INVESTORS in women’s fashion chain Whistles have bought out most of the stake owned by the Icelandic government, which ended up owning the brand following the country’s banking collapse.
Iceland’s stake, acquired when it rescued Glitnir, has been reduced to less than 10 per cent as the company prepares to expand overseas ahead of a possible sale.
Glamorous customers such as the Duchess of Cambridge and Andy Murray’s girlfriend Kim Sears helped the chain return to profit last year, under the leadership of former Topshop director Jane Shepherdson.
Patrick Ricard dies, aged 67
Drinks magnate Patrick Ricard, who chaired Scotland’s second-biggest whisky distiller, has died aged 67.
Ricard, who died on Friday, transformed a small firm based on his father’s anise-flavoured spirit into a global entity with some of the most famous names in alcohol.
Under Ricard’s leadership, the firm set up as a maker of the French aperitif pastis in 1932 expanded and merged with a rival in 1975 to become Pernod Ricard.
White Stuff hit by £60m write–off
Fashion retailer White Stuff, the high street chain that began life as a ski-wear company, has reported losses of £67 million for the last financial year as it wrote down the value of its brand.
The tenfold jump in losses came after the company made a goodwill write-off of £60m in the face of “difficult market conditions”.
Virgin Money grows its customer base
Edinburgh-based Virgin Money has been picking up customers since buying Northern Rock at the start of the year.
The bank, which is hoping to challenge the dominance of the “big five” on the British high street, says it is on track to have five million customers by Christmas, up from three million in December 2011.