Wednesday, July 6

B&Q-Owner Kingfisher Holds Outlook Steady: The London Rush


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(Bloomberg) — Here’s the key business news from London-listed companies this morning.

Kingfisher Plc: The operator of B&Q and Screwfix reiterated its profit guidance, even as faster inflation risks might deter British consumers from renovating their homes.

The home renovation stockist said it is “effectively” managing supply chain and inflationary pressures, adding that product availability is “very close” to normal levels

MoonPig Group Plc: The personalized gift website is looking to buy Smartbox Group UK Limited, also known as Buyagift, for £124 million in cash.

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The purchase of the gift experiences platform will give the company access to the experience gifting market, and increase its margin in the medium term

Ted Baker Plc: The high street fashion brand selected a preferred takeover bidder to take into due diligence, after private equity firm Sycamore Partners Management LP dropped out of the bidding.

The brand received a number of revised takeover proposals, as its chief executive officer looks to revive the company by cutting debt, boosting online sales and refreshing the brand

Outside The City

The UK should cancel its planned corporate tax increase in order to ensure Britain remains an attractive place to do business, according to a new report by the Centre for Policy Studies.

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Meanwhile, Boris Johnson is readying himself for another dressing-down over illegal parties in Downing Street.

In Case You Missed It

The soaring cost of construction materials and labor is holding back office projects in London, increasing the risk the city will be left with stranded properties that need green overhauls.

And, after almost four decades spent targeting London’s office workers with upscale fare like salmon and avocado protein pots, Pret A Manger Ltd. is taking aim at a different clientele: suburban Brits.

Looking Ahead

Tomorrow, the UK composite purchasing managers index is expected to move lower again as taxes and energy costs continue to weigh on activity.

©2022 Bloomberg LP

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