Latest news with #Frasers
Yahoo
3 hours ago
- Business
- Yahoo
Frasers Group steps back from Revolution Beauty bid
UK-based retailer Frasers Group has officially stated that it will not pursue an acquisition of cosmetics company Revolution Beauty. The update follows a previous notice regarding Frasers' involvement in the formal sale process. In a statement to the London Stock Exchange, Frasers declared that "the group and any person(s) acting in concert with it will, except with the consent of the Takeover Panel, be bound by the restrictions contained in Rule 2.8 of the code.' Revolution Beauty has indicated that it remains in discussions with several other potential buyers, though there is no certainty that any offer will materialise or under what terms. Revolution is also engaging with its shareholders about a possible equity raise, with further updates to be announced. In early June 2025, Frasers confirmed its interest in an all-cash bid for Revolution Beauty and had been part of the sale process. Revolution employs a strategy that encompasses multiple brands and categories, distributing its products directly to consumers through its brick-and-mortar stores and online platforms, and via wholesale partnerships. In May, Frasers disclosed the completion of its acquisition of Holdsport, following the fulfilment of standard regulatory requirements. The initial announcement of the acquisition plan took place on 26 November 2024. The group also provided an update regarding the compulsory offer for XXL ASA, stating that 'preliminary results indicate that Frasers has received acceptances that will result, on settlement and completion of the offer, in Frasers controlling more than 92% of the share capital and 90% of the voting shares of XXL'. "Frasers Group steps back from Revolution Beauty bid" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Scottish Sun
21 hours ago
- Business
- Scottish Sun
Craft beer prices have rocketed since start of year amid rising costs and tax hikes
CAUGHT ON THE HOPS Craft beer prices have rocketed since start of year amid rising costs and tax hikes Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) CRAFT beer prices have rocketed since the start of the year — giving drinkers a major hangover. Prices have jumped by up to 12.5 per cent since January, The Morning Advertiser Pint Price Survey has revealed. Sign up for Scottish Sun newsletter Sign up The Campaign for Real Ale (CAMRA) said many landlords are having to charge more just to stay open in the face of rising raw material costs and tax rises. The survey said the biggest price rise was for BrewDog Punk IPA, which was £5.64 a pint in January but is now £6.34. Camden Hells has also climbed to £6.34, up 10.8 per cent from £5.72. Others have seen more modest increases, just 1.7 per cent for Camden Pale Ale, which has gone from £5.59 to £5.69. The average price of a draught pint across all types has crept up to £5.17, compared with £5.08 six months ago. CAMRA chairman Ash Corbett-Collins said: 'It's incredibly frustrating for consumers to see the price of a pint rise yet again. 'It's really important that we talk about the reasons that the price of beer is rising — it's hikes in the price of raw materials for brewers, energy costs staying high, pubs being squeezed by a challenging business rates system and rises in National Insurance contributions. 'Increasing the price of a pint is sometimes the only option for pubs, as not doing so risks closing their doors for ever.' Whitbread, owner of Beefeater and Brewers Fayre, has reported a 16 per cent fall in food and drink sales as it overhauls its restaurants. 1 Craft beer prices have rocketed since the start of the year Credit: Getty Pint prices on the rise and Maccies axes beloved item MORRISONS OVER STORM MORRISONS bosses said it had 'bounced back' from a Christmas cyber attack, as it posted stronger sales and profits for the latest quarter. But the UK's fifth-largest supermarket chain warned inflation is driving 'subdued' sentiment among shoppers. The Bradford-based business yesterday revealed group sales grew by 4.2 per cent to £3.9billion for the 13 weeks to April 27 compared with the same 2024 quarter. Morrisons is pushing ahead with a turnaround plan which includes closing cafés along with meat and fish counters. NO BEAUTY BID MIKE Ashley's Frasers Group has pulled out of the bidding process for cosmetic retailer Revolution Beauty. Frasers, which owns Sports Direct, said it 'does not intend to make an offer'. The make-up firm had said Frasers was 'one of a number of parties conducting due diligence' after it put itself up for sale last month. But the withdrawal raises questions over the future of the troubled beauty brand.
Fashion United
a day ago
- Business
- Fashion United
Frasers Group drops out of Revolution Beauty race
Sports Direct owner Frasers Group has pulled out of the bidding race for Revolution Beauty. The retail giant said in a regulatory filing that it 'now confirms that it does not intend to make an offer' for the British cosmetics brand. Revolution Beauty launched its formal sales process last month after receiving a preliminary takeover offer for its entire issue and to be issued share capital from an unnamed party. Interested bidders could submit their interest by June 11, with it emerging that Frasers was among 'a number of parties' to have done so. Revolution Beauty noted Frasers' latest announcement in its own statement, adding that it 'continues to have constructive engagement with a number of other interest parties', yet there was 'no certainty that an offer will be made'. The company is also continuing to discuss options with its shareholders, including a potential equity raise. Frasers' initial pursuit was notable given that Revolution Beauty's largest shareholder is Debenhams Group, formerly Boohoo Group, a long-standing rival of Mike Ashley's conglomerate, which had attempted to takeover the fast fashion giant amid its restructuring last year. Debenhams, which owns a 27.09 percent stake in Revolution, had assigned its own board member, Iain McDonald, to oversee the beauty brand's sales process. The Boohoo parent company enacted a boardroom takeover of Revolution back in 2023 following an investigation into the brand's financial results, which revealed a nine million pound inflation of sales.
Yahoo
2 days ago
- Business
- Yahoo
Mike Ashley pulls out of race to buy Revolution Beauty
Mike Ashley has pulled out of the race to buy Revolution Beauty, raising fresh questions over the future of the struggling cosmetics brand. The Frasers billionaire has ruled out a bid for Revolution, it is understood, with a stock market announcement expected on Thursday. His exit from the process comes just over a week after it emerged that Frasers was considering an all-cash bid for Revolution. At the time, the cosmetics brand said Frasers was among the companies conducting due diligence ahead of a potential offer. However, sources close to the process said Mr Ashley had decided not to table an offer partly because of the company's debt pile. Revolution, which has been struggling with sliding sales and a 70pc drop in its value over the past year, had said there was no certainty that Frasers would make a formal bid. Revolution's largest shareholder is Boohoo, which counts Frasers as its own malcontented number-one investor. It is understood Mr Ashley sought to acquire Boohoo's 29pc stake in Revolution at 30 pence per share as recently as late last year. The shares are now trading at less than eight pence. Revolution is under mounting financial pressure after revenues plunged by 26pc, falling from £191m to £141m in the year to February 2025. Bosses at Revolution are attempting to refinance a £32m credit facility before it expires in October 2025. The size of the bank loan currently eclipses the entire value of Revolution Beauty, which now has a market capitalisation of just £25m. Mr Ashley recently sought to open talks about refinancing the debt himself but Boohoo has not engaged, according to City sources. Previously friends, Boohoo co-founder Mahmud Kamani and Mr Ashley were made rivals when Frasers lost out to Boohoo in a tussle for control of Debenhams in 2021. Frasers had already seen its £150m investment in the department store chain wiped out by its insolvency. Tensions last year escalated after Mr Ashley moved to seize control of Boohoo management after building up a stake of almost 30pc. Frasers demanded a board seat at Boohoo, claiming its financial results and refinancing were a 'catastrophe' for the company and 'far worse than shareholders could have ever imagined'. The Sports Direct owner also said Mr Ashley should be made Boohoo's chief executive. Boohoo responded to the attempted coup by claiming that the Sports Direct tycoon had an 'ulterior motive', suggesting he could be trying to derail the company's turnaround plan to snap up its assets at a reduced price. Ultimately, Boohoo shareholders rejected a proposal to add Mr Ashley to its board. However, the two sides have continued to clash, with Frasers in March voting to block a proposal for Boohoo to change its name to Debenhams. The opposition ultimately proved futile. Earlier this month, The Telegraph revealed that Mr Ashley was plotting a fresh bid to tighten his grip on Boohoo by offering a financial lifeline. He has written to Tim Morris, Boohoo's non-executive chairman, to demand a meeting to discuss the possibility of becoming a lender to the company as well as its biggest shareholder. Boohoo has been in talks to refinance £175m in outstanding debt, as it faces tumbling sales. Frasers and Revolution declined to comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Telegraph
2 days ago
- Business
- Telegraph
Mike Ashley pulls out of race to buy Revolution Beauty
Mike Ashley has pulled out of the race to buy Revolution Beauty, raising fresh questions over the future of the struggling cosmetics brand. The Frasers billionaire has ruled out a bid for Revolution, it is understood, with a stock market announcement expected on Thursday. His exit from the process comes just over a week after it emerged that Frasers was considering an all-cash bid for Revolution. At the time, the cosmetics brand said Frasers was among the companies conducting due diligence ahead of a potential offer. However, sources close to the process said Mr Ashley had decided not to table an offer partly because of the company's debt pile. Revolution, which has been struggling with sliding sales and a 70pc drop in its value over the past year, had said there was no certainty that Frasers would make a formal bid. Revolution's largest shareholder is Boohoo, which counts Frasers as its own malcontented number-one investor. It is understood Mr Ashley sought to acquire Boohoo's 29pc stake in Revolution at 30 pence per share as recently as late last year. The shares are now trading at less than eight pence. Revolution is under mounting financial pressure after revenues plunged by 26pc, falling from £191m to £141m in the year to February 2025. Bosses at Revolution are attempting to refinance a £32m credit facility before it expires in October 2025. The size of the bank loan currently eclipses the entire value of Revolution Beauty, which now has a market capitalisation of just £25m. Mr Ashley recently sought to open talks about refinancing the debt himself but Boohoo has not engaged, according to City sources. Previously friends, Boohoo co-founder Mahmud Kamani and Mr Ashley were made rivals when Frasers lost out to Boohoo in a tussle for control of Debenhams in 2021. Frasers had already seen its £150m investment in the department store chain wiped out by its insolvency. Tensions last year escalated after Mr Ashley moved to seize control of Boohoo management after building up a stake of almost 30pc. Frasers demanded a board seat at Boohoo, claiming its financial results and refinancing were a 'catastrophe' for the company and 'far worse than shareholders could have ever imagined'. The Sports Direct owner also said Mr Ashley should be made Boohoo's chief executive. Boohoo responded to the attempted coup by claiming that the Sports Direct tycoon had an 'ulterior motive', suggesting he could be trying to derail the company's turnaround plan to snap up its assets at a reduced price. Ultimately, Boohoo shareholders rejected a proposal to add Mr Ashley to its board. However, the two sides have continued to clash, with Frasers in March voting to block a proposal for Boohoo to change its name to Debenhams. The opposition ultimately proved futile. Earlier this month, The Telegraph revealed that Mr Ashley was plotting a fresh bid to tighten his grip on Boohoo by offering a financial lifeline. He has written to Tim Morris, Boohoo's non-executive chairman, to demand a meeting to discuss the possibility of becoming a lender to the company as well as its biggest shareholder. Boohoo has been in talks to refinance £175m in outstanding debt, as it faces tumbling sales.
