India’s richest man Mukesh Ambani snaps up iconic toy store Hamleys May 10, 2019 Iconic toy retailer Hamleys has been sold to India’s richest man Mukesh Ambani for an undisclosed sum. Mumbai-headquartered conglomerate Reliance Industries, which is owned by Ambani, said late last night it had signed a deal to buy the chain from Chinese giant C Banner International. Read more: Billionaire Mike Ashley may bid for iconic toy [...]
Sports Direct calls on Debenhams shareholders to protest against financing deal March 30, 2019 Sports Direct has today called on Debenhams shareholders to protest against its latest funding deal that could see investors wiped out, and instead support Mike Ashley’s installation as chief executive. Sports Direct issued an announcement containing a link to a letter of protest which it encouraged shareholders to send to Debenhams. The statement said: “Sports [...]
Sports Direct says Debenhams has rejected £150m equity offer as pre-pack administration looms April 8, 2019 Sports Direct has said that Debenhams spurned a £150m equity offer from Mike Ashley, in a sign that the embattled retailer is inching closer towards a pre-pack administration. Read more: Debenhams shares slump as shareholders risk losing everything In a statement this afternoon Sports Direct said that the department store chain, which is set to hand ownership [...]
Sports Direct’s Mike Ashley has blamed a former MP for a drop in the firm’s share price May 4, 2018 Mike Ashley has accused former MP Iain Wright of slashing millions off Sports Direct’s share price and sparking a rash of assaults on the retailer’s staff, according to reports. The allegations were part of a formal complaint to the Parliamentary Commissioner for Standards lodged earlier this week. The firm blames Wright for the “media circus” [...]
Goals Soccer Centres bought by Soccerworld and private equity firm Inflexion after accounting fiasco October 31, 2019 Five-a-side football operator Goals Soccer Centres has been acquired today by rival Soccerworld and private equity firm Inflexion. Goals has been hit by an accounting scandal after its auditor BDO discovered it had mis-declared VAT amounting to at least £13.2m. The company delisted its shares from Aim in August after it declared it was unable [...]
French Connection extends sale deadline June 28, 2019 French Connection has extended the deadline to complete a sale as the retailer confirmed it was in talks with a number of interested parties. The fashion brand had expected to close the deal in the first half of this year but has now pushed the date back to September. Read more: Sales fall again at [...]
Mike Ashley ups Sports Direct’s stake in Debenhams March 2, 2018 Mike Ashley’s Sports Direct has upped its stake in high street retailer Debenhams to more than a quarter. Debenhams shares were up over four per cent at lunchtime after it was revealed that Sports Direct’s stake is now 29.7 per cent. This brings it close to the threshold at which a formal takeover bid must [...]
Grant Thornton due to quit Sports Direct after €674m Belgian tax bill July 30, 2019 Grant Thornton is reportedly set to quit as Sports Direct’s auditor following unprecedented delays to the publication of the retailer’s annual results on Friday. The auditor will abandon billionaire Mike Ashley after only learning shortly before it was set to sign off on his company’s accounts that Sports Direct owed Belgian tax authorities €674m (£605m), [...]
Debenhams shares suspended as it prepares to fall into administration April 9, 2019 Debenhams’ shares were suspended this morning as it prepares to go into administration, falling into the hands of lenders after rejecting an improved equity offer from Sports Direct. Read more: Debenhams shares slump as shareholders risk losing everything The Financial Conduct Authority temporarily suspended trading of the under-fire department store “at the request of the [...]
Online sales to overtake high street in next decade July 9, 2019 Internet shopping will overtake physical stores in the next 10 years as deliveries become cheaper, faster and more convenient, a new report has found. Online sales are estimated to account for 53 per cent of all retail sales by 2028. Read more: Mike Ashley calls for online sales tax to revive high street The popularity [...]