Richer Sounds founder hands staff 60 per cent stake May 14, 2019 Employees of Richer Sounds will receive a £3.5m windfall after the entertainment retailer’s founder handed over a 60 per cent stake in the company. Read more: John Lewis considers cutting staff bonus amid profit warning Julian Richer, who founded the company as a teenager in 1978, has placed the shares into an employee ownership trust [...]
Botanical drinks startup with top City backers set for crowdfunding May 14, 2019 A botanical drinks startup which counts high-profile City veterans and celebrities among its backers is set to launch a £1m crowdfunding in its latest expansion drive. David Spencer-Percival, the serial entrepreneur who runs No.1 Rosemary Water, told Morning Wire he is looking to lure in fresh capital amid a global product drive and the launch of [...]
Shattered: Pottery maker Portmeirion Group shares plunge 25 per cent after profit warning May 14, 2019 Shares in pottery maker Portmeirion Group collapsed this morning after the firm issued a profit warning. Read more: Renishaw shares dive after second profit warning Shares fell more than 25 per cent to 910p as the country garden-themed pottery company told investors that sales were down 10 per cent for the first four months of [...]
Pub operator Ei Group’s profits rise thanks to drinks sales boost May 14, 2019 Pub chain Ei Group has posted a modest rise in pre-tax profit for the half year thanks to continued growth in drinks sales. Ei, which is the largest owner and operator of pubs in the UK, posted pre-tax profits of £59m in the six months to the end of March, up from £57m in the [...]
Premier Foods swings to a £43m loss as it launches plant-based food range May 14, 2019 Mr Kipling maker Premier Foods is planning to tap into the success of rivals' vegan products with its own range set to launch this year, as it hopes to turn around falling profits. The figures The Hertfordshire-based company said that a £20.9m profit before tax was wiped out in the year ending in March, showing [...]
Puffed up: Greggs upgrades outlook as sales rise on vegan sausage roll success May 14, 2019 Greggs’ results have puffed up so far this year, it said today, upgrading its outlook for the year. The high street baker said it expects “materially higher sales” in 2019 than previous estimates as the launch of a vegan sausage roll lit a fire under the business. Read more: Subway launches vegan sub after Greggs' [...]
JP Morgan downgrades shopping centre landlord Intu May 13, 2019 Investor concerns over beleaguered retail landlord Intu showed no sign of fading today as shares slumped a further five per cent. Read more: Shares fall at shopping centre owner Intu as it warns on rental profit The shopping centre owner was one of the leading fallers on the London Stock Exchange this morning after an analyst [...]
Tough to swallow: Brewing giant AB InBev slapped with €200m fine over import restrictions May 13, 2019 The world’s largest brewer has been slapped with a €200m (£172m) antitrust fine from the EU today for restricting cross-border sales of beer. AB InBev was handed the penalty by the European Commission, which said the firm abused its dominant position on the Belgian beer market by hindering cheaper imports of its Jupiler beer from [...]
Fund manager Neil Woodford doubles stake in Card Factory despite high street woes May 13, 2019 Former star trader Neil Woodford has doubled his stake in Card Factory despite high street footfall woes hitting the retailer’s sales last year. Woodford Investment Management has increased its stake in the greeting cards retailer to 10.06 per cent, in a significant bet on the company boosting its performance. Read more: Neil Woodford's billion-dollar baby [...]
Embattled Goals Soccer Centres loses second CEO in two years May 13, 2019 Five-a-side football operator Goals Soccer Centres has confirmed that chief executive Andy Anson is stepping down after just a year in the job. Read more: Accounting errors cause Goals Soccer Centres to suspend trading Anson will take the role of chief executive at the British Olympic Association (BOA), where he has been a board member [...]