Grant Thornton quits as Sports Direct auditor August 14, 2019 Sports Direct faces being left without an auditor after Grant Thornton told the retailer it would not apply for reappointment. The decision threatens to leave Sports Direct high and dry as all of the Big Four firms have indicated they are reluctant to take on the role. The Financial Times reported that Sports Direct has [...]
Steinhoff to sell off assets in bid to cut debt pile August 13, 2019 Embattled global retailer Steinhoff said today that it will sell off assets in the wake of a $7bn (£5.8bn) accountancy scandal. In a bid to slash its debt pile, the troubled South African giant revealed plans to slim down into a retail-focused investment holding company. Read more: Restaurants eat into retailers’ high street share Chief [...]
Back of the net: Watches of Switzerland hails demand for sport products as sales tick up August 13, 2019 The return of the Premier League season has put a smile on many faces, but none more so than Watches of Switzerland, the UK’s biggest seller of Rolex watches. The newly-listed luxury retailer, which reported a double-digit rise in revenue this morning, has hailed an increased appetite for sport watches for its recent sales growth. [...]
Card Factory delivers sales rise despite challenging consumer market August 13, 2019 Greetings card retailer Card Factory said sales grew 5.5 per cent in the six months to 31 July, despite a “challenging consumer environment”. The company said like-for-like sales were up 1.5 per cent and total group sales up 5.5 per cent. It opened 26 net new UK stores in the period and said it is [...]
Crunch time: Kettle Foods poised for takeover by Irish group Valeo August 12, 2019 The owner of high-end crisp brand Kettle Chips is set to be swallowed up by Irish food group Valeo as the two companies near an agreement in takeover talks. Valeo Foods, which owns brands including Rowse Honey and Barratt confectionery, is in advanced talks to buy Kettle Foods’s operations in the UK and Ireland, Sky [...]
Choc Horror: Hotel Chocolat’s ‘Chocmobile’ found burnt out August 12, 2019 Hotel Chocolat has been left with a bitter taste in its mouth after police found its stolen ‘Chocmobile’ burnt out in Bedfordshire. Officers found the distinctive black van at roughly 9am today in Kempston Hardwick on the outskirts of Bedford. Read more: Hotel Chocolat goes into meltdown over missing Chocmobile The Chocmobile, which was used [...]
Struggling mattress start-ups Eve Sleep and Simba confirm merger talks August 12, 2019 Mattress start-ups Eve Sleep and Simba confirmed today they are in talks to merge. The two businesses have struggled recently with Woodford-backed Eve suffering a share crash after investors were offered shares at a steep discount during a £15m funding round in December. Read more: Eve Sleep shares plummet after investors buy in for a [...]
Thomas Cook shares plunge on fresh funding talks as it nears Fosun tie-up August 12, 2019 Thomas Cook shares plummeted this morning as investors digested the news the tour operator is in advanced discussions with bond holders for a £150m cash injection, on top of the £750m rescue deal it is already working on with lead investor Fosun, which would nearly wipe out shareholders. The company’s market value dropped 17 per [...]
Vacancy rates hit worst level in over four years August 12, 2019 The decline of the British high street has deepened this summer with vacancy rates hitting a four-year high and sluggish footfall underlining a torrid selling season for retailers. Empty store fronts climbed to their highest level since January 2015 in July, following a turbulent 12 months during which some of Britain’s most iconic retailers permanently closed [...]
Luxury car imports jump as super-rich look to swerve Brexit costs August 12, 2019 The number of luxury car imports has risen sharply over the last year, as wealthy individuals rush to bring high-end motors to the UK ahead of a potential no-deal Brexit. A total of 3,830 cars were imported in the last financial year, up 16 per cent on the previous 12 months, according to law firm [...]