Mike Ashley to turn House of Fraser into ‘Harrods of the high street’ after £90m acquisition August 10, 2018 Mike Ashley has promised to turn House of Fraser into the "Harrods of the high street" after buying the company for £90m. Sports Direct issued a statement confirming that the acquisition includes all the UK stores, the brand and all the stock. It comes after the department store chain announced this morning that it is [...]
Mike Ashley has bought House of Fraser – and Newcastle United fans are livid August 10, 2018 Sports Direct owner Mike Ashley has been on the end of a backlash from Newcastle United fans after buying failed department store House of Fraserfor £90m this morning. After the firm called in administrators this morning, Ashley pipped Philip Day to sweep up the company at a fraction of the £480m Chinese firm Sanpower paid [...]
Mike Ashley’s Sports Direct confirms House of Fraser acquisition | City A.M. August 10, 2018 Mike Ashley’s Sports Direct has bought House of Fraser for £90m. The acquisition includes all the UK stores, the brand and all the stock. It comes after the department store chain announced this morning that it is to appoint administrators after it failed to find a solvent solution. The price represents a heavy discount for [...]
How Premier League clubs are using social media in global football supporter arms race | City A.M. August 9, 2018 Premier League teams may be about to resume hostilities this weekend, but away from the field on social media the battle for supremacy never went away. Twitter, Facebook, Instagram and Weibo have emerged as key frontiers for clubs from the world’s most high-profile competition as they aim to attract an increasingly global supporter base. And [...]
House of Fraser’s new owner issues profit warning | City A.M. August 1, 2018 House of Fraser’s future prospects have been dealt another blow after its owner issued a profit warning, throwing its emergency funding into doubt. C.banner, the Chinese company which also owns Hamleys, issued a statement to the market today warning its profits will be lower and cancelling a planned placing due to the plunge in its [...]
LGIM reported to FCA over ‘compliance and risk failings’ by whistleblower July 31, 2018 Legal and General Investment Management (LGIM) has been reported to regulators by a whistleblower over allegations of multiple failures in its risk management processes. At least three employees have reported the fund management house to the Financial Conduct Authority (FCA), the Financial Times reported. One of the whistleblowers' complaints said the culture of LGIM had [...]
Charity Lottery reform a win-win whatever sport you support! July 25, 2018 This summer the world has been glued to football but back in May I joined the then Culture Secretary Matt Hancock MP, for the launch of Street League Rugby at Coram’s Fields in North London. The event took me back to my days as a not particularly good second row in my school team. Although [...]
Last Week in the City: August rate rise now less likely July 20, 2018 Garry White, chief investment commentator, looks at the market-moving events that have shaped the UK equity markets this week (16 to 20 July 2018). The chances of an interest rate rise at the Bank of England’s August meeting appeared to recede this week after inflation data was more subdued than expected and retail sales data [...]
Why Mike Ashley’s retail gambles are a mistake | City A.M. July 20, 2018 When the fishes swim one way, I swim the other,” said Sports Direct supremo Mike Ashley last year describing his investment strategy. Despite this billionaire bombast, some of his investments are sinking and weighing down Sports Direct at the same time. The sportswear chain reported a sharp drop in annual profits yesterday, partly because of [...]
World Cup 2018: Did brands and advertisers score a hat-trick or an own goal? | City A.M. July 16, 2018 Yesterday’s final was an exciting conclusion to football’s greatest competition, even after the heartbreak of England losing last week’s semi-final. While France are this year’s champions, the Three Lions will have another shot at glory in four years’ time. This year’s tournament has sparked excitement in jaded fans like, well, myself. But while the football [...]