Sainsbury’s chairman lambasted for using staff to revamp country home January 23, 2017 Sainsbury's chairman David Tyler has been taken to task by the company board for using a supermarket employee and supplier to help refurbish his country home in East Sussex. Tyler, who was appointed chairman in 2009, was given a warning by the board after an internal investigation found that a Sainsbury's employee and supplier helped in [...]
Poundland says it is on track to meet profit expectations despite accelerating like-for-like sales fall April 14, 2016 Poundland believes it is on track to meet profit expectations despite its like-for-like sales fall accelerating. The figures In the year to 27 March 2016, like-for-like sales decreased by 3.9 per cent. The fall was steeper – 4.9 per cent – in the second half of the year. In the fourth quarter, Poundland reported a sales [...]
Ultimate Products’ London IPO has been priced at £105m ahead of it joining the main market next week March 1, 2017 Ultimate Products' offer price has been set at 128p, which will equate to a market capitalisation of approximately £105.2m. The offer comprises 41,084,800 shares, representing 50 per cent of the company’s issued share capital on admission. Shore Capital is acting as sponsor, global co-ordinator and bookrunner to the Company, and Cenkos is acting as joint bookrunner. [...]
Brexit vote hits deal numbers in third quarter December 6, 2016 The total number of mergers and acquisitions (M&A) involving UK companies in the three months to September almost halved from the previous quarter. The data from the Office of National Statistics is the first indication of how deal activity has been impacted following the UK’s decision to leave the European Union in June’s referendum. In total, [...]
Poundland appoints Kevin O’Byrne as chief executive as Jim McCarthy retires March 2, 2016 Poundland has appointed former B&Q boss Kevin O'Byrne as chief executive, replacing Jim McCarthy who will retire after 10 years in the role. O'Byrne will initially join as chief executive designate from 4 April, taking on the full reins on 1 July. McCarthy will remain available to the board until he retires at Poundland's AGM in September. [...]
City Moves for 19 January 2017 | Who’s switching jobs January 19, 2017 GFT Technologies Christian Ball has been appointed head of retail across the Atlantic region at GFT, a provider of business, technology and design consulting to global banks. Christian brings extensive experience with him to spearhead GFT’s retail banking team and is joining the firm from Meniga, one of the top-performing fintech companies in Europe. In the [...]
Steinhoff buys South African shoe shop Tekkie Town and increases annual profits September 8, 2016 The new owner of Poundland has bought a South African shoe shop chain and reported a 32 per cent rise in annual operating profit. Steinhoff announced on Wednesday that it had agreed to buy Tekkie Town, a retailer with 302 stores across South Africa, but it did not disclose how much it paid for the business. The deal is expected to complete by [...]
Tescooker? Everything you need to know about Tesco eating Booker January 27, 2017 The UK's largest supermarket, Tesco, announced this morning that it will merge with wholesaler and convenience store supplier Booker Group. Share pries for both companies flew, with Tesco finishing the day nine per cent higher, at 206.3p, while Booker rose 16 per cent to 212.3p – above Tesco's offer price. Here's everything you need to know about the [...]
Brammer’s board accepts bumper offer after tumultuous 2016 November 23, 2016 Shares in UK parts distributor Brammer soared nearly 70 per cent after receiving a premium offer from a US buy-out fund. Advent International, which has previously held stakes in Poundland, Fat Face and mental health provider the Priory Group, offered £222m to take the firm private. The offer is a 69 per cent premium to [...]
Consumer goods group Ultimate Products heads for a £100m-plus IPO in the next few days March 1, 2017 Ultimate Products, the innovative consumer goods group, is set for a £100m-plus IPO in London within days. It will list on the main market under the name of UP Global Sourcing Holdings. The IPO’s pricing could take place as early as today. The placing is understood to be substantially oversubscribed with investors taking part believed [...]