Today’s news in brief-17/10/24
N Brown has agreed to a £191m takeover by Falcon 24 Topco, a company led by Joshua Alliance, a member of the founding Alliance family. Joshua, who already holds a 6.6% stake, will acquire the fashion retailer at 40p per share. Other family members, including former chair Lord David Alliance, own 53.4%. N Brown’s board has recommended the offer, highlighting the company’s limited benefits from being listed on the AIM market.
Tesco has signed its largest UK Power Purchase Agreement (PPA), securing 65% of the solar power from Cleve Hill Solar Park in North Kent to meet the electricity needs of 144 supermarkets. The 15-year agreement is a major step in Tesco’s journey towards carbon neutrality by 2035, with Cleve Hill’s capacity of 373 megawatts expected to go live in 2025. This partnership with EDF will provide up to 10% of Tesco’s electricity demand in the UK and contribute significantly to the UK’s renewable energy strategy, aligning with Tesco’s wider renewable energy initiatives, including wind and solar projects.
The Entertainer has rolled out over 850 toy shops within Tesco stores in the UK and Ireland as part of its partnership with the supermarket giant. The expansion, completed in just eight months, involved distributing over 4.5 million toys and building a new distribution centre to manage the concessions.
DFS announced that its chief financial officer, John Fallon, will step down in mid-January 2025 after the company’s AGM on November 22. Fallon will remain in his role during the transition period. Having contributed significantly to the company’s resilience during challenging macroeconomic conditions, Fallon expressed satisfaction with his time at DFS and his intent to pursue new executive opportunities..
Snapchat is launching an immersive Augmented Reality (AR) high-street experience, Snap Street, in London’s Brick Lane this October. The experience will feature brands like Depop, Boots, and Cosmopolitan, showcasing cutting-edge AR shopping features. Depop will offer visitors the chance to win circular fashion items via The Depop Claw Machine, while Boots will display beauty products and provide AR makeup try-ons.
