Fidessa trades above Temenos offer price in £1.4bn acquisition after Elliott Capital discloses stake February 21, 2018 Banking technology firm Temenos today agreed a £1.4bn acquisition with London-headquarterd software firm Fidessa, with shares trading above the offered price after Elliott Capital Advisors disclosed an increased stake. The firms today announced the deal had been agreed after the two firms announced the takeover was at an advanced stage yesterday following big share price [...]
Pinched-for-cash Poundworld in talks with TPG for more money after poor festive trading January 18, 2018 Discount retailer Poundworld is in talks with its majority owner, US private equity giant TPG Capital, for a new cash injection after a troubling festive period. Poundworld is asking for another £30m to £40m of investment, according to Sky News, after disappointing sales and one-off costs saw its debt pile up last year. Sources close [...]
HSBC takes $188m hit from Carillion and Steinhoff write-downs February 20, 2018 HSBC has been forced to take a $188m (£135m) hit from the fallout of collapsed contractor Carillion and troubled retailer Steinhoff. In its annual results presentation, the British banking giant said loan write-downs were “mainly driven by two individual corporate exposures”. City sources said the two companies in question were Carillion and Steinhoff. HSBC was [...]
Poundworld founder Chris Edwards to head up rival Poundstretcher October 15, 2017 Struggling bargain retailer Poundstretcher is set to be taken over by the founder of one of its main competitors, Poundworld. Chris Edwards, who founded Poundworld in 1974, is in line to become chief executive of Poundstretcher, the Sunday Times reported yesterday. Poundworld sold a majority stake to American private equity firm TPG in 2015 for [...]
In for a pound: Sainsbury’s just poached the chief executive of Poundland November 7, 2016 Sainsbury's has gone bargain hunting for its new chief financial officer, after it announced this morning it has appointed Kevin O'Byrne, currently chief executive of Poundland, to the role. O'Byrne has been chief executive of B&Q UK and Ireland, as well as being its group finance director. He's also previously been group finance director at [...]
Ultimate Products appoints retail veteran and former Poundland CEO ahead of potential IPO next year December 12, 2016 NULL
Brexit vote live: MPs vote to delay Brexit by extending Article 50 beyond 29 March March 14, 2019 Hello and welcome to City A.M.’s Brexit live blog for the second of potentially three huge votes on the UK’s departure from the EU. Prime Minister Theresa May was defeated in the House of Commons in a second vote on her Brexit deal on Tuesday, losing by 391 votes to 242. Last night, MPs voted [...]
Poundland shareholders overwhelmingly give Steinhoff green light for takeover September 7, 2016 Steinhoff International's long-running takeover attempt of Poundland was given the green light today by the discount chain's shareholders, who overwhelmingly backed the deal. At a general meeting at Poundland's head office in Willenhall in the West Midlands, 98.4 per cent of investors approved the South African retail giant's revised offer, which it hiked last month from [...]
Would-be Poundland owner Steinhoff is getting frosty about sterling August 31, 2016 South African retail giant Steinhoff has warned that the slump in sterling after the Brexit vote could hit its businesses in Britain – including Harveys and Bensons for Beds. The conglomerate – which is attempting to buy Poundland – said the fall in sterling could have an "unfavourable effect when translating our businesses' earnings reported in [...]
Quids in: Steinhoff just raised its offer for Poundland August 11, 2016 Steinhoff's long-running attempt to buy Poundland (at significantly more than a pound) took another twist this morning, after the South African retail conglomerate hiked its bid for the retailer discount retailer. In a statement this morning the Bensons for Beds owner said it it will now pay 227p in cash for each Poundland share (225p per [...]