June 24, 2022

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Retail Sales Drop as Flurry of Deals Continues: The London Rush

2 min read

Here’s the key business news from London-listed companies this morning.

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(Bloomberg) — Here’s the key business news from London-listed companies this morning.

Retail Sales: The volume of goods sold in stores and online fell 0.5% from April, as soaring food prices and the wider cost-of-living crisis forced consumer to cut back on spending.

  • The drop, the third in the last four months, was driven by a 1.6% fall in food sales, particularly at large supermarkets

AIB Group Plc : The Irish government will extend its trading plan to sell down its stake in the bank to late January 2023 instead of July 10 this year.

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  • It comes after the UK yesterday extended a similar program for NatWest Group Plc, as governments attempt to cut their holdings in financial crisis-era bailouts

Barclays Plc: The bank agreed a deal to buy Kensington Mortgage Company Limited and a related mortgage portfolio, for an expected consideration of about £2.3 billion.

  • The company is currently owned by funds managed by Blackstone Tactical Opportunities Advisors LLC and funds affiliated with Sixth Street Partners LLC

Essentra Plc: The supplier of specialty plastic and fiber products will sell its packaging business to Austria’s Mayr-Melnhof Group for £312 million in cash. 

  • The sale is part of the company’s attempt to become a pure components business, and it is also undertaking a strategic review of its filters division

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Outside The City

Conservative Party Chairman Oliver Dowden resigned after the party lost two key parliamentary seats in one night, raising fresh concerns about Boris Johnson’s leadership and his faltering appeal to voters. 

Meanwhile, UK consumer…

Bloomberg News

2022-06-24 03:17:29

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