will be renamed Frasers Group as owner Mike Ashley aims to elevate the company’s image. The move follows the retailer’s recent decision to launch an upmarket department store called Frasers that will offer brands from its House of Fraser, Flannels, Sports Direct and USC brands. The company said the move reflects its “transformation into the holder of a diversified portfolio of sports, fitness, fashion and lifestyle fascias”. “The change of name will not affect any rights of shareholders and existing share certificates should be retained as they will remain valid and no new share certificates will be issued.”
Eddie Stobart Logistics (ESL) has attacked rival Wincanton (WIN) for failing to submit a takeover bid, leaving investors with just one option to rescue the troubled trucking company. The firm said it was “disappointed” with Wincanton, which had been given access to confidential files belonging to one of its fiercest rivals. Wincanton dropped out of the running on Monday afternoon, citing concerns about Eddie Stobart’s finances. Eddie Stobart is racing to secure fresh funding after being plunged into crisis earlier this year. It revealed a multimillion-pound hole in its accounts three months ago, leading to its shares being suspended and the chief executive stepping down with immediate effect.
Slowing sales at Wagamama and a gloomy outlook sent shares in its owner the Restaurant Group (RTN) tumbling on Monday. The noodle chain’s UK like-for-like sales rose 6.3% in the three months to September – less than half the 12.9% growth posted in the previous quarter. Sales in the US were up 12.5%. Shares fell sharply before recovering some losses to be 6% lower at 137.2p as some analysts also downgraded the the Restaurant Group’s other chains, Frankie & Benny’s and Chiquito, in light of weak restaurant and cinema attendance data. It came as Emma Woods, chief executive, warned that Wagamama would not be immune to the “various headwinds facing our industry” next year.
One of BT Group (BT.A) challengers in the race to upgrade Britain to full-fibre broadband is attempting to tear up its exclusive partnership with Vodafone Group (VOD) as part of a bid by its new owners to accelerate progress. Cityfibre, which was taken private for £538m in 2018 by Antin Infrastructure Partners and Goldman Sachs, is in talks to radically restructure a contract it signed two years ago. It grants Vodafone exclusive rights to sell broadband on the first phase of its new network. Under the current terms, CityFibre is unable to wholesale access to its first million full-fibre lines to Vodafone’s rivals while they are being built.
A suitor for Just Eat (JE.) has attacked a rival bid as “wholly inadequate” and an attempt to buy the British delivery company “on the cheap”. Amsterdam-listed Takeaway.com labelled an approach by investment fund Prosus as “opportunistic” and claimed its offer was “superior”. Just Eat and Takeaway.com announced plans for an all-share merger in July after facing pressure from activist investor Cat Rock for several months. Prosus hit back at the rival bidder, with its chief executive Bob van Dijk saying that Takeaway.com’s offer “represents significant risk to Just Eat shareholders” as it doesn’t effectively address the investment needs of the company.
