Currys

How can the physical retail sector win its battle to survive?

It is well known that the high street is battling for survival. Insolvency statistics released this month show a 17% increase in company insolvencies compared to this month last year, with the retail sector particularly badly hit. With the closure of many Body Shop stores already confirmed this year, and…

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Today’s news in brief-18/3/24

The Saudi PIF, along with Kering, is reportedly eyeing a stake in Selfridges as the store’s co-owner, Central Group, faces financial struggles due to the collapse of its Austrian partner, Signa. The potential deal, valued around £2bn, is complicated by legal proceedings in Austria. Selfridges reported a narrowed loss and…

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Currys ups profit guidance after takeover bid fails

Currys has revealed that it expects its full-year pre-tax profit to be “at least £115m” after predicting it would land between £105m and £115m earlier in the period. The company stated that this was due to positive like-for-likes and robust gross margins. Furthermore, the company’s disposal of its Greek business…

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Sainsbury’s opens new store at Meols Cop Retail Park

Sainsbury’s has now opened a new 80,000 sq ft supermarket at Meols Cop Retail Park, Southport.  The redevelopment of the site took ten years, and the overall cost of the scheme was over £30m. The scheme compromised the extensive redevelopment of an existing retail park with a new purpose-built store…

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Today’s news in brief-11/3/24

Doug Putman, the owner of HMV, is reportedly contemplating a bid to acquire The Body Shop from its administrators. The Body Shop has encountered financial difficulties, including filing for bankruptcy in the US and Canada. This move follows the closure of numerous stores and job losses. Private equity firm Aurelius…

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Elliott ditches Currys takeover plans 

Elliott Management has abandoned plans to buy Currys after claiming that “multiple” attempts to engage with the company’s board were “rejected”. The US investment group initially offered to buy Currys for 62p per share before raising the offer to 67p last month. Currys said the proposals “significantly” undervalued the group,…

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Currys appoints Octavia Morley as non-executive director

Currys has announced the appointment of Octavia Morley as a non-executive director and a member of the company’s Remuneration, ESG and Nominations Committees with effect from 1 April 2024. The group has also announced that Tony DeNunzio, senior independent director, will step down as a director on 25 April 2024…

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Today’s news in brief-6/3/24

Currys shareholder JO Hambro Capital Management urged the company to hold out for a £1bn offer amid takeover talks. Despite rejecting a bid from Elliot valued at 67p per share, Currys faces pressure to consider higher offers, with JOHCM deeming an offer between 80p and 100p per share as “acceptable”.…

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Shareholder calls for Currys to hold out for £1bn offer

A Currys shareholder, JO Hambro Capital Management (JOHCM), has stated that the electronics retailer should hold out for an offer of £1bn amid takeover talks. According to The Standard, JOHCM, a UK equity income fund, stated that an offer between 80p and 100p per share would be “acceptable”. An offer…

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John Lewis staff pay to rise 10% amid £116m investment

John Lewis Partnership reportedly has plans to boost staff pay by 10% as part of a £116m investment, according to Retail Week.  The Waitrose owner will reportedly confirm the “record” pay increase when it releases its latest full-year results next week on 14 March.  From 1 April, the minimum pay…

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