Retail news round-up: Former New Look and Phones 4U owners bid for Shop Direct; Tesco's shareholders to oppose chief's remuneration; and Burberry boss receives loyalty bonus.
Apax and BC Partners to bid for the Shop Direct
Apax Partners and BC Partners have decided to bid for Shop Direct, Sky News reports.
It is understood that either Apax or BC Partners have lodged a bid for the company.
Apex and BC Partners are former owner of New Look and Phones 4U, respectively.
However, the bidders are said to have been outnumbered by the private equity groups.
Other interested parties such as Advent International, Carlyle, Cinven, CVC Capital Partners and Permira have decided not to bid.
Shareholders to oppose Tesco chief’s remuneration
Tesco’s shareholders have been advised by Pensions & Investment Research Consultants (Pirc) to oppose the remuneration report amid the relocation cost paid to the chief executive, The Times reported.
Pirc argues that 179% increase in benefits for the chief executive Dave Lewis was “not considered appropriate”.
The increase in the benefits was owing to the relocation costs to cover stamp duty and legal fees as Lewis moved from London to the Welwyn Garden City area.
A spokesman for Tesco declined to comment.
Burberry boss receives loyalty bonus
Burberry chief designer and outgoing chief executive Christopher Bailey will receive £10.5m as loyalty reward next month, The Guardian reported.
Bailey is set to receive 1m shares at a later date
The 600,000 shares that he will receive at the current share price of £17.65 are worth about £10.5m.
He had waived his entitlement to any annual bonus for the year.