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LONDON BRIEFING: M&S weathers virus with help from government, Ocado
Wed, 26th May 2021 08:21
(Alliance News) - Clothing, homewares and food retailer Marks & Spencer on Wednesday reported a fall in revenue and swing to loss for its recently ended financial year, but hailed its transformation in the period.
Revenue fell by 10% to GBP9.16 billion in the year to April 3 from GBP10.18 billion, with M&S swinging to a pretax loss of GBP209.4 million from profit of GBP67.2 million the year before. Our results for the year bear the impact of the pandemic spanning the beginning of the ï¬rst national lockdown through to near to the end of the third lockdown in the UK. However, they also reflect an acceleration of the transformation which enabled the business to deliver a resilient performance, the retailer said.
Volkswagen Receives €7.5 Billion Offer for Lamborghini A Swiss-Anglo investment consortium seeks acquisition of the Italian supercar manufacturer despite “not for sale” rhetoric from parent company Audi.
The Volkswagen Group has received a €7.5 billion ($9.2 billion) purchase offer for Automobili Lamborghini.
The non-binding offer, made in a letter of intent sent earlier this month to the German automaker, sets out terms for the purchase of Lamborghini by Quantum Group SA.
The newly established Zurich-based holding company has formed a consortium with London-based investment firm Centricus Asset Management with the aim of creating what it describes as a “technology and lifestyle investment platform” under the working title Outlook 2030.
By Syndicated Content
May 25, 2021 | 9:40 AM
(Reuters) -Volkswagen AG has received an offer of 7.5 billion euros ($9.19 billion) for its supercar brand Lamborghini, Autocar reported on Tuesday, but owner Audi said it was not for sale.
The non-binding offer sets out terms for the purchase of Automobili Lamborghini by Switzerlandâs Quantum Group AG, which has formed a consortium with London-based investment firm Centricus Asset Management, according to the Autocar report. (https://bit.ly/3hSmxhW)
Volkswagen said in December that there was agreement in the group that Lamborghini, which has been repeatedly named as a possible divestment, will remain part of Volkswagen.
Volkswagen (VOWG p.DE) has received a 7.5 billion euro ($9.2 billion) offer for Lamborghini, British weekly magazine Autocar reported on Tuesday, though VW's Audi said the supercar brand was not for sale.