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Retail round up - The Tuesday papers
Halfords mulls bid approach for HobbyCraft, ABI may challenge Marc Bolland's £14m pay at M&S, Snowfall leaves Focus stranded without enough customers to help pay the rent, Dannii joins Twiggy in new M&S fashion team, Boost in half-term bookings leaves Butlins on a hi-de-hi...
The Daily Telegraph
Halfords, the bicycle and car accessory retailer, is considering a bid for HobbyCraft to diversify its business and cash in on its healthy trading performance. The arts and crafts retailer is said to be top of Halfords' list as it mulls acquisition options.HobbyCraft is available for sale with a price tag of about £70m after Grant Thornton was appointed to come up with options for expansion late last year. Full article here
Britain's most powerful investor group is considering taking a stand against the £14.8m pay package agreed for Marc Bolland, the new chief executive of Marks & Spencer.Members of the investment committee of the Association of British Insurers (ABI) met yesterday and discussed whether the size of the pay deal is appropriate.One source said: "Bolland's pay was discussed. The ABI is looking into the matter, as are other individual investors. This is certainly not a closed matter."Full article here.
The Times
Last month’s snow could not have come at a worse time for Focus DIY, the home improvement chain that shed dozens of stores last year in a rescue deal with landlords. With customers unable to drive to stores, takings were hit, forcing Focus to ask for an extra week to pay its rent for January and February. The company, run by Bill Grimsey, the turnaround specialist who led Wickes in the mid-1990s, is exercising a clause in its company voluntary arrangement (CVA), giving it up to a week’s leeway in paying landlords. Under the CVA, which creditors voted in favour of last summer, Focus was able to dump 38 closed stores, while remaining landlords made concessions. Full article here.
The team of glamour girls famously recruited by Marks & Spencer to bring star appeal to its flagging women’s wear was summarily disbanded yesterday — with only Twiggy surviving the cull.For nearly four years Noemie Lenoir, Erin O’Connor, Myleene Klass and Twiggy spearheaded Sir Stuart Rose’s campaign to dispel M&S’s fusty reputation. Yesterday the company dispensed with all but Twiggy and drafted in a new team, including Dannii Minogue, the singer and X-Factor judge, for its spring/summer women’s wear campaign. Full article here.
The Independent
The budget holiday operator Butlins yesterday attributed a buoyant start to the year on its decision to continue investing in its resorts. The company said bookings for the February half-term were up by 15 per cent on last year and the availability of accommodation at its three beachside holiday camps was "disappearing fast". Full article here.
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