Up-to-date coverage of the latest events in UK retail.
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12.01am Shares plummet at Green and Ashley investment MySale
MySale, the online retailer backed by tycoons Sir Philip Green and Mike Ashley, lost almost 50% of its value after it issued a profit warning yesterday.
The AIM-listed business warned that sales and profits for its year ending June 30, 2019 would be “significantly” below market expectations, blaming “challenging conditions” in the run-up to Christmas.
Shares nosedived at MySale, closing down nearly 50% at 17.40p, wiping £27m off the value of the company.
It left Green and Ashley with paper losses of more than £5m and £1m respectively.
Green’s Shelton Capital fund, controlled by his wife Tina, owns a 22% stake in MySale, while Ashley’s Sports Direct owns around 5%.
12.01am Jessops to invest £5m to appeal to mobile generation
Jessops owner, and Dragon’s Den star, Peter Jones is investing £5m in image editing software and printing machines as it bids to remain relevant to the smartphone generation.
Jones told This Is Money that the popularity of apps such as Instagram meant while more photos were being taken, fewer people were developing and printing images.
The investment will enable customers to have mobile phone images printed at Jessops stores or to personalise items such as T-shirts and phone covers.
The retailer is also launching a mobile photography course as part of its Jessops Academy programme for budding photographers.