Currys

Today’s news in brief-5/3/24

According to the British Retail Consortium (BRC), total retail sales rose by 1.1% in February year-on-year, attributed partly to February being the wettest on record. While food sales increased by 6%, non-food sales decreased by 2.5%, both below previous averages. In-store and online non-food sales also experienced declines. Despite positive…

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Currys invests £13m in staff pay boost

Currys has announced a further boost to pay with a new £13m investment which will see all hourly paid staff receive a higher hourly rate, alongside a bonus programme. Store-based employees will now be able to earn on average £12.33 per hour, with top performers on £13.95 an hour on…

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Today’s news in brief-26/2/24

Frasers Group has announced the appointment of four new directors to its board, signalling a significant restructuring move. Among the appointees are David Al-Mudallal, the current chief operating officer, and Ger Wright, the managing director of Sports, who are elevated to executive director roles due to their notable contributions. Additionally,…

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Former Prince Andrew aide working on Currys takeover bid

Amanda Thirsk, former aide to Prince Andrew, is reportedly playing a key role in JD.com’s attempted takeover of Currys, according to Sky News. Thirsk, who quit her role as the Duke of York’s private secretary almost four years ago, is currently working in a senior business development role at JD.com.…

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Today’s news in brief

Redwheel, the leading shareholder of Currys, has voiced concerns over the undervaluation of UK stock markets compared to their true potential. The firm warned that the UK’s declining market values, coupled with a shift in investor focus towards the US, could prompt more foreign entities to pursue acquisitions of British…

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Currys shareholder Redwheel warns of stock market decline

Currys’ largest shareholder, Redwheel, has warned that more foreign firms will begin to circle London companies after the electronics retailer rejected a takeover bid from US hedge fund Elliott, The Telegraph has reported.  Redwheel, which holds 14.6% of shares in Currys, said it was in “complete agreement” with the retailer’s…

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Today’s news in brief-20/2/24

Julian Dunkerton is reportedly in discussions with US investor Davidson Kempner regarding a potential deal to take the company private. While talks are in the early stages, Dunkerton aims to acquire the majority stake in Superdry that he doesn’t already own. The company has faced challenges, including a YoY sales…

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Currys shares soar 36% amid takeover interest

Currys shares soared 36% to 64.9p on Monday after it was revealed that Chinese e-commerce company JD.com has joined the potential list of suitors looking to acquire the retailer.  The bid currently faces competition from US Investment Group Elliott, owner of Waterstones, which recently made a £700m preliminary offer for…

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Today’s news in brief-19/2/24

Nike has announced plans to cut 1,600 jobs, approximately 2% of its workforce, in response to disappointing sales figures in the latter half of 2023. This move comes as the company seeks to streamline operations and focus on key growth areas, such as running, women’s apparel, and the Jordan brand.…

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Currys rejects takeover offer from Waterstones owner

Currys has confirmed it has received and rejected an “unsolicited, preliminary and conditional” proposal from Waterstones owner Elliott. The rejection of said possible cash offer comes as Currys’ board and financial advisers believe the proposal “significantly undervalued the company and its future prospects”.   Elliott had offered 62p per share, while…

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