Sports Direct trying to ‘drive Debenhams into administration’ September 2, 2019 Mike Ashley’s Sports Direct is backing a legal challenge against Debenhams’ restructuring plan to “drive it into administration so that it can pick up its assets on the cheap”, a court was told today. The sports retailer is backing a challenge brought by Combined Property Control Group (CPC), which represents the landlords of six Debenhams [...]
Debenhams lines up Deloitte as retailer takes on legal challenge to restructuring plan September 1, 2019 Debenhams has lined up advisers from professional services giant Deloitte as it prepares to fight a legal challenge to its restructuring plan. Deloitte is on standby in case Debenhams loses the case and fails to secure an appeal, an event that could tip the embattled department store into administration. Read more: Debenhams appoints restructuring expect [...]
FTSE edges higher as relief over deflating trade war tensions sinks in August 30, 2019 Britain’s FTSE100 stock index nudged higher this morning as a relief rally over China deflating trade war tensions entered a second day. The blue-chip index was given a further boost by a continued slide in the pound’s value, which helped to boost exporters. China’s foreign ministry said this morning that it was continuing to hold [...]
Opposition to Mike Ashley builds ahead of Sports Direct meeting August 29, 2019 A third proxy adviser has today recommended shareholders attempt to oust Mike Ashley at the upcoming Sports Direct annual meeting due to concerns about a string of controversies at the FTSE 250 retailer. Institutional Shareholder Services (ISS) has joined advisory firms Glass Lewis and Pirc to recommend that investors vote against Ashley’s re-election as a [...]
On the block: Goals goes up for sale in wake of £12m fraud accusations August 29, 2019 Embattled five-a-side football operator Goals has put itself up for sale this morning, following a torrid six months that has been clouded by accusations of tax fraud. Goals Soccer Centres, which is part owned by retail magnate Mike Ashley, has said today that it is inviting offers for both the business and the assets belonging [...]
Self-cleaning homes and air taxis: What London will look like in 2069 August 29, 2019 Londoners might have to abandon veganism in the next 50 years as insect burgers become the capital’s next street food craze, according to a report that predicts underground skyscrapers and aquatic roads will reshape our capital. Researchers have also predicted that we will be playing “Quidditch-style” aerial sports matches. Though what the Health and Safety [...]
Supply and demand at work, or just good bargaining? The reality behind CEO pay August 28, 2019 A report published by Deloitte a couple of weeks ago will have enhanced the feeling of holiday wellbeing for many people. The median annual pay for bosses of FTSE 100 companies fell in 2018 to £3.4m, compared to £4m in 2017. This is the lowest level since 2014, when the UK brought in rules which [...]
Mike Ashley faces shareholder rebellion at Sports Direct AGM August 27, 2019 Mike Ashley could face a shareholder revolt at Sports Direct’s annual general meeting next month after two proxy advisors recommended investors vote to oust him from the board. Pensions and Investment Research Consultants (Pirc) and Glass Lewis have both urged shareholders to oppose the re-election of Ashley, the firm’s chief executive and founder, at a [...]
Ted Baker to ditch Debenhams for Next on children’s clothing range August 16, 2019 Ted Barker is set to end its deal to sell its children’s clothing range at Debenhams’ stores in the latest blow to the department store chain. Instead, Ted Baker will team up with Next, who are going to “create and sell” Ted Baker-branded clothes, shoes and accessories for babies and children. Read more: Ted Baker [...]
Sports Direct left looking like giant mugs as auditor Grant Thornton quits August 14, 2019 Sports Direct shares have tumbled to their lowest level since 2011 after it emerged that Mike Ashley’s retail empire could be left without an auditor, breaching stock market rules. The company is understood to have sought government advice over what would happen if it is unable to find an auditor after its current auditor Grant [...]