Green to cut hundreds of shops as wary consumers stay home November 24, 2011 ARCADIA Group, the retailer owned by billionaire Sir Philip Green, yesterday said it planned to close up to 260 stores over the next three years after announcing a big fall in profits. The group, which owns fashion retail stores including Topshop, Miss Selfridge, and department store BHS, said it would not renew half of its [...]
Commodities spur FTSE 100 gains as banks bounce bank January 10, 2012 COMMODITY stocks led the FTSE 100 top share index higher yesterday, after Alcoa kicked off the US earnings season with an upbeat outlook and data from China lifted sentiment, while retailers rallied after some encouraging updates. London’s blue chip index rose 84.44 points, or 1.5 per cent to 5,696.70, making up for the 1.5 pe [...]
Lloyds private equity bid for UK manufacturer in trouble November 24, 2011 THE PRIVATE equity arm of taxpayer-owned Lloyds bank has run into trouble in its bid for a family-owned British manufacturer in a deal worth about £70m, City A.M. can reveal. The family that owns Benson Group, which produces packaging for well-known brands sold in Asda, Tesco and Boots, has been trying to sell out of [...]
Greencore gets takeover interest October 25, 2011 Shares in Irish food group Greencore jumped almost 10 per cent yesterday after it revealed a preliminary takeover approach from an unnamed company. Greencore, whose merger with Northern Foods fell through in March, bought rival Uniq in July to improve its ties with Marks & Spencer. The maker of Weight Watchers meals and Bisto gravy [...]
M&S predicts shoppers will flock at Xmas November 8, 2011 MARKS & SPENCER yesterday revealed a fall in first half profits after it chose not to pass on the full extent of spiralling costs to cash-strapped shoppers and battled with a “challenging” economic environment. Britain’s biggest clothing retailer reported underlying pre-tax profits of £315.2m in the six months to 1 October, 10 per cent lower [...]
Pub chief Ian Dyson to exit in high spirits October 20, 2011 IAN DYSON, chief executive of Spirit, the managed pub operator that demerged from Punch Taverns this year, will step down as chief executive on 16 December and hand the reins to his deputy, Mike Tye. The former Marks & Spencer finance chief was parachuted in to run Punch Taverns in September last year and decided [...]
Pub chief Ian Dyson to exit in high spirits October 20, 2011 IAN DYSON, chief executive of Spirit, the managed pub operator that demerged from Punch Taverns this year, will step down as chief executive on 16 December and hand the reins to his deputy, Mike Tye. The former Marks & Spencer finance chief was parachuted in to run Punch Taverns in September last year and decided [...]
M&S profits fall by 10pc November 8, 2011 Marks & Spencer posted a 10 per cent drop in first-half profit after second-quarter underlying sales fell for the first time in two years, underscoring the pressure on UK consumers. The 127-year-old group, Britain’s biggest clothing retailer which also sells homewares and upmarket food, said on Tuesday it made a profit before tax and one-off [...]
BEST OF THE BROKERS October 26, 2011 RECKITT BENCKISER Citi rates the household goods maker “buy” with a target price of £40. The broker has cut its forecasts for the firm to reflect higher than expected Medicaid rebates, offsetting expected rises in organic growth. However, Citi continues to see the valuations for the firm as compelling, with the stock currently trading on [...]
BEST OF THE BROKERS October 26, 2011 RECKITT BENCKISER Citi rates the household goods maker “buy” with a target price of £40. The broker has cut its forecasts for the firm to reflect higher than expected Medicaid rebates, offsetting expected rises in organic growth. However, Citi continues to see the valuations for the firm as compelling, with the stock currently trading on [...]