Almost a tenth of the Thomas Cook Group (TCG) stores snapped up by Hays Travel this week are within 100 metres of the independent travel agent’s existing shops, raising the prospect of mass closures. Hays Travel, which already had 190 outlets, purchased Thomas Cook’s 555 UK stores from liquidators in an ambitous deal which stunned the City. It has pledged to reopen all of them under the Hays brand. But as many as 49 of the 555 former Thomas Cook stores are within 100 metres of existing Hays Travel sites, analysis by the Local Data Company shows. Of these, 33 are within 50 metres. And a total of 76 the acquired stores are within a kilometre of a Hays store – suggesting major overlaps between the pair’s businesses.
The boss of British Airways owner International Consolidated Airlines Group SA (CDI) (IAG) believes the £14bn third runway at Heathrow Airport is unlikely to go ahead due to a growing backlash over the environment. Willie Walsh said the huge project to boost capacity at Europe’s busiest air travel hub is likely to fall flat despite finally winning approval from Parliament last year. It came as he raised concerns over how BA handled a pilot strike which caused mass cancellations last month – and offered only lukewarm support to the airline’s boss Alex Cruz. On Heathrow expansion, Mr Walsh said: “I think it is a bigger challenge today than it was a year ago. And I can’t see it getting any easier.”
Hargreaves Lansdown (HL.) has clashed with its eponymous founder and largest shareholder Peter Hargreaves over how the company handles its political donations. The investment platform ditched a usually-standard vote on donations at the last minute at its annual meeting on Thursday, fearing Mr Hargreaves would vote it down. Sources familiar with the fund investment platform told The Telegraph that Mr Hargreaves, a staunch Brexiteer, believes the company he founded should be able to hold stronger political convictions. Executives at Hargreaves Lansdown favour a more neutral approach.
Sponsorship of ITV show This Morning helped boost sales of cushions, blinds and sofas at Dunelm Group (DNLM). The retailer, which is now seen as one of the more resilient names on the high street, sold £255.6m of stock in the three months to September at stores open more than a year – up 6.4% on a year earlier. Despite this, the City was spooked by the news that sales have suffered in the final month of the period, raising questions over a possible wider high street slowdown as nervy consumer shun big purchases ahead of Brexit. Dunelm added that the progress it has made in boosting its profit margins during the first six months of this year could be hit by currency movements.
Questor: ‘Mr Market’ can’t make up his mind about Craneware (CRW) but we can – ignore the noise and hold. Questor Inheritance Tax Portfolio: The software firm’s share price may be all over the place – but the business isn’t. Keep your nerve and hold on to the stock
