The alchemists of time: How watch companies combine age-old techniques with cutting edge materials December 8, 2016 Let’s face it: a finely made timepiece is, in a rather nice twist of irony, a flashy anachronism. For starters, no one really needs a watch these days, finely made or not. Secondly, the delicate concoction of wheels, springs and levers driving a mechanical watch is based on an ancient principle – 200-year-old technology that [...]
Sports Direct just bought a new corporate plane for $51.1m despite reporting its profits halved December 8, 2016 Sports Direct announced its profits had halved today, but that didn't stop the company from buying a brand new jet for $51.1m (£40.4m). The new corporate plane will join the company's corporate helicopter, a fleet of vehicles, a Best Western hotel and "several houses in and around Shirebrook" as the company's corporate assets and facilities. Read [...]
Sports Direct shares fall as it unveils 57 per cent profit hit on weak sterling December 8, 2016 Shares in troubled retailer Sports Direct fell as much as six per cent in early trading, after it revealed pre-tax profits had halved in its first half thanks to weak sterling. Underlying profit before tax dropped 57 per cent to £71.6m from £166.4m, it said, while underlying earnings before interest, taxation, depreciation and amortisation fell 33.5 [...]
Amazon-mageddon: Prices set to rise online due to lack of warehouse space December 7, 2016 Rock-bottom prices for online products may end if the UK doesn't build a shedload more warehouses. The rapid expansion of online retailers is expected to lead to a shortage of warehouse space, which would push up rents, and ultimately the price of goods. Read more: MPs pay surprise visit to Sports Direct's Shirebrook warehouse It is [...]
Sports Direct has had an annus horribilis, raising questions about Mike Ashley’s game plan December 6, 2016 SPORTS Direct has had an annus horribilis, from being slammed by MPs for working conditions in Derbyshire that resemble a Victorian workhouse to a share price plunge of 47 per cent in the year to date. Corporate governance has been an issue. Mike Ashley, a dominant founder and shareholder, is now CEO. The retailer has [...]
Sports Direct has had an annus horribilis, raising questions about Mike Ashley’s game plan December 5, 2016 NULL
Private equity groups circle Oasis, Warehouse and Coast December 4, 2016 Private equity groups are reportedly interested in buying up fashion brands Warehouse, Oasis and Coast, also known as the Aurora Fashion Group. The group recently appointed PwC to conduct a "strategic review" for the business, and is thought to be seeking a sale worth £100m. Read more: MPs pay surprise visit to Sports Direct's Shirebrook warehouse [...]
Sports Direct is in the hot seat again this week December 4, 2016 Sports Direct will be in the spotlight again this week as it reports its interims on Thursday. Analysts are predicting chief executive Mike Ashley will announce a profit fall of 25 per cent to £170m. The City will also be looking for signs that Sports Direct is improving its corporate governance, something the retailer promised to focus [...]
In Theresa May’s exec pay crusade, the devil will be in the detail November 29, 2016 It’s positive to have a Green Paper to allow a proper debate; the detail of legislation – and amendments to it – will matter a lot. It will be particularly interesting to see the detail of how extending the “comply or explain” Governance Code to private companies will operate. The system presently works with public [...]
Businesses back May’s tweaked approach to governance as green paper hints at fresh u-turns November 29, 2016 Businesses have welcomed new proposals on corporate governance which appear to show Theresa May continuing to tweak her stance on the sector. The widely-trailed plans included proposals to make publicly-listed firms publish pay ratios, and introduce a form of representation on public boards. But May had already backtracked on forcing firms to directly hand workers non-exec [...]