Companies press Brexit panic button in further blow to Theresa May

P&O opts for Cypriot flag, Sony confirms HQ move and Pets at Home stockpiles cat foodThe scale of no-deal panic gripping major companies has been thrown into sharp focus by a series of damage-limitation announcements, as corporate Britain signalled…

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Pets at Home brought to heel as it shuts Barkers chain

Retailer faces £2m costs from shutting seven grooming outlets but its revenue still rises

Pets at Home is closing its upmarket, dogs-only grooming and accessories chain, Barkers, four years after opening its first shop.

The UK’s largest pet supplies retailer said it would close all seven stores by the end of March, after launching the premium pampering brand in Wilmslow in 2014. The other stores are in Marlow, Ilkley, Sevenoaks, Farnham, Muswell Hill and Clifton.

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Two pints of best and an English rosé as wine comes to the beer festival

Real ale enthusiasts will be given the chance to try the best of British vineyards at an event later this year

Once the butt of jokes among connoisseurs, producers of English wine have worked hard to build respect for the products of their vineyards. But even though they are going through a boom time at the moment – the number of wine businesses in England and Wales has blossomed in the last year – their toughest challenge may be ahead of them this week.

The Great British Beer Festival starts at Olympia in London on Tuesday and will feature a selection of English wines for the first time. Drinkers will be encouraged to swap their pints of Black Sheep’s Holy Grail, Huell Melon and Cornish Knocker for a glass of Exton Park, from a new vineyard in Hampshire, or Chapel Down.

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FTSE 100 hits three month low on Greek worries

Mining shares fall while Admiral slips after TV criticism of Confused.com

Leading shares hit a near three month low, on continuing worries about Greece, rising bond yields and talk of a US rate rise.

In a broad based sell-off the FTSE 100 fell 36.24 points to 6753.80, its lowest level since 13 March. European markets were also lower, with Germany’s Dax down 0.7% and France’s Cac falling 0.19%. On Wall Street, the Dow Jones Industrial Average was up around 25 points by the time London closed, as better than expected job openings figures added to Friday’s non-farm payroll numbers to ease concerns about weakness in the US economy. But gains were limited, since a strong economy inevitably suggests to investors a probable rise in interest rates this year.

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Pets At Home drops 3% after £288m share sale

Private equity backer KKR cuts its stake by nearly a half following results

Pets At Home is down more than 3% after its leading shareholder disposed of nearly half its stake for £288m.

Private equity group Kohlberg Kravis Roberts, which floated the business at 245p a share last year, has now 21.6% of the company, placing 108m shares at 267p each. The move – a week after the company’s results – leaves KKR with 24.6%.

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Pets at Home profits soar as vet services and grooming demand rise

Pre-tax earnings reach £87m as recently floated retailer plans more shops, vet practices and pet salons

Pets at Home has reported bumper profits as the British public continue to splash out on their cats, dogs, hamsters and budgies.

The retailer, which last year floated on the London stock exchange, reported a 10% rise in revenues to £729m for the year ending 26 March, suggesting that its recent expansion into veterinary services and pet grooming is paying off.

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Matt Davies: the dog-loving people person heading Tesco UK

Rising retail star masterminded the huge success of Pets at Home and turned around ailing Halford’s

Matt Davies never needed to work again after making tens of millions of pounds in his first chief executive role, as head of the Pets at Home chain. But wealth has clearly not dulled the ambition of the 44-year-old Mancunian, as he takes on the toughest job in British retail: turning round Tesco’s UK business.

Regarded as one of retail’s rising stars, Davies joins the troubled supermarkets group after two years at Halfords, which was his first role at a publicly listed company. A biking enthusiast who rides Boardman bikes around the Lake District, Davies kicked off a turnaround plan at the car parts and cycles group which had issued nine profit warnings in the two years before his arrival. The revamp has started to translate into better sales and profits.

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Matt Davies: the dog-loving people person heading Tesco UK

Rising retail star masterminded the huge success of Pets at Home and turned around ailing Halford’s

Matt Davies never needed to work again after making tens of millions of pounds in his first chief executive role, as head of the Pets at Home chain. But wealth has clearly not dulled the ambition of the 44-year-old Mancunian, as he takes on the toughest job in British retail: turning round Tesco’s UK business.

Regarded as one of retail’s rising stars, Davies joins the troubled supermarkets group after two years at Halfords, which was his first role at a publicly listed company. A biking enthusiast who rides Boardman bikes around the Lake District, Davies kicked off a turnaround plan at the car parts and cycles group which had issued nine profit warnings in the two years before his arrival. The revamp has started to translate into better sales and profits.

Continue reading…

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