The boss of Thomas Cook Group (TCG) faces a furious backlash after the firm collapsed into liquidation with the loss of 21,000 jobs – leaving 150,000 British holidaymakers stranded abroad. Chief executive Peter Fankhauser was attacked by unions and ministers alike for failing to keep the 178-year-old firm afloat, as shockwaves from its collapse ripped around the world. Mr Fankhauser, who has been paid £8.3m since taking charge of the company five years ago, now faces judgement in a fast-tracked public inquiry by the Insolvency Service ordered by Business Secretary Andrea Leadsom. The failure drew an immediate rebuke from Prime Minister Boris Johnson, who took aim at generous pay-outs for senior managers. In total, Thomas Cook directors have earned more than £20m in the past five years. Mr Johnson said: “One way or the other, the state will have to step in to help stranded holidaymakers. “One’s driven to reflect on whether the directors of these companies are properly incentivised to sort such matters out.”
Goals Soccer Centres (GOAL) said it was keeping its options open after Mike Ashley’s swooped in with a £4m bid for the struggling five-a-side football operator. The acquisitive retail tycoon, who recently bought Jack Wills, Evans Cycles and Sofa.com, said he would offer 5p a share, but Goals said it would wait for other bids to come in. Shares were suspended at 27p in March, when it was worth £20m, after an investigation into its tax affairs was opened. Goals owes the taxman £12m and has admitted it has found “improper behaviour” dating back to 2010. Because of that its AIM trading facility will end at the end of September. Such a move would leave Sports Direct, which has a 19% stake in the business, and other shareholders without a say in a potential sales process. In June, Sports Direct failed in an attempt to oust the entire Goals board.
Marks & Spencer Group (MKS) shares were battered following the sudden exit of its chief financial officer. Monday offered investors the first opportunity to react to Humphrey Singer’s exit, which comes just over a year after he joined the company. In a statement to the City, M&S said “A departure date has not yet been decided and this will be confirmed by the company in due course and, until then, Humphrey will continue with his responsibilities”. Mr Singer’s resignation, which emerged on Saturday, is the latest blow to the company and underscores its inability to maintain a stable leadership team as it attempts to strangthen its operations.
Metro Bank (MTRO) fell 14.6p, to 272.6p, after it postponed a senior bond sale when its coupon failed to draw investor interest. The bank said it had pulled back from the sale due to “current market conditions”, claiming it was in a “strong capital position” to shift the sale to a later date.
Questor: Dunelm Group (DNLM) faces too many unpredictable elements to justify its valuation. Avoid. Questor share tip: Brexit, the vagaries of consumer tastes, currency movements and the British weather: all good reasons not to pay a fat multiple
