Retail round up - The Sunday Papers
The Sunday Times
The top managers of Ocado are in line for a £30m payday if they can double the company’s share price after its flotation on the stock market. The Sunday Times has learnt that 15 directors and senior managers at Ocado have invested about £1m of their own money in a joint share ownership scheme.
Marks and Spencer is bracing itself for a shareholder backlash at its annual general meeting this month. Two leading industrialist shareholders told The Sunday Times they planned to vote against the retailer’s remuneration report in protest over the pay package awarded to Marc Bolland, the new chief executive, and the £2.8m bonus paid to Sir Stuart Rose, the outgoing chairman.
The group behind the cafe Rouge and Strada restaurant chains is in talks to buy its rival, Paramount, owner of brands such as Chez Gerard, Caffe Uno and Bertorelli, for up to £50m.
The Independent on Sunday
Wlolseley has kickrd-off the restructuring of its UK arm by putting its tool hire business up for sale. The building products giant is looking to cut its net debt, which stood at nearly £1.1bn at the end of April, and asset sales are an option for divisions that do not meet its internal strategy.
Tesco has suffered a sharp shareholder rebuke as close to half of its investors refused to support its pay plans. A third of the votes cast went against the retailer, while a further 15 per cent of investors abstained.
Marks and Spencer has given up a search for a strategy director to supplement its senior ranks, as it faces fresh anger over the remuneration of both Marc Bolland and Sir Stuart Rose.
Mail on Sunday
Simon Fox, chief executive of HMV, has signalled for the first time that he would consider selling its Waterstone’s book chain, though he said its disappearance would be ‘tragic’. Waterstone’s barely made a profit in the year to April when group sales rose 18 per cent to £74.2m following a turnaround in the performance of HMV.
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