Primark owner warns of challenging trading and tough retail market December 7, 2018 The chairman of the company behind Primark is today warning of a tough market for retail saying that during November Primark trading was challenging. Associated British Foods chairman Michael McLintock will say at the firm’s annual general meeting today that “during November Primark trading was challenging, in a tough retail market, but with careful inventory management [...]
Gambling firms see shares drop amid reports of TV advert ban December 6, 2018 Shares in major gambling firms took a hit today following reports of a ban on advertising during live sports events. Paddy Power, Bet365 and Ladbrokes are among major bookmakers that have reportedly agreed to a ban on TV adverts during sports broadcasts amid fears aggressive marketing campaigns are fuelling the UK’s gambling problem. Shares in [...]
Sears chairman Eddie Lampert makes $4.6bn offer for troubled US department store December 6, 2018 Struggling department store Sears has received an offer from chairman Eddie Lampert's ESL Investments to buy the US retailer for $4.6bn (£3.6bn). Reuters reported that Lampert’s offer calls for about 500 Sears stores to remain open and would keep 50,000 of the retailer’s workers employed. According to Reuters, hedge fund ESL, which is Sears' largest shareholder [...]
Former BHS boss Dominic Chappell to be sentenced next week for failure to help Pensions Regulator December 6, 2018 Former BHS boss Dominic Chappell is to be sentenced next week for failing to provide information to the Pensions Regulator regarding the sale of the troubled department store. Chappell will be sentenced for three counts of breaching Section 72 requests for information from the regulator into the sale of BHS by Philip Green to Chappell for just £1 in 2015. [...]
Tesco fraud fiasco leaves new SFO boss with serious questions to answer December 6, 2018 The Serious Fraud Office (SFO) has had more ups and downs than Thomas Cook’s share price. When it scores a big success, like the near £500m deferred prosecution agreement (DPA) with Rolls-Royce, it gets cheered to the rafters, while failures such as the Tchenguiz brothers debacle sees it dubbed the Serious Farce Office by critics. [...]
Coffee on the go: Costa launches pre-order service December 6, 2018 Costa Coffee is planning to launch a pre-order service, allowing customers to have their drinks waiting for them when they arrive in store. The new feature, which will be rolled out across the company's London coffee shops will be available to Costa Coffee members who use its app, Costa said. The app shows customers where their [...]
Serious Fraud Office trial against Tesco executives collapses December 6, 2018 The Serious Fraud Office’s case against two senior former Tesco’s executive has collapsed because of insufficient evidence. At Southwark Crown Court this morning Judge Sir John Royce instructed the jury to acquit both defendants, former UK managing director Chris Bush and ex-UK food commercial director John Scouler. The pair had both been charged with one [...]
Eve Sleep shares plummet after investors buy in for a discount in £15m fundraising round December 6, 2018 Mattress retailer Eve Sleep’s shares dropped by as much as 16 per cent this morning after it announced investors were buying shares at a discounted price during a £15m fundraising round. The e-commerce specialist said investors had committed to just under £10m of funding, with fund manager Neil Woodford promising £8m, the company’s chairman Paul Pindar adding £1m, [...]
Clipper Logistics delivers double-digit growth on back of new contracts December 6, 2018 Clipper Logistics struck an upbeat tone this morning after posting double-digit growth in the six months to October, having secured a number of major contracts amid the continued rise in demand for click-and-collect services. The figures In the six months to the end of October group revenue reached £227.9m, climbing 14.1 per cent when compared with [...]
Ted Baker appoints law firm Herbert Smith Freehills to probe hugging claims December 6, 2018 Fashion chain Ted Baker said this morning it has appointed law firm Herbert Smith Freehills (HSF) to investigate claims of forced hugging by its boss Ray Kelvin. The Ftse 250 chain’s shares have been battered since the news emerged that the fashion retailer has launched an internal investigation into harassment claims. In a trading update [...]