped by 0.2 per cent between May and July, compared to the same months a year ago, according to the latest data from KPMG and the [...]
Maplin appoints Darren Shapland as chairman August 11, 2014 Electrical goods retailer Maplin has appointed Darren Shapland, the new Poundland chairman, as its non-executive chairman. He replaces John Lovering who is retiring. Shapland starts his role next month following the sale of Maplin by Montagu Private Equity to Rutland Partners for £85m in June. Shapland was previously Carpetright chief executive and also held senior [...]
Gimme 5: Companies crowdfunding this month August 11, 2014 All Star Minerals 12 per cent; 540-day convertible loan A listed UK mining company focused on the Queensland area of Australia. Current focus is on two near-term production copper-gold mines. It’s seeking £50,000. Crowd for Angels Mughals, The Series 10 per cent equity A television drama series about the Mughals, in the style of [...]
Online retailers to reap £740m as superfast fibre broadband rolls out across UK August 10, 2014 Superfast broadband is set to support Britain’s online retailers by boosting sales by as much as £740m a year, according to research carried out by the Centre for Economics and Business Research (CEBR). British shoppers already on superfast internet spend an average of 3.1 per cent, or £23 per year, more than shoppers on slower [...]
Crown Estate and Norges Bank seize Mayfair estate for £381m August 10, 2014 The Crown Estate and Norges Bank Investment Management (NBIM) have snapped up a large chunk of Mayfair for £381m after fending off fierce competition from other property rivals. The pair said yesterday that they have bought a 64.2 per cent stake in the Pollen Estate from the Church Commissioners for England. NBIM has purchased 57.8 [...]
Amazon halts Disney orders of Maleficent and Captain America after price row August 10, 2014 Amazon halted pre-orders of a number of Disney movies on its US website yesterday in what appears to be another contract dispute, following a pricing spat with publisher Hachette Book Group. Last night physical copies of Disney titles such as Maleficent and Captain America: The Winter Soldier were unavailable for pre-order on Amazon.com. Amazon blocked [...]
Lansdowne takes a stake in luxury online retailer Achica August 10, 2014 Lansdowne Partners, one of the world’s largest hedge funds, has bought a stake in online luxury lifestyle store Achica. Lansdowne’s investment was disclosed in documents filed at Companies House, which also said that the company is considering an initial public offering at some point in the future. Achica’s chief executive Steve Robinson, who previously headed [...]