£490m write-down as shops shut
unprecedented size and complexity and we have a responsibility to our customers and colleagues to ensure that we and the CMA have enough time to make and consider all the facts and evidence.”
But the CMA said no, adding: “If we gave the companies the extra time they are now asking for, it would put our ability to complete the investigation by the required deadline at very serious risk.
“As with all of our merger reviews, we construct our timetable to ensure that everyone has the chance to have their say, including customers, the companies involved and suppliers.” IN A rare bit of good news for Britain’s high streets, Franco Manca’s owner have pledged to open more restaurants.
The Fulham Shore, who also own The Real Greek, reported higher sales and reduced debt, despite having issued a profit warning in March.
They said underlying earnings grew 24 per cent to £4.1million in the last six months, while net debt was cut from £12million at the end of the 2017 financial year.
The company said they will now increase their plans for new restaurant openings.
Chairman David Page said the company are considering “increasing our opening programme beyond the financial year, subject to how political events in the UK develop”. BY SIMON READ LOSSES at electrical specialists Dixons Carphone have soared to £440million in the past six months.
They were was hit by a write-down of their Carphone Warehouse mobile phone business.
Earlier this year, the firm revealed 92 of their 700 Carphone stores would close.
Yesterday, they were forced to slash £490million off the value of that division of the business while warning over “uncertainty” in the UK market.
Chief executive Alex Baldock said: “There are headwinds facing any business serving the UK consumer.” He revealed a new strategy to boost profits by flogging credit and increasing online sales, and said plans to merge IT systems and reduce supplier costs would save £200million.
He also promised there would be no job losses as a result and cheered staff with a share ownership scheme, which will give 30,000 workers £1000 of shares each.
“The share ownership scheme will see every permanent colleague with 12 months’ service granted at least £1000 of shares each over the next three years,” the company said. Carphone Warehouse made a £31million underlying loss in the first half year, while the electricals division saw their profits slump 40 per cent to £42million. BRITAIN’S biggest care home operators will be sold next year as they struggle under a £525million debt mountain. Crisis-hit Four Seasons have hired BDO and Pinsent Mason to oversee the sale process. Chairman Martin Healy said: “This is a positive step towards restructuring the group’s finances and providing the business with a sound financial structure that meets its long-term requirements.” The sale is expected to be completed by spring with no impact on services. ENGINE maker Rolls-Royce have confirmed that Brexit worries have forced them to accelerate plans to shift design approval for large aero engines from Derby to Germany.
It comes as part of Brexit contingency planning that has also seen Rolls begin stockpiling parts.
The company said: “We will continue to implement our contingency plans until we are certain that a deal and transition period has been agreed.” The group, who also own Currys PC World, said fullyear one-off costs will increase to £100million.
They include a £17million hit from a massive cyber attack, which saw details from 5.9million bank cards and 10million personal data records being hacked in 2017.
“We’ve had our own challenges and our plan will take time,” Baldock admitted. “But with this plan, we can see the way to unleashing the true potential of this business.”
Richard Hunter, of Interactive Investor, said: “Unfortunately, this statement has laid bare the fact that Dixons Carphone have many plates to spin when the competition in the sector is intensifying.”