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Frasers buys Harvey Nichols and warns of 'tough choices' ahead


By Goran Nastic

Frasers Group has acquired Harvey Nichols from administrators FTI Consulting, taking control of the 200-year-old luxury retailer and warning the planned turnaround will require "tough choices".

The deal includes Harvey Nichols’ six UK stores in Knightsbridge, Manchester, Birmingham, Bristol, Leeds and Edinburgh, its online business, existing inventory and more than 1,000 employees


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Why the most effective default pension investments are built to evolve

For most employees, pension saving happens in the background. Contributions are paid in each month, but few people make an active investment choice.


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GDP grows by 0.4% in Q2

UK gross domestic product (GDP) increased by 0.4% in the three months to June, down from 0.6% in the three months to May, the Office for National Statistics (ONS) has revealed.

The latest data also follows growth of 0.8% in April, demonstrating a slowdown in the UK economy following a positive start to the year

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Savills profits jump 47% as property markets show signs of recovery

Property consultants Savills reported a first-half performance that saw revenue rise 9% year-on-year to £1.23bn, while underlying pre-tax profit ballooned up 47%

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Entain NGR beats expectations in H1

Entain has reported that its group net gaming revenue (NGR) landed ahead of expectations in the six months to 30 June, rising by 5% year-on-year

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Balfour shares hit record high

Balfour Beatty shares rose 10% to a record high after the infrastructure and construction giant reported strong first-half results, with growth driven by US buildings and UK power transmission, prompting the company to upgrade its full-year outlook.

The London-based company said growth was driven by strong demand for US building projects and UK power transmission work

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IHG checks in record new rooms but revenue falls short

InterContinental Hotels Group (IHG) came under modest pressure in early trading after a record 200 hotel openings in the first half still saw revenue fall short of expectations.

While the Holiday Inn owner delivered 10% growth in operating profit, 13% growth in adjusted earnings per share and record hotel development activity, investors focused on a slowdown in second-quarter room revenue growth and a small profit miss versus consensus forecasts.

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Bellway delivers ‘robust performance’ despite subdued trading

Bellway has stated that it has delivered a "robust performance" in the year to 31 July, as it beat its total housing completion expectations

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evoke earnings hit by gaming duties in H1

evoke has reported that its adjusted earnings fell in line with expectations in H1, falling by 12% to £150.2m, having been offset by a £46m year-on-year increase in gaming duties, predominantly from the UK

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Serica draws a line under Pharos pursuit

Serica Energy has brought its pursuit of Pharos Energy to a halt, declaring that its 32.67p-per-share offer is final and will not be increased, despite a higher competing bid from Ratio Petroleum Energy which is now firmly in the driver's seat

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Nichols acquires VITHIT for £64m

Nichols has agreed to acquire 100% of the issued share capital of the Irish functional drinks brand, VITHIT, for £64m

Royal Horticultural Society pension scheme secures £22m buy-in with Royal London

The Royal Horticultural Society (RHS) 1974 Pension Scheme has completed a £22m buy-in with Royal London
Apollo agrees £5.7bn easyJet takeover after Castlelake drops out

easyJet has agreed to a £5.7bn takeover by US investment firm Apollo Global Management after original bidder Castlelake withdrew from the race
Shoe Zone shares jump as it steps up guidance

Shares in Shoe Zone increased by over 17% after the retailer reported that its cash and equivalents are set to be £7m ahead of its previous budget


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