First Deliveroo backers now have stake worth 431 times original investment March 10, 2021 The investors who piled into Deliveroo at its earliest stages will be rubbing their hands as the takeaway giant prepares for its bumper London listing. The investors who bought into the takeaway back in 2013 will now have a stake worth £646, around 431 times their original investment according to data from MarktoMarket. In September [...]
Next snaps up stake in womenswear brand Reiss for £33m March 10, 2021 High street giant Next has acquired a stake in womenswear retailer Reiss for £33m. The fashion firms this morning announced that Next will purchase a 25 per cent equity stake in Reiss. Warburg Pincus, Reiss’s private equity owner, said the deal values the company at around £200m. As part of the strategic partnership, Reiss will [...]
Wagamama owner The Restaurant Group taps investors for £175m March 10, 2021 The Restaurant Group, which owns Japanese-inspired chain Wagamama, is preparing to tap investors for £175m. The firm said this morning that capital raise will be used as a buffer in case of a resurgence of the Covid-19 pandemic and also allow it to expand its Wagamama brand and pubs business. Restaurant Group said it expects [...]
Zara owner Inditex posts 70 per cent drop in net profit during pandemic March 10, 2021 Zara owner Inditex this morning posted a 70 per cent drop in net profit after a year of trading restrictions and weak demand during the coronavirus pandemic. The European retail giant said profit last year fell to €1.1bn, a steeper drop than anticipated, due to the impact of store closures during global Covid-19 lockdowns. Total [...]
Just Eat Takeaway forecasts order growth after bumper year March 10, 2021 Just Eat Takeaway today said it expected further growth in orders in 2021 after the pandemic helped drive a sharp rise in revenue for the year. The food delivery group hailed an “exceptional” 2020 after posting revenue of €2.4bn (£2bn), up 54 per cent from €1.6bn in the previous 12 months. The company said it [...]
Adidas returns to growth but warns of Reebok sale costs March 10, 2021 Adidas today reported a return to sales growth in the final quarter of the year, but warned of a hit to profit caused by its decision to divest the Reebok brand. The German sports giant reported sales growth of one per cent on a currency-neutral basis in the fourth quarter to €5.5bn (£3.9bn). This came [...]
West End classic Angus Steakhouse ‘on brink of administration’ March 9, 2021 West End staple Angus Steakhouse is reportedly on the edge of collapse unless it can secure rent concessions from its landlords. The restaurant chain, which was founded in the 1960s, has hired KPMG in a bid to strike a last-minute deal with landlords, the Telegraph reported. The Big Four auditor has written to letters to [...]
Domestic cruises set to restart from 17 May March 9, 2021 Domestic cruises could restart in the UK along with the lifting of travel restrictions from 17 May, MPs were told today. Maritime minister Robert Courts told the All Party Parliamentary Maritime and Ports Group that such trips could restart along with domestic holidays from that date. A statement from the Department for Transport confirmed that [...]
Pandemic wipes almost £1bn off Covent Garden landlord Capco’s portfolio March 9, 2021 West End landlord Capital & Counties suffered a sharp drop in its property values last year, wiping almost £1bn of its portfolio. Capco, which owns Covent Garden, reported this morning that its total property value last year was £1.9bn, down from £2.8bn in 2019. The total property value of Covent Garden fell 27 per cent [...]