Local authorities braced for budget hit as Debenhams demands business rates cut May 12, 2019 Cash-strapped local authorities are set to become the latest victim in the demise of Debenhams, as the embattled retailer embarks on a turnaround plan that includes a controversial move to cut business rate bills that it owes. New research shown to City PM estimates local authorities will no longer receive £8.5m of the total £17.3m [...]
Goals Soccer Centres chief executive to quit to join British Olympic Association May 12, 2019 The chief executive of Goals Soccer Centres, the five-a-side football venue operator, is stepping down weeks after the company’s shares were suspended following a £12m accounting error. Andy Anson, who has been in the role for a year, is stepping down to take on the chief executive job at the British Olympic Association (BOA), Sky [...]
Short-sellers smell blood at embattled shopping centre firm Intu May 12, 2019 Short-sellers have been stepping up their bets against Intu in recent months, as they look to cash in on the embattled shopping centre owner’s current retail woes. City punters have been circling the FTSE landlord, which recently appointed Matthew Roberts as its new boss, amid downbeat forecasts that the group’s rental income will slide as [...]
Chinese retail giant JD.com hits record quarterly profits to beat expectations May 10, 2019 Chinese e-commerce behemoth JD.com exceeded estimates for its first quarter earnings this year, up 20.9 per cent on the same period in 2018 with record-breaking quarterly profits. The tech giant recently cut staff and wages in a bid to increase profitability and saw revenue grow to Rmb121bn (£13.8bn) for the quarter up until 31 March 2019. [...]
Why bombed-out Sainsbury’s leads the FTSE 100 May 10, 2019 | City Talk Hammered since the Asda merger was blocked, our head of markets explains the surge to a three-week high. Rather than fight the decision of the Competition and Markets Authority (CMA), Sainsbury (LSE:SBRY) and Asda decided to call off the wedding. This leaves a huge strategic question mark over where Sainsbury's goes next. Not surprisingly, the [...]
High Street fashion chain Select enters administration May 10, 2019 Fashion retailer Select has fallen into administration, placing around 1,800 jobs at risk. The company, which has 169 stores throughout the UK, has been struggling with debt and was reportedly lining up administration last month. Read more: Debenhams gets green light for CVA It will continue to trade online and in stores for the time [...]
India’s richest man Mukesh Ambani snaps up iconic toy store Hamleys May 10, 2019 Iconic toy retailer Hamleys has been sold to India’s richest man Mukesh Ambani for an undisclosed sum. Mumbai-headquartered conglomerate Reliance Industries, which is owned by Ambani, said late last night it had signed a deal to buy the chain from Chinese giant C Banner International. Read more: Billionaire Mike Ashley may bid for iconic toy [...]
Millennium & Copthorne profits plunge after major refurbs at luxury hotels May 10, 2019 Upmarket hotel chain Millennium & Copthorne has posted a steep drop in first-quarter profits and revenues due to major refurbishment projects. The company, which is chaired by Singaporean billionaire Kwek Leng Beng, reported pre-tax profit of £11m for the quarter, down almost 60 per cent from £26m the year before. Read more: Millennium & Copthorne [...]
Tapestry shares surge after Coach owner announces $1bn stock buyback May 9, 2019 Shares in luxury fashion group Tapestry surged today after the owner of Coach and Kate Spade announced $1bn ($768m) worth of share buybacks. Read more: Tapestry beats estimates as Coach handbags lure in sales The US holding company beat analysts’ profit expectations when it posted third-quarter results today. Gross profit rose to $916m for the [...]
Creditors approve Debenhams store closure plan May 9, 2019 Creditors have given Debenhams their approval for a controversial new insolvency plan this afternoon, paving the way for store closures and rent reductions. The beleaguered department store chain said that it had acquired “significantly above the required threshold of 75 per cent” on its proposals, setting in motion the group's Company Voluntary Arrangement (CVA). Terry Duddy, [...]
