A group of MPs has described former BHS owner Sir Philip Green as the “unacceptable face of capitalism”. The damning report, published today, says the British retailer was subject to “systematic plunder” which led to its collapse earlier this year. (The Guardian)
Green has a “moral duty” to fill the £571mln BHS pensions ‘black hole’ after repeatedly resisting requests to correct the “massive deficit”. (Daily Mail)
The BHS brand is set to disappear from the high street within a month, with administrators preparing to close down the remaining 114 stores after they were unable to find a buyer for the whole business. (The Times – subscription required)
Gambling firms Rang Group PLC (LON:RNK) and 888 Holdings PLC (LON:888) are preparing a shock double bid for Britain’s biggest bookmaker William Hill PLC (LON:WMH). The reverse takeover could cost upwards of £3bln, creating a £5bln gambling giant, although it’s unclear whether a successful bid would see Rank and 888 merge. (Daily Telegraph)
Budget airline Ryanair Holdings PLC (LON:RYA) says it will focus on expanding within the EU and less on the UK following last month’s Brexit vote. Ryanair strongly supported a remain vote and claims it will now “pivot [its] growth away from UK airports”, although it does add that Brexit could throw up some opportunities in the long run. (Financial Times – subscription required)
Sterling’s post-referendum slump means Rolls-Royce Holding PLC (LON:RR) will take a near £2bnl hit in write-downs. The FTSE 100 company’s half-year results are set to show a huge charge against the value of its US$29bln hedge book, where deals are done in dollars. (Daily Telegraph)
Police have warned that holidaymakers could face weeks of severe delays at Dover, after traffic was bought to standstill over the weekend. Motorists queued for up to 15 hours to try after security was tightened following the recent attacks in Nice, although some on social media claimed it was an act of revenge after the UK’s decision to leave the EU last month. (The Times – subscription required)