FTSE CLOSE: LK Bennett rescued but 15 stores to close; Bonmarché rejects Philip Day’s takeover offer; Online grocery shopping slows
- Bonmarche says tycoon Philip Day’s takeover bid of £5.7m undervalues the firm
- The number of people opting to buy groceries online has slowed
- The competition watchdog has concerns about Rentokil-Mitie merger
- Over a third of LK Bennett’s stores will close resulting in around 110 job losses.
The FTSE 100 closed up 19.11 points at 7437.06 and the pound was at $1.31 against the dollar.
Despite retailers pumping cash into their digital services, fewer people are buying groceries online, according to new data from Mintel, as customers grow tired of missing items, dodgy substitutions and expensive delivery costs.
Meanwhile in the City, struggling over 50’s fashion firm Bonmarché has rebuffed a £5.7million takeover offer tabled by Philip Day, claiming it ‘materially undervalues’ the company.
And the competition watchdog has found that rat catcher Rentokil’s takeover of Mitie’s pest control unit could restrict choice and lead to higher prices for customers.
Rebuffed: Bonmarché has rebuffed a £5.7million takeover offer tabled by retail tycoon Philip Day