Debenhams (DEB) has told Mike Ashley’s that if it wants to hold on to its stake in the company it must make a full takeover bid or inject new money as part of a £200m rescue package. The statement was issued hours after Ashley launched a stinging attack on advisers to the department stores group, saying they should be jailed after Debenhams shrugged off a possible takeover bid from Sports Direct in favour of pressing ahead with its rescue funding plan. “I think that if there were any justice in the world the majority of the advisers would be put in prison,” Ashley said in a brief statement. Sports Direct has been given until 8 April to decide whether to meet the demands or face having its 29% stake is wiped out as Debenhams’ lenders take control of the department store’s equity. Ashley spent about £150m building the stake. The billionaire, who bought House of Fraser out of administration last year, believes that together the two department store chains could be turned into a far better business.
Dunkerton says he has backing to return to Superdry (SDRY) board. Former chief says support of Investec and Schroders means 40% of shareholders back him. One of the Superdry founders believes he has won the support of two key shareholders in his bid to get back into the boardroom at the ailing fashion retailer next week. Investec and Schroders, which together control just under 9% of Superdry, are understood to be ready to back the reappointment of Julian Dunkerton as a director. Dunkerton, who owns 18% of Superdry, stepped down last March in a row over strategy. The shares have collapsed from £20 to 544p since January 2018 and he now wants to return to oversee a turnaround.
TUI AG Reg Shs (DI) (TUI) has warned that the grounding of its fleet of 15 Boeing 737 Max planes could cost the UK travel firm up to €300m (£258m), as it scrambles to make alternative plans to fly customers to their holiday destinations over the busy Easter and summer periods. In a profit warning on Friday, the company said it was making arrangements to guarantee customer holidays, including leasing more planes, extending expiring leases that were supposed to be replaced by the 737 Max and using spare aircraft in its existing fleet. Its shares fell 10% to 694p. The 737 Max planes – Boeing’s newest aircraft – were grounded worldwide after two fatal accidents in five months raised questions over its safety. An Ethiopian Airlines crash on 10 March killed 157 people and followed a Lion Air crash in Indonesia that killed 189 people last October.
