Today’s news in brief-1/10/24

Mulberry has turned down an £83m acquisition bid from Frasers, arguing it undervalues the company’s potential. Frasers offered 130 pence per share for a 36.8% stake, prompting Mulberry’s board, backed by majority shareholder Challice, to reject the offer and focus on CEO Andrea Baldo’s turnaround strategy.

Authentic Brands Group has finalised a $1.2bn acquisition of Champion, aiming to expand the brand’s global presence. This marks one of Authentic’s largest acquisitions, leveraging Ames Watson’s expertise to manage Champion’s US collegiate apparel under GearCo.

Sleepeezee reported a slight profit decrease to £159,261, with turnover falling marginally to £38.7m amidst economic uncertainties and rising costs. EBITDA rose 69% to £1.5m, buoyed by strategic initiatives and sector support, despite challenges from raw material costs and geopolitical tensions.

Greggs saw a robust 10.6% sales increase in Q3, driven by menu innovations and extended trading hours. The bakery chain plans 140-160 net new shop openings for the year, focusing on quality improvements and digital channels amid manageable cost inflation.

Despite a drop in pre-tax profit to £6.9m, The Works remains optimistic for FY25, buoyed by strategic store portfolio improvements and cost management. CEO Gavin Peck cites progress in profitability despite consumer challenges, expecting a stronger Christmas trading period.

Dobbies Garden Centres plans to close 17 unprofitable stores to address rent costs and return to sustainable profitability. The restructuring aims to secure future investments while minimising impact on operations and suppliers, with closures expected by year-end.