B&Q-owner Kingfisher maintains outlook: London Rush

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(Bloomberg) – Here’s the main business news of London-listed companies this morning.

Kingfisher Plc: Operators of B&Q and Screwfix have reiterated their profitability guidelines, even as the risk of rapid inflation could deter British customers from renovating their homes.

Home renovation Stockst says 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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Purchasing a gift experience platform will give the company access to the experience gifting market and increase its margins in the medium term.

Ted Baker PLC: High equity fashion brand has chosen a preferred takeover bidder for due diligence after being excluded from private equity firm Sycamore Partners Management LP bidding.

The brand has received several revised takeover proposals as its CEO seeks to revive the company by reducing debt, increasing online sales and refreshing the brand.

Out of town

The UK should scrap its planned corporate tax hike to ensure Britain remains an attractive place to do business, according to a new report from the Center for Policy Studies.

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Meanwhile, Boris Johnson is preparing himself for an illegal party on Downing Street.

If you miss it

Rising costs of building materials and labor have stalled office projects in London, increasing the risk the city will be left with stuck properties that require a green overhaul.

And, after nearly four decades of targeting London office workers with high rents like salmon and avocado protein pots, Prett A Manger Ltd is targeting a different clientele: the suburban British.

Look ahead

Tomorrow, the UK Composite Purchasing Managers’ Index is expected to decline again as tax and energy costs weigh on activity.

© 2022 Bloomberg LP




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