Retail round-up on June 10, 2016: Ashley called to give evidence on BHS demise. McColl's eyes snapping up a clutch of Co-op stores and Majestic Wine overhauls its payment policy
Sports Direct’s Mike Ashley invited to give evidence on BHS demise
MPs have summoned Sports Direct tycoon Mike Ashley to give evidence on the collapse of high street chain BHS, BBC reported.
Ashley is not needed to be present in person but will give a written account.
BHS’s former owner Dominic Chappell told MPs during his grilling that he had tried to arrange a rescue deal with Ashley, but that Arcadia Group owner Sir Philip Green had stopped it happening.
Ashley himself had admitted at a committee hearing earlier this week that he had wanted to snap up BHS.
Meanwhile, Michael Sherwood, a senior Goldman Sachs executive and confidant of Green, is to be called before a broadening parliamentary investigation into the failure of the retailer.
MPs will also invite Green’s stepson Brett Palos and his longtime business associate Richard Caring to answer queries about the collapse.
McColl's reportedly lodges ‘interest’ to buy 300 Co-op stores
McColl's is reportedly in talks to snap up a portfolio of about 300 stores owned by the Co-op, according to Sky News.
The convenience store specialist is thought to be among several buyers who have interest in acquiring the Co-op estate.
The terms and timing of a potential sale remain unclear.
Majestic Wine to increase pay for store managers to retain employees
Majestic Wine will hike its store managers’ pay rate in a move to retain staff, The Guardian reported.
The wine retailer is also revamping its cash bonus scheme for its 213 store managers, standardising bonus potential and measurement across the group.
The business is also rolling out new long-term share incentive plans for the top 25% of employees, from store managers upwards.
The plan will pay out if Majestic performs well compared with 25 listed specialty retailers. There will be a separate share incentive plan for other staff.
M&S slashes ex-chief Marc Bolland’s final bonus pay by a fifth
Marks & Spencer handed its former chief executive Marc Bolland a 20% cut in his final bonus.
Bolland was handed a bonus payment of £622,000, equivalent to 64% of his annual salary rather than 80%, according to the M&S annual report.
He still earned a total of £2m in his final year in charge, along with pocketing £17.1m over his six years at the helm.