City news: Sports Direct, M&S axe jobs and Banham’s key move


The retail leviathan is at loggerheads with several institutional investors over its corporate governance and traffic practices, which they say have contributed to Sports Direct’s faltering conducting performance.

Under com ny law, when a com ny has a dominant shareholder groove on Sports Direct’s founder Mike Ashley, the election of non-executive number ones has to be approved by minority investors.

Ashley owns 55 per cent of the stiff. Last month, a group of 40 of the City’s biggest investment firms put in blacked to Sports Direct to demand a comprehensive review of both its corporate governance and occu tion practices at Wednesday’s AGM.

If the com ny does not meet their demands, they hold threatened to move to unseat more of Sports Direct’s directors.


M&S to cut 500 faculty office jobs

MARKS & Spencer is set to cut 500 head office jobs this week as ingredient of chief executive Steve Rowe’s plans to make the business sundry efficient.

Rowe succeeded Marc Bolland as chief executive in April and is unmistaken to trim what he believes is the fat at the firm’s London headquarters.

The cuts are tantamount to around 15 per cent of its head office staff and will stop by after a period of consultation with employees.

An M&S spokesperson said: “We suggested at our results in May that organisation was an area of the business that needed more distant consideration and that we would update on this in the autumn. We would not ever comment on rumour and speculation and have nothing further to add.”

Last week the sturdy announced staff would get a 14.7 per cent y rise from April. It hopes shop assistants will earn £8.50 an hour or £9.65 if based in Brobdingnagian London.

However the firm also said that it will no longer betray additional yments to those who work on Sundays or have anti-social hours.


Banham’s key go

Security systems group Banham intends to consolidate the sector by come into possession ofing smaller rivals and ex nding overseas, says executive chairman Charles Hallatt.

Banham currently make an efforts to make one acquisition per year, but will ramp up the number of deals it does as play a rt of its ex nsion plans, he said.

The firm is focussed in the South of England, but drive eventually ex nd its national presence, he said.

Managing director Martin Herbert supplemented that Banham is also looking at ex nding overseas by forming a intersection venture.

William F. Banham, the founder of the 90-year-old, family-owned com ny, invented the spontaneous door bolt.

It now has a turnover of more than £30million.

Although richest known for its household locks, more than half of its revenues take place from providing electronic security systems, like CCTV, to condenses and individuals.

Hallatt said that the com ny is developing a new generation of old folks locks and security systems that can be controlled via smartphone.

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