Mulberry decided against Frasers Group’s £83m acquisition proposal, valuing each share at a 30% premium.Frasers Group, led by Mike Ashley, owns 37% of Mulberry, raising concerns about the retailer’s future.Mulberry’s board and majority shareholder Challice support the current business recovery strategy.An announced capital raise exceeding £10m aims to provide equal shareholder participation.Frasers Group must declare a firm offer or withdraw by 28th October under UK rules.Mulberry has turned down an £83 million takeover offer from Frasers Group, which is controlled by Mike Ashley. The proposal, offering 130p per share, represented a 30% premium over Mulberry’s recent share price. According to…
Author: Dave Antrobus
Consumers should be aware of possible lawyer fee deductions when involved in Conditional Fee Agreements (CFAs).The Legal Ombudsman stresses that no consumer should be surprised by deductions made from their damages for legal fees.New guidance from the Legal Ombudsman outlines the necessity for lawyers to explain their fee structures transparently.Consumers’ awareness of potential complaints starts when advised by a law firm, not just when viewing their bill.The Belsner case highlighted lawful deductions in CFAs, reinforcing the importance of transparency for clients.Consumers engaged in Conditional Fee Agreements (CFAs) must understand potential deductions from their damages to cover legal fees. The Legal…
Nick Hanning, a pioneering CILEX lawyer, has been appointed as a recorder on the South Eastern Circuit in family law, marking a historic shift in judicial appointments.Nick Hanning’s appointment as a recorder represents the first of its kind following legislative changes last year which now permit suitably qualified CILEX lawyers to apply for roles such as recorders and Upper Tribunal judges. Previously, their eligibility was restricted to district judge positions.This development has been heralded as a significant milestone by CILEX, which asserts that its members possess “the training and skills needed to meet the competencies required for these more senior…
Aston Martin’s shares took a significant hit following a profit warning linked to supply chain issues and production cuts.The luxury carmaker’s stock fell 20% to a two-year low as production disruptions affected four upgraded models.Aston Martin adjusted its 2024 production target from 7,000 to 6,000 cars due to ongoing supply chain challenges.The company cites insolvencies at key German suppliers and macroeconomic difficulties in China as contributing factors.Despite setbacks, Aston Martin’s leadership remains confident in meeting 2025 financial targets.Aston Martin, a stalwart of luxury automotive manufacturing, recently experienced a dramatic drop in its share prices, plummeting 20% to a two-year low…
The collapse of McDermott Smith leaves creditors uncertain about repayments.Administrators uncertain about timeline for payouts to creditors.Founders of the firm grew its turnover threefold in a single year.The firm owes £37.5 million to creditors, with £900,000 owed to Fenchurch Legal.Many client files transferred to another firm, now also shut down by SRA.McDermott Smith’s collapse has led to a significant degree of uncertainty regarding creditor repayments. Administrators from Quantuma, who were appointed by the secured creditor Fenchurch Legal, have admitted that a timeline for creditor payouts remains unknown. The entire process of liquidation might extend up to two more years, with…
A technical issue with Asda tills caused some stores to open late, affecting customers nationwide.Many Asda stores faced delayed openings due to malfunctioning tills, leaving customers unable to complete their purchases.The issue, reportedly linked to a new till system, sparked frustration among shoppers and was widely discussed on social media.Asda has apologised for the inconvenience, stating the issue has been resolved and stores are operating as normal.This occurs during Asda’s Project Future transformation, aiming to upgrade its IT systems across multiple sites.A technical problem with Asda’s checkout systems led to a number of stores opening later than usual, leaving customers…
Asda has launched a significant campaign for Breast Cancer Awareness Month, offering new chances for customers to contribute.Over 200 products will have their sales partially donated to breast cancer charities, enhancing support efforts.Products like Diet Coke and Heinz Baked Beans will feature new pink packaging to raise awareness.Special product ranges will include vital breast health information to encourage regular health checks.Asda’s campaign continues to raise substantial funds, having collected £92m for cancer charities over 28 years.In a major push for Breast Cancer Awareness Month this October, Asda has introduced a comprehensive Tickled Pink campaign that involves donating a portion of…
The role of lawyers in safeguarding election integrity was highlighted at the Opening of the Legal Year event.Law Society and Bar Council co-hosted the event, with global legal representatives attending.Discussions focused on lawyers’ roles during elections and maintaining political neutrality.Law Society President emphasised the profession’s dedication to the rule of law and access to justice.Additional topics included recognising the legal sector’s economic contributions.The Opening of the Legal Year event underscored the importance of the legal profession in maintaining the integrity of electoral processes worldwide. Lawyers are seen as essential in upholding the rules that ensure free and fair elections, a…
AB InBev, the global beverage giant, continues to face financial challenges in the UK despite increased sales.Pre-tax losses grew to £72.1m in 2023, even as sales rose to £1.66bn.Persistent inflation and supply chain issues have significantly impacted the company’s UK operations.Despite global success, the UK market remains under pressure from economic uncertainties.The beer industry overall has seen a downturn, particularly affected by rising consumer prices and tax hikes.AB InBev, the renowned producer of brands such as Budweiser, Corona, and Stella Artois, is experiencing continuing financial difficulties within its UK operations. The company’s pre-tax losses have widened to £72.1 million in…
Frasers Group has mounted a strategic bid for luxury retailer Mulberry amid financial uncertainties.Holding a 37% share, Frasers expresses concerns over Mulberry’s financial strategy and transparency.Mulberry’s recent financial performance includes a significant loss and a drop in sales by 18%.Frasers’ bid offers a 30% premium over Mulberry’s retail offer, valuing the company at £83 million.Auditors highlight ‘material uncertainty’ regarding Mulberry’s future as a going concern.Frasers Group has taken decisive action by proposing a strategic bid for the luxury fashion brand Mulberry, igniting concerns over the latter’s financial transparency and stability. As a major shareholder, possessing 37% of Mulberry’s equity, Frasers…