London-listed Mondi leaves Russia after agreeing to sell biggest paper mill September 18, 2023 UK paper and packaging giant Mondi has agreed to sell its largest Russian plant for around 775 million euros (£668 million) to a Moscow-based property development group. Mondi’s share price jumped by nearly five per cent on Monday morning after it unveiled the deal involving Syktyvkar, its last remaining plant in Russia and the country’s [...]
Wilko: High street chain collapsed owing £400m to creditors September 15, 2023 Wilko collapsed with a well over £400m gap in its finances, according to documents published on Companies House, including £157.3m owed to trade creditors. The reports, first published by The Grocer, show that the high street chain owed £411m to unsecured creditors, and a further £25.8m was owed to HMRC. Some of the creditors included [...]
Domino’s franchisee to declare Russian business bankrupt August 21, 2023 The Russian arm of fast food chain Domino’s is likely to close after its London-listed parent company decided to put it into bankruptcy. Apparently failing to find a buyer for the Russian business, DP Eurasia said it has decided its subsidiary should instead file for bankruptcy. The franchisee runs around 170 Domino’s pizza sites in the country, and had previously said it was “evaluating its presence” there. The Russian economy has been hit [...]
Coca-Cola HBC faces questions over Russia operations August 20, 2023 Questions are being asked about the extent of Coca Cola HBC’s operations in Russia after a report suggested the firm has not fully withdrawn from the country despite pledging to do so. The London-listed firm, which is the European bottler for the Coca-Cola Company, said in March 2022 that it was suspending all operations in [...]
Unilever will look at Russia business with a ‘fresh pair of eyes’ after criticism August 14, 2023 The new chief of Unilever has vowed to look at the company’s decision to operate in Russia with a “fresh pair of eyes,” after it was criticised for continuing to operate in the country. Hein Schumacher, who took over as head of the Dove soap maker in July, made the claim in a letter to [...]
John Lewis CEO: Bailey wants you to be gloomy – and it’s working August 13, 2023 The new Chief Executive of John Lewis has given a stark warning to the Bank of England, cautioning against higher interest rates that could “tip into recession”. Nish Kankiwala was appointed as the Partnership’s first Chief Executive in March and has since been laying out his recovery plan for the struggling high street favourites John [...]
Capita shares plummet 11 per cent as contractor reveals cyber attack cost £25m August 4, 2023 Capita shares slumped 11.4 per cent on Friday morning after it said a recent data breach could cost it up to £25m. The government contractor, which provides data and IT outsourcing processes, said this morning it expects a major cyber attack in March could cost it £20-25m, as an investigation nears its close. This figure is [...]
The Notebook: Ian Whittaker on S4’s bad luck, a surprising election forecast and the unbeatable pull of strong brands August 1, 2023 Where the City’s movers and shakers get some things off their chest. Today it’s Ian Whittaker, founder of Liberty Sky Advisors S4’s latest woes are down to bad luck, not bad judgement The Q2 results season is in full swing and, so far, it is fair to describe the season as better than expected. The [...]
Capita picks Amazon exec to lead outsourcing giant July 31, 2023 London-listed outsourcing firm Capita is undergoing a change of leadership as CEO Jon Lewis steps down, passing the baton to Adolfo Hernandez. After over five years at the helm, Lewis is retiring as chief executive and board director, leaving the company in the hands of Hernandez, a seasoned tech expert with 30 years of experience, [...]
Unilever: Ben & Jerry’s maker appoints new chair as leadership shake-up continues July 28, 2023 Ben & Jerry’s maker Unilever has appointed a new chair as the shakeup of its top team continues. The British company, which makes everything from ice-cream and Hellmann’s to Wall’s, said Ian Meakins will join Unilever’s board on 1 September as its non-executive director and chair designate. He currently serves as the chair of British [...]