London tourism industry pivots to long-haul markets in the face of Brexit March 24, 2019 Buckingham Palace, Big Ben, the royal family: London is blessed with renowned attractions wrapped in tradition and heritage most cities can only dream of. But with Brexit looming, the UK tourism industry, which supports more than one tenth of the country’s jobs, has hit turbulence. Almost every industry representative I spoke with used the [...]
Ladbrokes chairman to step down after selling thousands of shares March 22, 2019 Ladbrokes's parent company is on the lookout for a new chairman weeks after the incumbent angered investors by selling £6m in shares. Lee Feldman, who has chaired GVC Holdings since 2008, is close to leaving after new rules limiting the term of chairmen to nine years, the company has confirmed to City PM Read more: GVC [...]
Debenhams flags ‘obvious concerns’ over £100m bid to make Mike Ashley CEO March 22, 2019 Debenhams has turned down Sports Direct's offer to buy its Danish business with the condition that Mike Ashley oust current boss Sergio Bucher to become the company's chief executive. Earlier today Sports Direct made a £100m offer for Magasin du Nord and claimed it would help the company's liquidity, while also giving Debenhams the freedom to buy it [...]
Asda and Sainsbury’s propose selling 150 stores to save merger March 22, 2019 Asda and Sainsbury's have offered to sell up to 150 supermarkets and several convenience stores in a bid to save their proposed merger. Read more: Sainsbury's and Asda double down on £1bn price cut pledge to salvage deal The supermarkets promised they could divest between 125 and 150 supermarkets and "a number" of the convenience stores in [...]
Mike Ashley makes fresh £100m bid to become Debenhams CEO by buying Magasin Du Nord March 22, 2019 Mike Ashley has made another attempt to install himself as Debenhams chief executive, with Sports Direct making a £100m offer for the department store chain's Danish business. In a statement Sports Direct said it would purchase the business, which was put up for sale last year, for £100m, "in order to assist Debenhams with its short term liquidity requirements". [...]
Debenhams share price crashes as it asks shareholders to risk equity on £200m loan March 22, 2019 Debenhams’ shares tanked this morning as it asked investors to sign off a £200m funding lifeline that could lead to shareholders’ equity being wiped out. Read more: Debenhams on the verge of sealing £200m funding from lenders The £200m funding would prevent the embattled department store chain from falling into the hands of billionaire Mike [...]
Thomas Cook to close 21 stores with more than 300 jobs at risk March 22, 2019 Thomas Cook has announced plans to close 21 stores across the UK as the travel company looks to streamline its retail network with the majority of holidays being booked online. Read more: Thomas Cook considers airline sale as losses hit £60m The closures will see the loss of 102 jobs across the country, with a [...]
No-deal Brexit could cause another chicken shortage, warns KFC boss March 22, 2019 KFC could suffer another chicken shortage if the UK crashes out of the EU without a deal, the fast food chain’s boss has warned. KFC UK and Ireland managing director Paula MacKenzie told the BBC the supply chain is the “lifeblood of the business” and warned a no-deal Brexit could lead to further shortages. Read [...]
I’d kill to be the chief exec of… Unilever March 22, 2019 Last week, Unilever’s chief executive Alan Jope announced that he would promote his rival for the top job – Nitin Paranjpe – to the newly created role of chief operations officer. He also said farewell to two other executive members – all in pursuit of the ever-elusive goal of three to five per cent top-line [...]
Debenhams on the verge of sealing £200m funding from lenders March 22, 2019 Debenhams is close to receiving a £200m lifeline from lenders that would prevent the department store falling into the hands of largest shareholder Mike Ashley. A deal finalising its borrowing facilities, which are larger than expected, could be announced as soon as today, according to Sky News. Read more: Levi shares soar as jeans retailer makes stock market [...]
