JP Morgan posts $143m loss tied to Poundland owner Steinhoff January 12, 2018 JP Morgan has reported an increase in revenue for the fourth quarter of 2017, but posted a huge loss on a loan to a single customer in its equity markets business. The company said it recorded a $143m (£105m) loss on a margin loan to a single client of its corporate and investment bank, but [...]
Investec has warned exposure to Poundland owner Steinhoff could hit profits December 11, 2017 Investec has warned its exposure to troubled South African retail giant Steinhoff could knock as much as three per cent off its profit. In a statement aimed at quelling fears from investors, the lender said its exposure to scandal-hit Steinhoff, whose shares collapsed last week after its chief executive resigned, represents a “small portion” of [...]
Troubles at Steinhoff prompt private equity bidders Advent, Apax, Bain, CD&R, CVC and KKR to circle Poundland January 21, 2018 Speculation over the future of Poundland has attracted a pack of prospective private equity bidders ready to snap up the discount retailer. Buyout giants including Advent International, Bain, Clayton Dubilier & Rice, CVC and KKR are sniffing around the company in the expectation that it might soon be sold by its disgraced South African parent [...]
Poundland share price crash: Discounter’s owner Steinhoff share price drops another 28 per cent December 7, 2017 Shares in Steinhoff, the owner of Poundland, have dropped another 32 per cent this morning, following yesterday’s crash. The South Africa-listed stock plummeted by 66 per cent on Wednesday after the chief executive quit amid reports of an accounting probe. Steinhoff shares have fallen off a cliff (Source: Investing.com) Marcus Jooste stood down after Steinhoff [...]
Poundland share price crash: Discount group’s owner Steinhoff slashed by more than 66 per cent as CEO quits amid accounting probe December 6, 2017 Shares in Steinhoff, Poundland’s South Africa-listed owner, have plummeted this morning as its chief executive quit amid news of an accounting probe. Markus Jooste announced his resignation with immediate effect late last night, as the company announced that “new information has come to light” relating to “accounting irregularities requiring further investigation”. Steinhoff’s board said that, [...]
Shareholders need to hear more than just contrition if they are to believe in the future of M&S November 8, 2018 Another day, another bleak set of results from a struggling high street retailer. This time it was the turn of M&S to take centre stage, reporting falling food and fashion sales and pledging to leave “no stone unturned” in its bid to restructure the business. Blighted by rising costs, more competition, and major changes in [...]
Irish retail family agrees last-minute rescue for some Poundworld stores August 9, 2018 A glimmer of hope has appeared for Poundworld after an Irish retail family swooped in to buy the business on its last day of trading. The Henderson family said today that its offer to buy as many as 50 of the best remaining stores for an undisclosed sum had been accepted by administrators Deloitte. Although [...]
Duracell distributor targets alternative investment market float April 23, 2018 A leading manufacturer and supplier of batteries, lighting, and vaping products will make its stock market debut next month. Supreme, which counts retailers Asda and Iceland among its customers, announced plans today to join London’s junior market in May as it targets raising £10m for a new stage of growth. The company’s revenues hit £70.7m [...]
Fidessa confirms SS&C and Ion Trading approaches as bidding battle heats up after £1.4bn Temenos takeover proposal April 5, 2018 The firms at the heart of a bidding battle over Fidessa have been named by the UK financial tech firm as Ion Trading and SS&C. The company said earlier in the week it had received fresh offers to rival a £1.4bn approach from Switzerland’s Temenos and today named the firms behind them off the back [...]
Steinhoff’s shares sink again as chairman quits and retail giant says it must restate 2016 accounts December 14, 2017 South African retail giant Steinhoff saw its chairman quit this evening, after the group said earlier in the day it will need to reissue its financial figures for 2016. The retail giant said that tycoon and major shareholder Christo Wiese had offered to resign, to reinforce the independent governance of the company, and that the [...]