UK construction suffers worst fall in more than a year in January March 13, 2015 UK construction suffered its worst fall in more than a year in January, due to a heavy decline in house-building. Output in the construction industry fell 2.6 per cent from a month earlier, when it had risen 0.6 per cent. The reading came in way below economists' expectations – many had forecast a rise of [...]
Afren share price falls as much as 30 per cent after refinancing agreement March 13, 2015 Shares in Afren fell today after the oil producer said it had hashed out a recapitalisation plan with its lenders. The Africa-focused company's share price closed down 28 per cent to 4.6 pence this afternoon. The company announced that it would receive $300m from bondholders and lenders by the end of June. Nonetheless, the agreement [...]
Revolution Bars prices initial public offering at 200 pence per share March 13, 2015 Revolution Bars has priced its initial public offering (IPO) at the lower end of expectations, or 200p per share, valuing the company at £100m. The group's private equity backer, Caspian Bidco, will raise £86m from the float, with no proceeds going to the company. The group, which owns 58 bars in towns and cities across the country, [...]
Wetherspoons profits drop: Pub chain looks for new weapons in push against supermarket price war March 13, 2015 JD Wetherspoon could be a victim of the supermarket price war. To fight the discounters, the pub chain offers competitive prices for breakfasts and Lavazza coffees – of which it has already sells 50m cups a year- between certain hours. It also sells 24m breakfasts a year and hopes to triple the sales of both [...]
Sir Philip Green lets go of loss-making BHS for £1 only March 13, 2015 Struggling retail chain BHS is to be sold for £1 after almost 15 years in the possession of billionaire Arcadia chairman Sir Philip Green. The iconic chain of department stores was founded in 1928 by American entrepreneurs seeking emulate the success of Woolworths. But the company has declined in recent years as it lost market [...]
Digital probe sparks row over broadband as Sky and Talk-Talk press Ofcom to break up BT and Openreach March 12, 2015 A battle between the UK’s largest telecommunications businesses intensified yesterday, as Sky and Talk-Talk pounced on a decision by the regulator to launch a wide-ranging probe into the sector. Both firms ramped up pressure on Ofcom to break up BT from the part of its business – called BT Openreach – that runs the UK’s broadband [...]
Economists split on US June rate hike after retail sales disappoint March 12, 2015 US retail sales have dropped for a third consecutive month, new figures show. Retail sales declined by 0.6 per cent on the month in February, with economists split on the impact it will have on interest rates. “A 0.6 per cent deterioration in sales in February was possibly due to severe weather affecting many parts [...]
Lloyds to bank £1.5bn if TSB sale to Banco Sabadell goes ahead March 12, 2015 Lloyds is set to receive a final total of £1.5bn for TSB if the Banco Sabadell sale goes ahead – twice the £750m for which it had previously agreed to sell the lender to the Co-op Bank. The giant bank was forced to sell off TSB under the terms of its 2008 bailout. The [...]
Argos suffers a post-festive depression March 12, 2015 Argos had little cause for post-festive cheer after sales at the catalogue retailer slumped in the eight weeks to 28 February, it announced yesterday. The retailer experienced weak trading in consumer electronics and said its ongoing programme aimed at improving customer experiences had impacted on footfall. Argos outlined its five-year transformation plan in 2012 with [...]
Hugo Boss sales target scrapped on low spending March 12, 2015 High-end German fashion house Hugo Boss yesterday scrapped its sales target for 2015 because of slower spending in Europe, the US and China, sending its shares lower. Like other companies targeting more affluent customers, Hugo Boss has been hit by lower spending abroad by Russian and Chinese shoppers. Its original revenue target of €3bn (£2.15bn) [...]