Retail news round-up on June 1, 2015: Morrisons braced for shareholder revolt, M&S’ biggest private investor sells shares, Mike Ashley launches discount store and more.
Morrisons braces for shareholder attack over £3m pay to ex-boss
Morrisons is preparing for a fresh revolt from investors at its annual meeting on June 4 over a £3m payoff to ousted chief executive Dalton Philips, the Daily Mail reported. Shareholders at the grocer are expected to vote against the retailer’s remuneration policies.
M&S biggest private investor sells most of stake
Marks & Spencer’s biggest private shareholder Bill Adderley has offloaded two-thirds of his 3% stake, saying there are ‘a couple of even bigger opportunities’ in the stock market. The share sale by Dunelm founder Adderley comes after chief executive Marc Bolland recently reported the first profits increase in four years, reported The Sunday Times.
Mike Ashley launches ‘Mega Value’ discount concept store
Mike Ashley has launched a new discount store dubbed the ‘Son of Woolworths’ just days ago, in a bid to tap a bigger share of the UK high street, The Mail on Sunday reported.
It is Ashley’s first step outside the sports and fashion markets. The new store concept, so far operating under the name ‘Mega Value’, has been launched in Kidderminster, Worcestershire, at the site of a department store that closed down last year. The Mega Value shop also sells garden tools, garden furniture, small electrical items and, crafts, health, beauty and outdoor goods.
Liberty owner considers IPO within three years
Liberty’s private equity owner BlueGem is looking to list the luxury department store on the London stock exchange by 2018, the Telegraph reported. Turnover is expected to be £145m this year, up from £132m in the whole of 2014, said BlueGem chief executive Marco Capello.