Former Manchester United and Chelsea chief exec Peter Kenyon in talks to buy Newcastle United September 29, 2018 The former chief exec of football clubs Manchester United and Chelsea is planning a sensational swoop to buy Newcastle United from retail tycoon Mike Ashley. Peter Kenyon, who now heads up a consultancy called Opto Advisers, has approached potential financial backers in recent weeks to raise cash for the deal. Sky News reported he was [...]
Sports Direct and JD Sports join the race for Evans Cycles October 3, 2018 JD Sports Fashion and Sports Direct have taken up seats at the bidding table alongside Halfords for beleaguered firm Evans Cycles. Both sporting retail powerhouses have tabled indicative offers for Evans in the last week, Sky News first reported late last night. The bids come in addition to an offer from Britain's biggest bike firm [...]
Harrods to increase in-store investment after customers spent £2.1bn last year October 8, 2018 Harrods will increase investment in luxury boutiques at its Knightsbridge store after defying the retail environment with a 9 per cent profit rise. The luxury department store posted profits after tax of £176.7m, up nearly 9 per cent on the previous year's £162.5m. More than £2.1bn was spent at Harrods in the year ending 3 [...]
Halfords profits fall 23 per cent but sales rise in challenging environment November 8, 2018 Halfords profits dropped 23 per cent in the first half of the year as it launched a new strategy but sales rose amid a "challenging" environment. The figures Halfords reported a pre-tax profit of £28.2m for the six months to 28 September – a 23 per cent drop on the same period in 2017. Excluding [...]
Fears over business rates mount as Britain’s major retailers prepare to form action group January 13, 2019 Some of Britain’s biggest retailers are coming together in an urgent bid to seek business rates relief from the government, City A.M. has learned. Around 50 major high street names are joining a mass lobbying effort to curb forthcoming rises in their property tax, as profits plunge in the face of falling sales and online [...]
Influential advisory group slams Sports Direct and Webuyanycar.com owner ahead of investor meetings September 3, 2018 Shareholder advisory group Pirc has published reports recommending investors vote against key proposals at the annual general meetings (AGM) of retailers Sports Direct and Webuyanycar.com owner BCA Marketplace. Pirc came out strongly against Sports Direct chief executive and 61 per cent shareholder Mike Ashley, recommending that investors vote against his re-appointment. Read more: Sports Direct [...]
Game Digital appoints former House of Fraser director as new finance chief October 12, 2018 Video game retailer Game Digital today confirmed former House of Fraser finance director Ray Kavanagh as the firm's new chief financial officer (CFO), while the business heads for a strategic turnaround. He was previously the director of finance at troubled department store chain House of Fraser for eight years, as well as a company board member [...]
Judge tells Sports Direct to hand over documents in audit watchdog investigation September 11, 2018 A London judge today ruled that Mike Ashley's Sports Direct must hand documents to the accounting regulator to assist with an investigation into its 2016 financial results. Shares in the retailer fell as much as 9 per cent and closed five per cent down following the court judgement. The Financial Reporting Council (FRC) is investigating [...]
Sports Direct offers loans to help stricken House of Fraser suppliers September 6, 2018 Sports Direct has offered loans to some of House of Fraser's stricken suppliers, it has emerged. Mike Ashley and his team will lend money to companies struggling after the retailer collapsed owing £70m to its suppliers, according to Drapers. Read more: Philip Day's Edinburgh Woollen Mill ends business with House of Fraser This comes just a [...]
Sports Direct’s (SPD) shareholders gear up for revolt over Mike Ashley’s share buyback plans September 3, 2017 Sports Direct could face a shareholder revolt over its share buyback plan this week, as investors prepare to oppose the resolution at the retailer’s annual general meeting (AGM). Aberdeen Standard Investments will oppose more share buybacks on the basis that they hand too much power to Mike Ashley, chief executive and majority shareholder at Sports [...]