Gates is still No 1 but teenager joins list of billionaires
While the usual suspects dominate the latest list of the world’s richest people (Bill Gates, 60, for example, is No 1 for the third year in a row, with a net worth estimated at $75 billion), the youngest person to break into the Forbes list of billionaires is a hitherto unknown 19-year-old from Norway.
Alexandra Andresen, a dressage competitor, and her sister, Katharina, 20, came into ten-figure fortunes when their father, Johan Andresen, transferred each of them 42 per cent of Ferd, the family-owned investment company. The Andresens have been prominent in Norway for more than a century, primarily because of the Tiedemann tobacco brand. In 2005 the Andresens sold their stake in the tobacco group for $480 million.
Just Eat has appetite to take on the competition
Just Eat shrugged off the threat of competition from the likes of Amazon and Uber as it reported a 57 per cent jump in orders to £96.2 million last year. Revenues rose by 58 per cent to £247.6 million. Underlying earnings were up 83 per cent at £59.7 million.
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David Buttress, chief executive of the online takeaway group, said that Just Eat had nothing to fear from competition. “We don’t sell toasters or books — we only do delivery food,” he said. The company raised its forecast for 2016 revenues from £330 million to £350 million. Shares in Just Eat fell 3¾p to 382p.
Conforama is darting in with a last-gasp offer
A unit of Steinhoff International, the South African retailing group, is considering a bid for Darty, the white goods chain, that would scupper the latter’s already agreed sale to Fnac, of France. The French-based Conforama, one of Europe’s biggest home furnishings dealers, has approached Darty and is weighing a possible cash offer for the London-listed company, according to the Financial Times. In November, Darty accepted an all-share deal with Fnac at the time worth £558 million.
Greggs’ bakery closures plan puts 355 jobs at risk
Greggs plans to close three of its dozen bakeries in Britain as part of its wider transformation programme and has warned that as many as 355 jobs are at risk. The group, which is changing itself from a pure bakery operator to a food-on-the-go and baked goods retailer, said that it would close facilities in Edinburgh, Twickenham and Sleaford in Lincolnshire.
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Greggs said that those facilities were not suitable for long-term investment because of their size and location. The company said that the proceeds from the sale of the facilities would be invested back in the business, including its Clydesmill bakery in Glasgow, where it wants to create a “centre of excellence”. It plans to invest £100 million over five years in upgrading its facilities.
Greggs, which has about 1,700 shops nationwide, reported a 25 per cent rise in full-year pre-tax profits to £73 million on total sales that rose by 5.2 per cent to £835.7 million. It has increased its total dividend by 30 per cent to 28.6p.
The shares rose 166p to £12.01.