Shares in Taylor Wimpey plummeted 55% after its leading investors refused to
back a £500m rights issue. The biggest casualty of the controversy was FD Peter
Johnson, who has “stepped down”. He is one of 900 layoffs announced.
On the same day, Marks and Spencer executive chairman Stuart Rose, long a
City golden boy, had the job of announcing a profit warning at the start of
July. M&S blamed general price inflation and falling consumer confidence
alongside rises in utility and housing costs for the 6.2% fall in general sales
(4.5% down in food), but that didn’t stop the share price dropping 25%, wiping
more than £1bn off the company’s value. M&S also announced the resignation
of its head of food retail, Steven Esom, after only a year in the job.
Analysts challenged Rose’s assertion that M&S was “a strong company in a
weak market”, pointing to superior performance by other premium foodsellers such
Join Financial Director, Oracle and a host of ‘Fast Data’ experts to discover how financial professionals can help create a Fast Data business
Wolseley is to cut up to 800 UK jobs and close around 80 branches costing the company about £100 million, the plumbing and heating supplier said on Tuesday despite reporting rising sales and profits
GoCompare is to demerge from esure and and be floated on the London Stock Exchange with the aim of boosting growth and performance
Three former Tesco executives, including the former finance director of Tesco UK, have been charged with fraud in relation to a £263m accounting scandal at the supermarket chain