IS IT SUNNY SIDE UP FOR HOME RETAIL? June 11, 2009 JOHN STEVENSON KBC PEEL HUNT“Home Retail Group’s first quarter trading update has seen a notable boost to seasonal lines as Homebase at last delivers like-for-like sales growth. Argos sales were also ahead of expectations, although margins remains under pressure. We note a strong performance in toys, no doubt benefiting from the demise of Woolworths, a [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 11, 2009 FINANCIAL TIMES GAZPROM IN IRAN PIPELINE TALKSGazprom is in talks with Iran and Pakistan to build a large section of a long-awaited gas pipeline between the two countries, a senior Iranian energy official says. The participation of Russia’s state-controlled energy group could kick-start the pipeline project, which has been delayed because of disagreements that have [...]
CITY MOVES WHO’S SWITCHING JOBS June 11, 2009 Augusta & CoThe independent merchant banking group has appointed Rachael Luxton to strengthen its debt advisory and restructuring capabilities. Luxton joins as a director from the international corporate finance team at Citigroup. She is a specialist in restructuring and managing distressed debt situations, having previously advised firms including MyTravel, Fiat, Yukos and Alstom. Mercer Jerry [...]
Wincanton profits hit by Woolies June 4, 2009 Haulage business Wincanton reported that pre-tax profits fell to £20m from £36m in the year ending March due to rising debts, the consumer goods recession and the collapse of Woolworths. The group said a £23m restructuring charge had also exacerbated the fall.
Poundland profits up on slump June 1, 2009 EUROPE’S largest single price discounter, Poundland, will today prove that it is continuing to buck the retail gloom and report a 47 per cent jump in annual operating profit. The group said for the year to 29 March operating profit rose to £11.8m from £8m the year before. And earnings before interest, taxes, depreciation and [...]
Casualties provide opportunity May 25, 2009 The retailers that survive the recession will be able to snap up a total of £3.9bn worth of fallen firms to boost their revenues and market share, according to research out today from Verdict. It says £6.5bn of sales, 9,500 stores, and 24m square feet of space has become available due to the downturn, which [...]
SIR VICTOR BLANK May 17, 2009 SIR VICTOR BLANKCHAIR, LLOYDS BANKING GROUP EDUCATED at Stockport Grammar School and Oxford, Blank began his career with Clifford-Turner (now Clifford Chance), where he became an expert in takeover law and was made partner in 1969, at the age of 26. Blank joined Charterhouse in 1981 as head of corporate finance, rising to serve as [...]
SIR VICTOR BLANK May 17, 2009 SIR VICTOR BLANKCHAIR, LLOYDS BANKING GROUP EDUCATED at Stockport Grammar School and Oxford, Blank began his career with Clifford-Turner (now Clifford Chance), where he became an expert in takeover law and was made partner in 1969, at the age of 26. Blank joined Charterhouse in 1981 as head of corporate finance, rising to serve as [...]
Woolies’ investor backs management September 1, 2008 Ardeshir Naghshineth, the largest shareholder in Woolworths, has backed the struggling retailer’s management team in rejecting a £50m takeover bid from Iceland founder Malcolm Walker. Iranian property investor Naghshineth, said to be worth an estimated £500m, has a 10.2 per cent stake in the firm and was yesterday reported to consider Walker’s bid as being [...]
Woolworth still cool on Walker plan August 26, 2008 Troubled retailer Woolworths yesterday played down reports that its chief executive Robert North was due to meet with Iceland entrepreneur Malcolm Walker. Reports had suggested the two sides were certain to get together for crucial takeover talks later this week. It emerged last week that Woolworths had rejected a £50m takeover approach from a consortium, [...]