Game Digital’s revenue slides but esports expansion holds promise August 21, 2018 Video game retailer Game Digital has posted a fall in revenue in its end of year results as it is hit by a tough market for pre-owned games. Revenue for the year to 28 July fell slightly from £782.9m to £780m which the company blamed on "continued challenges in the pre-owned business" which it said [...]
Angling Direct shares rise as it reels in revenue growth August 21, 2018 Angling Direct beat its own expectations to reveal revenue growth had grown by more than 50 per cent year-on-year in a trading update today. The figures The fishing products retailer saw a 56 per cent year-on-year revenue increase to £22m, citing strong store and online sales despite the summer heatwave. E-commerce sales were up 60 per cent [...]
Sports Direct saves House of Fraser Oxford Street from closure August 21, 2018 House of Fraser's flagship branch on Oxford Street has been saved from closure after new owners Sports Direct pledged to keep the store open. The site was one of 31 slated for closure under a company voluntary arrangement (CVA) which was passed earlier this year. But the restructuring plans were rendered void when House of [...]
Market influencer: City brokers look for the likes as social media boosts brands’ growth August 21, 2018 Brokers are hitting “like” on companies that have strong social media engagement, as UBS yesterday became the latest to factor Instagram influence into its ratings. The Swiss bank announced that it will now track the performance of 19 luxury brands on Instagram and Google Search,tracking “social media heat”. Analyst Julie Zhuang said there is a [...]
Oaktree Capital to raise $1.5bn cash for Claire’s bid August 20, 2018 Oaktree Capital Management is racing to raise $1.5bn (£1.18bn) to bid for bankrupt accessories chain Claire's Stores. The bid, which will be entered by 31 August, will rival a $1.4bn debt-for-equity bid by senior lenders Elliot Management Corporation and Apollo Global Management. Oaktree's cash raising plan was revealed during a hearing at Delaware U.S. Bankruptcy [...]
iSmash eyes partnerships with insurers as part of expansion drive August 20, 2018 Phone repair company iSmash is eyeing a range of partnerships including deals with insurance companies as it expands. The chain, which has defied high street gloom by announcing plans to expand to 70 shops in the next two years, is exploring new ways to bring in customers. Founder Julian Shovlin told City PM that iSmash [...]
Luxury retail app Farfetch is heading to Wall Street for a multi-billion dollar listing August 20, 2018 E-commerce marketplace Farfetch, which is based in the UK and specialises in luxury brands and high-end fashion, today filed an intention to list on the New York Stock Exchange. No details were given on the amount it expects to raise or the offer price per share, however analytics firm Pitchbook valued the listing to take [...]
Paddy Power completes £200m share buyback August 20, 2018 Paddy Power today completed the first £200m tranche of its share buyback programme. Goldman Sachs International bought up 2.4m shares on the bookmaker’s behalf, cancelling them all, as it embarks on the second tranche to repurchase £300m of shares, which Goodbody Stockbrokers is carrying out. The company is trying to reduce its share capital, announcing [...]
Mulberry shares plummet on cost of House of Fraser collapse August 20, 2018 Shares in Mulberry plummeted as much as 30 per cent this morning as it said that the restructuring of House of Fraser could cost it around £3m. The luxury leather goods brand, which operates 21 concessions in HoF stores, said that sales in the department stores had been particularly hard-hit by challenging retail conditions in [...]
PepsiCo buys SodaStream for $3bn August 20, 2018 PepsiCo has agreed to buy Israeli drinks firm SodaStream for $3.2bn (£2.5bn), in a sign that the company intends to persist with its healthy product ambitions amid the departure of its long-reigning chief executive. The landmark deal comes several weeks after PepsiCo boss Indra Nooyi said she would step down after 12 years of leading [...]
