Mike Ashley promises Debenhams last-minute lifeline. Mike Ashley has tabled a last-minute £150m rescue offer for Debenhams (DEB) in a lifeline dependent on the tracksuit tycoon becoming chief executive. In a letter sent to the struggling department store on Friday – just days before the billionaire’s April 8 deadline to make a formal bid – the Sports Direct owner offered to underwrite a £150m rights issue to save the business from a pre-pack administration deal. However his offer is contingent on a string of conditions understood to have angered Debenhams’ board. This includes Mr Ashley being installed as chief executive, a move directors have already pushed back on, as well as lenders taking a haircut.
Tesco set to unveil profit jump as it signals recovery from its crisis. Tesco (TSCO) is poised to unveil its biggest profits since Dave Lewis was parachuted in to rescue Britain’s biggest retailer five years ago. Profits at the 100-year-old supermarket chain are expected to jump by almost a quarter from £1.3bn to £1.6bn this week. Annual sales are tipped to increase from £51bn to £64.5bn as it finally draws a line under the accounting scandal crisis that engulfed the business in 2014. Investors are hoping that the rebound means Mr Lewis will meet his ambitious margin targets, which could open the door to a long-awaited sweetener for shareholders.
Questor: take a leap of faith in the Prudential (PRU) and you could get demerged M&GPrudential for nothing. Questor share tip: the insurer is splitting its UK arm from its Asian business – and this demerger could actually work for investors
