FTSE 100 started December on the front ‘boot’ after Moderna requested emergency approval for its COVID-19 vaccine to the US authorities. London’s main index jumped 68 points to 6,336 in early trading.
Topshop owner Arcadia Group has called in administrators, putting 13,000 jobs at risk. The retailer is seeking a new buyer and continues to trade from most of its 444 sites in the UK and 22 overseas.
Because of the collapse, retailer JD Sports PLC () is pulling out of talks to rescue troubled department store chain Debenhams. One of the main reasons is that Arcadia is the biggest concession operator in Debenhams’ stores.
In the travel sector, Lastminute.com has agreed to pay more than 9,000 customers refunds of £7mln. The competition watchdog has been INundated by complaints from people yet to receive their money back after holidays were cancelled because of COVID-19.
Elsewhere, () hailed a farm-out of the Barryroe oil project, offshore Ireland, with Norway’s SpotOn Energy. San Leon has a 4.5% net profit interest over Barryroe.
() reiterated guidance that revenues will jump to £4mln in 2020. The data group pointed out that the figure excludes any contribution from Modern Water, which was acquired on November 9.
() expects to get an immediate earnings boost from the acquisition of West Midlands trade supplier Bathroom Barn. The cost is £645,000 and it will be integrated with the Towelrads business.