Sunday newspaper round-up: Hargreaves Lansdown, Crest Nicholson, Michael Kors

16th Jun 2024 20:14

(Sharecast News) - Hargreaves Lansdown's three private equity suitors have until Wednesday to either table a formal bid for the investment platform or walk away. A £4.7bn offer presented in April was rejected. In particular, the bidders have been attracted by the firm's ability to deposit client cash at the Bank of England for a rate of 5.25%, whilst paying just 3% on a cash Isa of up to £10,000. That netted its £269m last year at no risk. - The Financial Mail on Sunday

Large shareholders in Crest Nicholson are asking the homebuilder's board to negotiate a deal with its rival Bellway. That follows news that Crest had recently rejected two all-share offers from Bellway. It also comes right on the heels of another profit warning from Crest - its fourth since August. Other rivals such as Barratt and Redrow had recently announced a tie-up, whilst Legal&General had put Cala Group up for sale. Builders were consolidating their land banks before an anticipated upturn in the housing market. - The Sunday Times

Luxury fashion brand Michael Kors saw its sales in the UK drop sharply last year as customers closed their purse strings. UK sales shrank by a tenth, although online purchases had been strong over the year to April. The company also said that it might hike its prices further on account of the increase in the cost of basic materials. Luxury firms are adjusting to lower customer spending after they splurged in the aftermath of the pandemic. - Financial Mail on Sunday

Greencore, which supplies grocers including Asda, Morrisons and Sainsbury's is among the businesses that are recalling products that might be linked to the recent outbreak of E coli. Thousands of sandwiches, wraps, and salads sold at those grocers, as well as Boots, Aldi, Amazon, and the Co-op are being recalled. Samworth Brothers, which supplies Tesco and One Stop convenience stores is also recalling some sandwiches, wraps and subs. An additional manufacturer is also expected to announce a recall. - Guardian