Debenhams calls in top auditors to weigh up potential insolvency September 9, 2018 Embattled department store chain Debenhams has called in Big Four accountancy firm KPMG to help carry out desperate restructuring measures which could include a controversial insolvency process. Among the contingency options currently being weighed up by KPMG is a company voluntary arrangement (CVA), which is an insolvency option that can be used to close stores [...]
Ocado and M&S share prices drop as they complete £750m online delivery deal August 5, 2019 Investors battered Ocado and Marks & Spencer’s shares this morning as the supermarkets finalised details of a £1.25bn partnership. M&S’s share price fell 4.5 per cent while Ocado’s share price dropped as much as 4.4 per cent as M&S completed the £750m purchase of a 50 per cent stake in Ocado’s online delivery platform. Read [...]
Marks & Spencer (MKS) share price rises as retailer promises to ramp up store closures as profits slump May 23, 2018 The City was braced for a slump in profits at Marks & Spencer, and a slump was duly delivered this morning as the retailer said it was “facing facts” amid “the continued migration of clothing and home online”. The company said it had to modernise the business to make sure it stays competitive, with “accelerated [...]
M&S finance boss heads for the exit September 22, 2019 Marks & Spencer has confirmed it is parting ways with its finance chief less than two years after he took on the role. The retail giant’s group chief financial officer Humphrey Singer is leaving the business in the latest high-profile departure to rock the company. Read more: UK retail sales unexpectedly fall in August Coming [...]
Boris Johnson set to name new Cabinet after meeting with the Queen July 23, 2019 Boris Johnson will officially become Prime Minister on Wednesday afternoon after meeting the Queen at Buckingham Palace. It was revealed on Tuesday that the former London Mayor beat leadership rival Jeremy Hunt in a poll of Conservative party members to land the top job. Johnson used his victory speech to pledge a Brexit breakthrough and [...]
Phoenix expects to beat cash targets as £3.2bn Standard Life Assurance acquisition nears close August 23, 2018 Insurer Phoenix Group said today it expects to beat its target for cash generation this year as it announced its half-year results. Phoenix, which focuses on acquiring life insurance units that are closed for new business, said its acquisition of Standard Life Assurance for £3.2bn was progressing well with the deal expected to close on [...]
You’ll never guess who ended Apple’s reign as the UK’s best employer November 26, 2019 iPhone titan Apple has been toppled from its top spot on a list of the UK’s top 25 employers. But it wasn’t another tech giant that took Apple’s crown – that honour, in fact, goes to pest control company Rentokil. The Camberley-based rat catchers topped recruiter Indeed’s list of the most popular employers in the [...]
Ocado falls to £215m loss after Andover warehouse fire February 11, 2020 Online supermarket Ocado fell to a £214.5m loss last year, which the company blamed on a huge fire which burned down one of its warehouses in Andover last February. The figures Group revenue rose 9.9 per cent in the year, up from £1.6bn in 2018 to £1.8bn this year. This was largely driven by 10.3 [...]
Remainer rebels offered ‘olive branch’ by No 10 September 12, 2019 Boris Johnson has ordered the chief whip to write to ousted Remainer MPs including Philip Hammond and David Gauke, following a backlash against their sacking. The Prime Minister has told Mark Spencer to write to all 21 MPs who had the whip removed, setting out the appeals process, the Telegraph reports. City A.M. understands that [...]
Boris Johnson prepares to reward Brexiters with cabinet roles July 24, 2019 Boris Johnson will officially become Prime Minister today after a meeting with the Queen at Buckingham Palace. The Queen will ask Johnson to form a government once Theresa May hands in her resignation. Read more: Boris Johnson wins the race to be the UK’s next Prime Minister by a landslide Johnson is then expected to [...]