M&S appoints strategy and transformation director February 5, 2020 Marks & Spencer has appointed a new chief strategy and transformation director as the retailer seeks to improve the performance of its key clothing and home division. Former Dixons Carphone UK and Ireland boss Katie Bickerstaffe, currently a non-executive director at the high street chain, will take up the new role on 27 April. Bickerstaffe, [...]
Nightmare: Casper Sleep slashes IPO valuation again February 5, 2020 Casper Sleep slashed the valuation it is seeking in its initial public offering again today, as the money-losing online mattress retailer tries to lure investors in a tepid market for start-up IPOs following Wework’s debacle last year. The price cut underscores the recent mismatch between the valuations start-ups are able to achieve in private fundraising [...]
Retail bosses call for £6bn corporation tax hike to fund business rates cut February 5, 2020 Retail bosses are preparing to urge the Treasury to increase corporation tax in order to cut business rates by £6bn in a bid to save the UK’s struggling high streets. The recommendation to the government will be made in a report by a sub-committee of the Retail Sector Council, due to be shared in the [...]
Poundland-owner Pepco’s boss says sale ‘almost inevitable’ February 5, 2020 The chief executive of Poundland-owner Pepco Group said it is “almost inevitable” the company will be sold, as the retailer updated the market on its strong Christmas trading last year. Pepco Group boss Andy Bond said it is likely that its owner Steinhoff will sell the firm, adding he is “genuinely open minded” on the [...]
CMA opens probe into Flutter’s £10bn Stars Group betting merger February 5, 2020 The UK’s competition watchdog is set to open an investigation into a planned £10bn gambling merger between Flutter and the Stars Group. The Competition and Markets Authority (CMA) will probe whether the tie-up between Paddy power and Betfair owner Flutter and Toronto-based Stars will hurt competition. The CMA is considering whether it is or may [...]
Domino’s Pizza sales rise as firm seeks to offload foreign businesses February 5, 2020 Sales at Domino’s rose 3.7 per cent year on year to £352m in the final three months of last year, it said in a trading update today, as the UK pizza chain continues to try to sell its loss-making overseas businesses. The prompt-pizza pioneer’s international sales fell five per cent in the same period to [...]
Investment in UK supermarket property surges to six-year high February 5, 2020 UK supermarket property deal value surged to a six year high last year as investors targeted retail real estate with steady returns. According to the latest research, property investors pumped £1.78bn into the UK supermarket sector in 2019, an 80 per cent jump on the previous year. There were 48 transactions during the year, up [...]
Watchdog bans ‘overly sexualised’ Pretty Little Thing advert February 5, 2020 Clothing retailer Pretty Little Thing has been censured by the advertising watchdog over a campaign deemed to objectify women. In a Youtube ad seen in October last year, the brand portrayed women wearing lingerie striking “seductive poses” and holding neon bars. A complainant, who believed the ad was overly sexualised and objectified women, challenged whether [...]
New John Lewis boss makes first key hire February 4, 2020 Former Ofcom boss Sharon White has made her first key hire as she takes over as chairman of struggling department store John Lewis. Nina Bhatia has been appointed executive director of strategy and commercial development following a reshuffle of the partnership’s structure. Bhatia, who was most recently managing director at home energy management company Hive [...]
Ferguson to consult shareholders on US listing plans February 4, 2020 Plumbing company Ferguson has launched a consultation with shareholders as it mulls a US listing following the demerger of its UK division Wolseley. Ferguson is considering two listing structures, one which would see it seek an additional listing of its shares on a major US stock exchange while remaining part of the FTSE 100. The [...]