Former US Treasury secretary Geithner joins Warburg Pincus November 18, 2013 FORMER US Treasury secretary Timothy Geithner is joining Warburg Pincus as president and managing director, the private-equity giant said this weekend. Geithner, who played a major role in the US response to the global financial crisis, stepped down as US Treasury secretary in January after four years in the role. He will work closely with [...]
Government workfare scheme to continue despite legal challenge October 30, 2013 THE GOVERNMENT yesterday lost a legal challenge to a controversial scheme that required jobseekers to work for free or risk losing their benefits – but insisted that the scheme will continue. Judges at the Supreme Court ruled that the back to work scheme was legally flawed because jobseekers were not given enough information. Geology graduate Cait Reilly [...]
New Look chief says IPO at least 12 months away November 12, 2013 NEW LOOK chief executive Anders Kristiansen yesterday poured cold water on rumours that the group was planning a return to market, stating that an initial public offering could be at least a year away. The last months have seen a wave of public listing including Bargain Booze owner Conviviality Retail, with retailers Bonmarche and Poundland [...]
Poundland’s in the money July 2, 2012 POUNDLAND has continued to prosper in the economic downturn as shoppers flock to the retailer in search of bargains. Europe’s biggest single price discount retailer reported record sales of £780m in the 53 weeks to April – a 21.6 per cent jump – and a 22.2 per cent leap in earnings before interest, tax, depreciation [...]
Tesco’s Higginson to join Poundland as chairman July 11, 2012 Poundland, the discount chain, has hired Tesco executive Andrew Higginson as chairman. Higginson, who was group finance and strategy director at Tesco for 11 years before taking on the role of head of retailing services officially retires from the grocer in september. He was also appointed chairman of N Brown, the catalogue retailer, last week.
Back-to-work scheme ruled illegal by court February 12, 2013 THE GOVERNMENT’S back-to-work programme was thrown into disarray yesterday after a judge ruled that many schemes that make the unemployed work for free are unlawful. Graduate Cait Reilly, 24, claimed victory after the Court of Appeal ruled that a programme she took part in – which required her to undertake work experience at Poundland or risk [...]
Flailing high street has worse to come in the year ahead January 6, 2013 AFTER holding their breath for the last few weeks, some retailers can at last allow themselves a cautious sigh of relief. Positive sales numbers from the likes of John Lewis and Next have given the sector a much-needed dose of optimism, resulting in a slight hike in share prices for some of the larger players. [...]
Judge rejects claim that work schemes are modern slavery August 6, 2012 GOVERNMENT schemes designed to help the unemployed gain work experience are lawful, a judge ruled yesterday, in a major victory for the Department of Work and Pensions. Graduate Cait Reilly won a judicial review of one back-to-work scheme after being told by a Jobcentre that she must work unpaid shifts at a branch of Poundland [...]
Poundland reports record year October 13, 2011 Poundland, Europe’s biggest single price discount retailer, posted a record year of sales and profit as it continued to prosper in the economic downturn. The firm, which trades from over 360 UK stores, said yesterday underlying earnings before interest, tax, depreciation and amortisation increased 34 per cent to £31.7m in the year to 27 March. [...]
Some good news amid all the gloom October 13, 2011 THERE is one major difference between 2008 and today. The corporate news three years ago was utterly dire; today, it is mixed, not uniformly dismal. Plenty of firms are still doing extremely well; some are finding life tough but are still profitable; and some are doing badly or going bust. But the corporate news – [...]