The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
@hodl4ever Before i do can you tell me why you need proof, i mean do you see this as good news or Bad?
@lse2000 It seems very clear that giving away shares to MA is not an option as part of a deal and MA needs to put a formal bid to the board otherwise.
@the.crowman No not from Sunday mail. Straight from Sergio himself, from a letter sent to all staff which i can not upload here as there is no option too.
For some knowledge Sergio has confirmed: The board is in the middle of conversation with sports direct and how they can work together Constructively as part of their their routine refinancing. He also belives that they both will find a way forward.
https://www.telegraph.co.uk/business/2018/12/15/debenhams-may-yet-find-ashleys-offer-hard-refuse/ It’s not often that business figures are reimagined as farmyard animals, but as insults go, it was certainly original – not to mention festive. Last week, Mike Ashley said he would like to put the head of Debenhams chairman Ian Cheshire on a turkey. At least it wasn’t a donkey. The motive for this bizarre personal attack against one of the grandees of the corporate world? Ashley’s Sports Direct is sitting on a whacking great loss from yet another of its founder’s famous gambles on the fortunes of a struggling rival, in this case the near-30pc stake in Debenhams.
The deal was exactly that £40m for 10% of shares, it may be an interest free loan, however in reality this means not only Debenhams has to pay the loan back, but he still walks away with the additional 10% of the company. So although he has pitched it as ‘interest free’ its costing Debenhams giving away 10% of the company.
https://news.sky.com/story/amp/ashley-and-the-entertainer-toy-with-hamleys-takeover-11580628 The Sports Direct tycoon Mike Ashley and The Entertainer, a privately owned toy chain, are among a pack of suitors scenting a Christmas bargain by lodging their interest in a takeover of Hamleys.
Paragon targets wide-format growth with Debenhams deal https://www.printweek.com/print-week/news/1166307/paragon-targets-wide-format-growth-with-debenhams-deal
British Land is to sell its last free standing debenhams stores https://www.ft.com/content/1107466c-f898-11e8-8b7c-6fa24bd5409c
https://www.thetimes.co.uk/article/debenhams-passes-its-own-stress-tests-bxq33ck6r
Debenhams to offer free parking https://www.drapersonline.com/news/debenhams-to-offer-free-parking/7033267.article
'We're here to stay', insists Debenhams boss despite concerns over company's future https://www.thisismoney.co.uk/money/markets/article-6422897/DAILY-BRIEFING-stay-insists-Debenhams-boss.html
Attempts to increase the number of people shopping on UK High Streets has been given a boost by search giant Google. It has teamed up with start-up NearSt to help consumers see what is available in their local shops via the web. https://www.bbc.co.uk/news/amp/technology-46274578
https://www.thisismoney.co.uk/money/news/article-6380213/Petition-stop-Debenhams-car-insurance-provided-Arron-Banks-firm-Eldon.html Debenhams petitioned to stop car insurance provided by Arron Banks' firm after ICO investigation - but retailer insists it has 'no reports' of customer data being misused
http://www.cityam.com/269182/debenhams-supplier-issue-could-nail-coffin-department-store Supplier problems that have reportedly hit Debenhams could be the “nail in the coffin” for the embattled department store, according to industry experts.
Just called Debenhams press office who said that they were aware shares had taken fallen considerably the last few days along with other retailers but there is no RNS and no reason they are aware of
Maybe we should all call the investor relation team at Debenhams and ask them whats going on and urge them to release a RNS - if they get enough calls they may do just that. 0203 549 6000
@Auson Not everyone has subscription to Drapers!! Btw how large you want the font???
Exclusive: Supplier fallout at Debenhams 13 NOVEMBER 2018BY DRAPERS REPORTERS Some high street suppliers have stopped working with Debenhams over fears of missed payments and following cuts to its credit insurance, Drapers has learned. It is understood that two London-based suppliers have walked away from Debenhams and another has reduced its exposure after credit insurance for the retailer was reduced by several leading providers, including Atradius, Euler Hermes and Coface. Earlier this month, credit ratings agency Moody’s downgraded its long-term outlook for Debenhams from B2 to Caa1, and changed the “probability of default” rating – which measures the relative likelihood that a company will default on one or more of its debt obligations – from B2-PD to Caa1-PD. “They owed us so much money at any one time, we decided it was too risky,” one supplier told Drapers. “It’s not worth it. I know other suppliers are nervous about going forward with Debenhams, [and] we were in the same boat. It could be a disaster for them.” Another supply source said: “It happened when the insurance got pulled. Everyone is having a bit of realignment because of uncertainty about Debenhams. In the past people would take some risks – it’s a risky industry – but it’s what level of risk you want to take across the board.” One supplier told Drapers he was being more cautious after suffering a hit from House of Fraser’s administration: “We lost credit cover several months ago and had to stop trading with [Debenhams] in stores, although we’re still online. “We’re very worried because we were hit by HoF – we lost thousands of pounds there. Debenhams has a good name and, as a supplier, we want to do what we can to help them, but we also have a responsibility towards our staff.” Another Debenhams supplier agreed: “The credit downgrade is affecting brands like us, as we will not get enough insurance coverage. Debenhams might be OK for the short term, but it is hard to plan growth knowing you are not covered by the insurance, and our bank financing will not back such risky business in the current retail environment. “It is really worrying following HoF’s administration, as many of us have not overcome those losses yet.” Drapers understands only half of Debenhams’ suppliers across all departments – including fashion, beauty, gifts, furniture and electricals – use credit insurance. A spokeswoman for the retailer said: “Many suppliers don’t use credit insurance. Those that have used it historically are well aware of the current situation and work with retailers to manage things accordingly. Debenhams is well stocked for Christmas.” The struggling department store group announced a £491.5m statutory pre-tax loss for the year to 1 September 2018 – down from a £59m profit th