The Times reports this morning that Sir Philip Green is in talks with the owners of BHS about a possible contribution to the struggling chain’s pension deficit. The talks come amid fears that 20,000 present and former staff may not receive their full pensions. BHS was sold by Sir Philip’s Arcadia Group last year for a nominal £1. The retailer announced plans last week to cut its rent bill as part of a rescue deal with landlords. The story follows the lead of sister paper The Sunday Times which wrote yesterday that Arcadia had offered £80m, comprising £40m of cash and £40m in loans. Talks are understood to be continuing between his representatives and BHS’s advisers.
There is a lot of coverage (The Times, The Guardian) of the resignation of the director general of the British Chambers of Commerce, John Longworth. He has left the business organisation after being suspended for saying the UK’s long-term prospects could be “brighter” outside the EU. In an exclusive interview with The Telegraph Longworth launches a parting shot at “highly irresponsible” Number 10 as he accuses David Cameron of peddling scare stories as he quits in Brexit row.
The Sunday Times follows The Grocer’s lead from last week and reports on the latest financial accounts of Yeo Valley. Britain’s biggest maker of natural yoghurt almost doubled profits to £6.6m last year after buying the farm which produces most of its ingredients.
The Telegraph writes that British American Tobacco is sending smoke signals over a possible US mega-deal. Bosses of the tobacco giant have hired the team of heavyweight bankers which handled its recent purchase of a $5bn (£3.5bn) stake in Reynolds American fuelling speculation it is mulling a full takeover of the US company.
The Mail on Sunday has the story that Caffè Nero paid no corporation tax in the last financial year despite making a profit of £23.6m as sales surged.
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