Wetherspoon (J.D.) (JDW) boss Tim Martin has declared a “victory for common sense” after investors backed all of the pub chain’s motions at its annual meeting. The company’s founder and chairman has come under attack from influential proxy advisers, some of which called for shareholders to vote against a number of board appointments. Mr Martin responded in kind last week, attacking “up the spout” City rules that required non-executive directors to step down after nine years. Speaking after the votes were counted on Thursday, he said: “It’s a victory for common sense against the box tickers.”
Ocado Group (OCDO) has been given the green light by the competition watchdog to stop calling itself a grocer after it sold half of its online retail business to Marks & Spencer Group (MKS). Although the company is best known for selling pate and smoked salmon on its website, Ocado chief executive Tim Steiner has staked the firm’s future on selling its software and robots to other supermarket chains across the world. It will help the business compete with the likes of Amazon, which bought upmarket grocer Whole Foods in 2017. The Competition and Markets Authority (CMA) said that Ocado had asked to be “de-designated” after it struck a £750m deal with Marks & Spencer in February.
British Gas owner Centrica (CNA) has claimed some success by stemming the loss of energy customers this year and boosting business from elsewhere, including its services division. The news came as Jeremy Corbyn announced his intention to renationalise the utilities if elected to government in December’s general election. According to the Labour Party’s manifesto, released on Thursday, the supply arms of the Big Six energy companies will be brought into public ownership “where they will continue to supply households with energy while helping them to reduce their energy demands”.
The boss of Countryside Properties (CSP) is standing down after announcing a 5% rise in annual profits to £114.8m and increasing the number of homes built by a third to 5,733. Ian Sutcliffe said he planned to join his wife in retirement, having led the business since 2015 and through its flotation the following year. Its shares have almost doubled since then to 371.8p, valuing the company at close to £1.7bn. Countryside posted a 16% rise in revenue to £5.7bn, although margins fell slightly to 21.7% after buying Westleigh Group. Westleigh focuses on affordable housing, which has lower margins.
The company that owns the Daily Mirror has torn up plans to acquire scores of regional newspapers including the Scotsman and the Yorkshire Post, leaving their hedge fund owners seeking a new buyer. The new chief executive of Reach Plc (RCH), Jim Mullen, has decided not to go ahead with a takeover of of titles owned by JPI Media, City sources said. The consortium of hedge funds behind JPI Media, the publisher formerly known as Johnston Press, has been running an auction of its assets for several months. Daily Mail and General Trust A (Non.V) (DMGT), which owns the Daily Mail, is in talks to acquire the i, the only national newspaper owned by JPI.
