The launch of a Tesco (TSCO) discount chain is set to be confirmed in Cambridgeshire next week as Britain’s biggest supermarket group battles the rapidly expanding Aldi and Lidl. The grocer plans to hold a media day next Wednesday in Chatteris, hosted by Dave Lewis, its chief executive. After months of speculation, it is widely expected that the former Unilever executive will be announcing the launch of a new discount brand to be called “Jack’s” in a nod to Jack Cohen, the founder of Tesco.
Derriston Capital (DERR) – Sir Martin Sorrell has agreed to pay the legal bill if WPP (WPP) sues his new advertising venture over his contentious takeover of Media Monks two months ago. WPP has alleged that its former boss breached the terms of his contract after snatching the €300 million digital advertising agency from its hands two months ago. The acquisition marked the first deal for S4 Capital, Sir Martin’s new company.
Its mix of the latest sports fashion, growing online sales and attractive stores has helped JD Sports Fashion (JD.) to report another period of record trading, with interim pre-tax profit leaping by 19%. In a rare bright spot on the high street, the sportswear business said that it had generated a pre-tax profit of £121.9 million, up from £102.7 million, in the six months to August 4. This was on revenue up 35% to just over £1.8 billion.
must hand over documents that it claimed were confidential to the accounting watchdog as part of an investigation into the retailer’s auditor, a High Court judge has ruled. The Financial Reporting Council accused Sports Direct, which is run by the billionaire Mike Ashley, of “obfuscation” and “obstruction” by refusing to give it documents to assist its investigation into the conduct of Grant Thornton, the accounting firm that audits the company’s accounts.
The chairman of Debenhams (DEB) has denied suggestions that the retail chain may be looking into an insolvency process, saying that it is “simply not true”. Sir Ian Cheshire said that speculation about the department store chain’s future had become a circus and referred to nosy neighbours gossiping about its health. His comments came after a trading statement on Monday failed to halt a decline in its share price.
Metro Bank (MTRO) is the disruptive influence on banking that critics cannot ignore
Unilever (ULVR) has laid out the details of its contentious plan to reorganise its corporate structure and abandon its 88-year dual-governance structure in London and Amsterdam. It did so before a crunch vote by shareholders next month and amid growing unease among British shareholders and a looming political storm in the Netherlands over a plan to scrap a 15% withholding tax on dividends.
Strutt & Parker farm sale grabs bull by the horns. In a test of appetite for British farmland after Brexit, one of the largest agricultural businesses in the UK is being marketed for sale. Savills (SVS) and Deloitte have been appointed as advisers to sell Strutt & Parker (Farms), a 100-year-old property company that owns rural land in Essex, Cambridgeshire and Suffolk.
American activist investor that built a stake in Hammerson (HMSO) to press for change at the shopping centre owner is now betting on a fall in the share prices of British Land Company (BLND) and Land Securities Group (LAND), the FTSE 100 real estate investment trusts. Elliott Capital Advisors has disclosed a short position on 0.7% of total shares in both property companies, according to market data disclosed to the Financial Conduct Authority. The activist hedge fund built up a 5.3% stake in Hammerson this year, helping to put pressure on the FTSE 250 company’s strategy after a controversial deal to buy Intu Properties, its rival shopping centre owner, fell apart.
Thomas Cook Group (TCG) fell to a near-two-year low after a challenging summer, with pressure on demand driven by the heatwave on home soil and tough competition for Spanish holidays weighing on its margins. Credit Suisse analysts cut their target price to 140p from 158p, citing the threat of competition from low-cost carriers moving into the long-haul holiday market. However, they maintained an “outperform” rating, noting the potential for upside based on the possibility of “drastic airline restructuring” that could unlock value.
Sanne Group (SNN) rose 34p to 628p after it said that it was confident that it could meet annual expectations amid continued growth momentum in the business and new contract wins. Panmure Gordon upgraded the company to “buy” from “hold”, citing its 8.7% organic growth.
TP Group (TPG) edged up ½p to 7¼p after the engineering specialist’s half-year results showed revenues rising by 52% to £16 million while operating losses narrowed from £957,000 to £706,000.
Analysts at Panmure Gordon offered some timely relief for Just Group (JUST), whose shares have been locked in a downward spiral. Now, they said, was the right time to buy into the FTSE 250 specialist in retirement products and services.
Vectura Group (VEC) takes deep breath before Brexit. Brexit threatens to increase costs and disrupt supply chains, a leading British pharmaceuticals company has warned. In an update to investors with its half-year results yesterday, Vectura said that uncertainty had increased because of the prospect of a no-deal Brexit.
Tempus – Ashtead Group (AHT): Buy. The American market offers a massive growth opportunity that Ashtead is taking great advantage of
Tempus – Hilton Food Group (HFG): Hold. Expansion in Australia could be highly rewarding, but looks to be built into the price
