Business secretary Sajid Javid orders investigation into BHS collapse May 3, 2016 Business secretary Sajid Javid has ordered a government investigation into the collapse of high street retailer BHS and the conduct of the directors involved. BHS entered administration in April after running out of cash. Speaking in the House of Commons, Javid confirmed that he has written to the chief executive of the Insolvency Service, Sarah Albon, instructing her to [...]
At the close: FTSE 100 goes away in May as miners prove the movers May 3, 2016 Traders are superstitious folk, and today – the first day of trading in the month of May – they headed for the hills as the FTSE 100 tumbled to a three-week low. The bluechip index closed down 0.9 per cent on the day at 6,185 in a bad day all round for Europe. The German Dax [...]
Sainsbury’s to double the number of click and collect grocery sites as full-year results loom May 3, 2016 Sainsbury's is doubling the number of click & collect sites in its store car parks over the next 12 months to take the total number to 200. The supermarket chain said its "drive thru" service was proving popular with customers as shopping habits change and plans to launch a further 100 sites by May 2017. “We know that time is precious [...]
Costa Coffee owner Whitbread orders a salad to go after buying a £6.8m stake in Pure May 3, 2016 Whitbread, the hospitality company behind Costa Coffee and restaurants including Beefeater Grill, is balancing out its diet after buying a 49 per cent stake in a healthy food-to-go chain for £6.8m. Pure, which was founded by entrepreneur Spencer Craig in 2009, has eight outlets serving up salads and wraps to health-conscious commuters in locations including Moorgate and Soho. Craig said [...]
Before the bell: What you need to know before the US market open May 3, 2016 Oil prices are falling and Australian central bankers are getting jumpy. Here's what you need to know before the US markets open. Markets look set for a sharply lower open, following their European counterparts southwards. Many seem to have taken the old adage of "sell in May and go away," to heart it seems. S&P [...]
Estee Lauder plans shake-up of its beauty empire as third quarter sales rise May 3, 2016 Estée Lauder has announced a shake-up of its beauty empire that will result in up to 1,200 job losses, after posting a rise in third quarter sales. The company, which owns brands including Jo Malone, M.A.C and Clinique, said the strategy, called Leading Beauty Forward, was aimed at simplifying the business and cutting costs in an attempt to boost [...]
Signs of life in London’s flotation market as firms consider IPO options May 3, 2016 There are signs of life in London's flotation market after a slow start to the year. Furniture retailer The Range and store card maker NewDay are both considering initial public offerings (IPOs), which could value each company at more than £1bn. Today, audio visual and document solutions distributor Midwich announced it had raised £75m through a [...]
The Co-operative Group sells former Somerfield food stores to Hilco, the turnaround specialist behind HMV May 3, 2016 The Co-operative has sold around 90 food stores it inherited from its £1.6bn takeover of Somerfield eight years ago to Hilco, the buyout company behind HMV. The mutual said the sale to The Food Retailer Group, a subsidiary of Hilco, included 36 trading stores and an additional non-core portfolio of 50 properties, including offices and shops, that are no longer [...]
Is Aim about to get a new Joules in its crown? Fashion retail unveils plans for £140m IPO May 3, 2016 Joules has announced plans to bring its colourful wellies and country-style clothes to London's junior market with a £140m listing. The fashion and lifestyle retailer said the initial public offering will take place in the second quarter of the year, with its founder Tom Joule expected to sell down his 80 per cent stake to less than 50 [...]
At the open: European markets tumble, but the pound prances on May 3, 2016 European markets opened down this morning as traders consolidated positions ahead of a glut of corporate results this week. The FTSE 100 shot up by 16 points as bank holiday weekend trades become official, but then immediately plunged to stand down 0.4 per cent at 6,214 within the first hour of trading. Over in Germany, [...]
