Retail news round-up on January 6, 2016: City regulator to probe Home Retail share trading, Dunnes Stores parts way with auditor E&Y and Next's Israel plans.
City watchdog likely to probe trading in Home Retail shares
The Financial Conduct Authority is likely to probe Home Retail share trading after they leapt by almost 16% during morning trade, before Sainsbury confirmed it was interested in acquiring the owner of Argos and Homebase.
Traders said the jump indicated there had been a leak into the market about the grocer’s £1bn takeover bid for Home Retail.
However, it is understood that Sainsbury’s was prompted to disclose its tilt at Home Retail, which it made in November, by the Takeover Panel as a direct result of the movement in the Argos-owner’s shares.
Next considers opening slew of Israeli stores
Fashion chain Next is looking to open a clutch of shops in Israel, after launching a successful line of deliveries to the country few years ago.
The retailer, on its website, has announced that it is seeking local franchise holders for store openings.
"Next has a growing number of international franchise stores in the Middle East, Europe, and the Far East with experienced retail fashion companies. If you are interested in a franchise opportunity with Next, contact us," the company's website announcement reads.
This move could rival not only with domestic players like Castro Model, Golf & Co, Fox-Wizel and Shilav, but also international chains that have recently entered the country, such as The Children's Place and Carter's.