Kingfisher share price up after chief executive says company is “very confident” it can deliver five-year plan March 23, 2016 Kingfisher's share price rose by more than three per cent this morning after the DIY giant said its five-year plan was on track. The figures The company, which owns B&Q and Screwfix, reported adjusted sales of £10.3bn. This was down from £10.6bn in the year to 31 January 2015. But it reported small increases in [...]
Sainsbury’s confirms bid for Argos parent Home Retail Group as Steinhoff walks away to buy Darty March 18, 2016 Sainsbury’s has confirmed a final offer for Home Retail Group, which will value the parent of Argos at £1.4bn, after rival suitor Steinhoff backed away this afternoon. The supermarket’s bid is a combined shares and cash offer, of 0.321 new Sainsbury’s shares per HRG share and 55p a share in cash. In addition, shareholders will receive [...]
Ultimate Products eyes sale or IPO and mandates Shore Capital March 15, 2016 The owners of Ultimate Products, which has the licence to sell Russell Hobbs products to retailers, has hired City advisers Shore Capital to explore a potential sale or IPO of the business. The Manchester-based firm could fetch between £50m and £60m, according to people familiar with the situation. Shore Capital has been asked to explore all [...]
Its share price might be on a downward slope, but here are six reasons this Old Mutual spinoff might just work March 11, 2016 Shares in FTSE 100 insurance group Old Mutual have fallen after it unveiled plans this morning to split into four separate companies – suggesting investors are less than impressed at its plans Fear not, though. There could be good reason to be optimistic about this conscious uncoupling, if past precedent is anything to go by. “The [...]
Home Retail Group posts “significantly stronger” cash flow as time ticks on in Sainsbury’s vs Steinhoff bid for Argos March 10, 2016 Home Retail Group has revealed much higher cash flow levels and signs of improvement at Argos – the centre of a bidding war between Sainsbury's and Steinhoff. The figures Argos' like-for-likes dropped 2.6 per cent in the year to 27 February, to £4.1bn, as the retailer sustained second half declines of two per cent. Margins fell [...]
Sainsbury’s paves the way to make hostile bid for Argos parent Home Retail Group following bid from Steinhoff March 3, 2016 Sainsbury's has cleared the way to make a potential hostile bid for Argos parent company Home Retail Group. The supermarket was all set to take over the business, having made an offer valuing the firm – which no longer includes Homebase – at £1.3bn. However it was gazumped at the last minute by Christo Wiese-backed Steinhoff, [...]
Wesfarmers culls Homebase’s exec team just days after acquisition from Home Retail Group completes March 2, 2016 Homebase's new owners Wesfarmer is launching a cull of the DIY chain's leadership team, just days after the acquisition was completed. Managing director Echo Lu, who joined the business last April, has already left the business, while finance director Don Davis, commercial director Paul Emslie, retail operations director Ewan McMahon and marketing director Chris McDonough – [...]
Homebase to be rebranded Bunnings after Wesfarmers completes £340m acquisition from Home Retail Group – now what’s happening with Argos? February 29, 2016 Home Retail Group has sold off its DIY chain Homebase to Australian group Wesfarmers, after shareholders voted 99.3 per cent in favour of the move. The deal, which was first submitted in December, valued the 265-store home improvement business at £340m. It was approved at an AGM last week and the deal was completed on Saturday [...]
Sainsbury’s expected to ask for more time over Home Retail Group bid as Christo Wiese’s Steinhoff International joins the party February 21, 2016 Sainsbury’s is expected to ask for an extension to tomorrow’s deadline for making a firm offer for Home Retail Group after a South African retail conglomerate waded in at the eleventh hour with a higher offer. The supermarket chain revealed earlier this month that it had reached an agreement with Home Retail over a possible cash [...]
Guy Hands’ Terra Firma mulls sale of Wyevale Garden Centres February 14, 2016 Guy Hands’ Terra Firma is considering a sale of its garden centre business Wyevale after four years of ownership. The private equity house has already been approached by several suitors and has also held talks with advisers to work on the sale including Goldman Sachs, according to The Sunday Times, citing a price tag of [...]