ScS Group ends talks to buy Sofa.com leaving Mike Ashley in the driving seat February 1, 2019 Home furnishings retailer ScS Group said today it had ended talks with furniture retailer Sofa.com, leaving the way clear for Mike Ashley who is reportedly putting together a multi-million pound bid. ScS said today it is “no longer in discussions regarding a potential acquisition of the business and assets of Sofa.com”. Sky News reported that Ashley, [...]
Sports Direct left looking like giant mugs as auditor Grant Thornton quits August 14, 2019 Sports Direct shares have tumbled to their lowest level since 2011 after it emerged that Mike Ashley’s retail empire could be left without an auditor, breaching stock market rules. The company is understood to have sought government advice over what would happen if it is unable to find an auditor after its current auditor Grant [...]
Grant Thornton quits as Sports Direct auditor August 14, 2019 Sports Direct faces being left without an auditor after Grant Thornton told the retailer it would not apply for reappointment. The decision threatens to leave Sports Direct high and dry as all of the Big Four firms have indicated they are reluctant to take on the role. The Financial Times reported that Sports Direct has [...]
Mike Ashley’s Sports Direct makes offer to rescue collapsed Patisserie Valerie February 9, 2019 Mike Ashley’s Sports Direct has made an offer to buy the collapsed café chain, Patisserie Valerie, which fell into administration last month. Sports Direct confirmed in a statement late on Friday that it had made an offer to buy the company but did not divulge any further details. Ashley, 54, is hoping to add to [...]
High Street fashion chain Select enters administration May 10, 2019 Fashion retailer Select has fallen into administration, placing around 1,800 jobs at risk. The company, which has 169 stores throughout the UK, has been struggling with debt and was reportedly lining up administration last month. Read more: Debenhams gets green light for CVA It will continue to trade online and in stores for the time [...]
House of Fraser appeals for landlord support to cut rents January 6, 2018 UK department store House of Fraser has appealed to its landlords for “support”, asking them to reduce rents at some stores. First reported by Sky News last night and later confirmed by the high street stalwart, the news suggests House of Fraser may have had a rocky time during the pivotal Christmas trading period. House [...]
Intu Properties to appoint finance chief Matthew Roberts as new boss April 3, 2019 Shopping centre owner Intu Properties plans to appoint its finance boss as its new chief executive during a challenging time for the retail sector. Intu, which owns the Trafford Centre in Manchester, is expected to announce that current chief financial officer Matthew Roberts is its new chief executive as early as tomorrow, Sky News reported. [...]
John Lewis issues profit warning as MD steps down January 9, 2020 John Lewis & Partners issued a profit warning today and said its managing director will leave the struggling business next month after underwhelming Christmas sales. The retail partnership warned full-year profits will be “substantially down” on last year as it revealed significant drops in both John Lewis and Waitrose revenue. Read more: Four problems new [...]
Rajasthan Royals: With Stokes, Buttler and Archer on board the franchise are aiming to become the United Kingdom’s go-to Indian Premier League side December 18, 2019 Like every other Indian Premier League side, Rajasthan Royals will take part in an auction on Thursday. The day of chaotic, intense and exciting player recruitment, which starts at 15:30 IST in Kolkata (10am UK time), will shape the season for all of the eight franchises, but looking at the wider picture, Rajasthan already have [...]
Landlords pick a fight with the CVA June 12, 2019 Is this the week Britain’s retail landlords fight back? After a slew of company voluntary arrangements (CVA) from the likes of Carpetright, Mothercare, Jamie’s Italian, New Look and House of Fraser, it seems there are only so many controversial rescue deals that high street property owners are willing to stomach. Today the biggest and most high [...]