Sunday newspaper round-up: Abercrombie & Kent, Bunzl, John Lewis
By Alexander Bueso
Date: Sunday 01 Sep 2024
(Sharecast News) - Abercrombie & Kent, based in Cheltenham, has started talks with bankers regarding an initial public offering in 18 to 24 months' time. The luxury travel agency's boss, Cristina Levis, thinks the flotation will help the outfit become the LVMH of luxury experiential travel. The company, however, is looking at pursuing a possible listing in New York instead of London. Luxury travel has continued to increase since the pandemic with dramatic growth in demand for destinations such as the Nordics or Japan. In 2022, the company racked up sales of $528m (£402m). - The Sunday Telegraph
Some may find Bunzl boring, but for investors in the distribution and outsourcing outfit, its growth has been anything but that. Indeed, just last week the company hiked its dividend payout and told shareholders to expect higher profits than previously anticipated, pushing its shares to a record high. Propping up growth, the company distributes goods that its clients can't do without, from disposable cups in the case of cafes to bandages for hospitals. Acquisitions have also played a hand, with the business having made 210 acquisitions over the preceding 20 years. - The Financial Mail on Sunday
The John Lewis Partnership has placed 7,000 shop floor staff under consultation ahead of the arrival of its new chairman, Jason Tarry, in September. Whilst only 153 partners are expected to be let go as a result of the proposed changes, the partnership is in the process of culling 11,000 persons over the coming five years. >It is hoped however that Tarry's retail experience will help turn things around. The next set of half-year numbers will likely show that department store sales are still struggling, but the new autumn-winter womenswear range was well received. Waitrose has also started to grow its market share again. - The Sunday Times
Corporate filings show that Go-Ahead Group, Britain's largest UK rail operator has restarted dividend payments for the first time since Covid-19. Shareholders in Australia and Spain were handed £58m and joint-venture partner, Keolis, which belongs to France's state-owned SNCF was paid £26m. Australia's Kinetic and Spain's Globalvia purchased the business in the second half of 2022 for £650m. However, the Southern, Thameslink, Great Northern and Gatwick Express rail lines that Go-Ahead runs will be among the first to be nationalised by Labour. - The Sunday Times
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