UK's Mulberry plans 20 million pound capital raise as losses mount
June 20 - Britain's Mulberry Group (MUL.L), opens new tab said on Friday it intends to raise 20 million pounds ($26.98 million) of capital to help fund its growth strategy, as the embattled luxury firm forecast a loss of 23 million pounds for fiscal 2025. ($1 = 0.7412 pounds)
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BBC News
15 minutes ago
- BBC News
£200m written off - lessons Everton must learn in pivotal summer
On 11 January, David Moyes was appointed Everton manager for a second spell following the sacking of Sean Dyche, with the club one point above the relegation zone. They ended the campaign in 13th place, 23 points clear of the bottom recent years of points deductions and relegation battles, there is hope that the return of Moyes, new owners and the move to a new 52,888-seater stadium can lead to a brighter future for the Toffees. With the feeling of a fresh new start across all aspects of the club, BBC Sport looks at the lessons that must be learned this summer as they prepare to begin life at Bramley-Moore Dock. £200m worth of signings leave for free Everton are currently navigating their first summer transfer window under the ownership of the Friedkin Group, who bought the club for in excess of £400m in finance expert Kieran Maguire estimates that Everton will have between £50m-100m to spend in this summer transfer window – a dramatic increase in contrast to the past four seasons when the club has essentially spent nothing, totalling £85.5m of profit from player trading. Such frugality has been a consequence of reckless financial planning that led to Profit and Sustainability Regulation (PSR) breaches, two points deductions and narrow escapes from must now learn from past mistakes in terms of getting value for near nine-year ownership of Farhad Moshiri, who bought a majority shareholding in 2016, was marred by a scattergun transfer policy and merry-go-round of seven permanent managers which saw Everton splurge money on inflated fees and huge Doucoure's decision to reject a new deal in May means that eight players signed for at least £20m during Moshiri's reign have now left for nothing, effectively writing off £188m in transfer fees. Should out-of-contract defender Michael Keane, signed from Burnley for an initial £25m in 2017, also depart this summer, that figure will climb well past £ Everton midfielder Leon Osman believes it's something that "must improve" going forward. "It's not ideal when you're paying for a player and getting no return," he said. "It's been a difficult 10 years with regards to bringing players in and moving them on for a profit, but that's an awful lot of money to spend on players to see them walk away." £25m for two Premier League starts Of the big money signings who left for nothing, midfielder Doucoure was arguably the best value, making 149 Premier League appearances and scoring the goal that ensured Everton's Premier League survival in other end of this particular spectrum is more congested, including the injury-plagued Jean-Philippe Gbamin, who made just two league starts after joining from Mainz for £25m before leaving for the French second tier four years Bolasie, who cost £25m from Crystal Palace, scored two Premier League goals before being loaned out four times and then leaving for Tosun scored five goals in 14 games after joining for £27m but then made 14 starts in the subsequent four seasons as he was loaned out to Palace and theme is clear: when Everton have had larger sums of money available, they have often spent it poorly, a failing that cannot be repeated if the Toffees are to build towards the European football that Moyes has said he craves. A dozen set to depart There have been transfer successes since the more chaotic days of Moshiri's ownership. Jake O'Brien and Iliman Ndiaye, both signed last summer for initial fees of under £17m, have been prudent investments – although both purchases had to be funded by the £50m sale of Belgium international Amadou Onana to Aston ability to recruit effectively, and Moyes' savviness in the transfer market, will be tested by the necessity to overhaul an entire squad, with 12 players, including 10 from the first team, out of contract this Seamus Coleman and midfielder Idrissa Gueye are in negotiations to extend their current deals, although striker Dominic Calvert-Lewin could yet leave the club, along with Young and Doucoure have already confirmed their departures, along with back-up goalkeepers Asmir Begovic and Joao Virginia, while loanees Jack Harrison, Jesper Lindstrom, Orel Mangala and Armando Broja have returned to their parent confirmed the permanent signing of Carlos Alcaraz for £12.5m in May but major gaps still exist in terms of goals, creativity and who made 437 appearances for the club between 2003 and 2016, believes that the exodus provides an opportunity for a "fresh start". "This is where we build from," said the 44-year-old. "Everton have had so many managers over the years and so many different styles of player who play different systems. David Moyes knows what Everton are." 'A demanding dressing room' Patience may be required for any rebuild as the Friedkin Group continues to navigate the implications of PSR. The club's most recent accounts for 2023-24, external show a loss of £53.2m, a reduction of £36m on the previous year, while revenue rose by 9% to £187m – an encouraging picture although one that means that money must still be spent wisely. Osman, who was given his Everton debut by Moyes in 2003, believes that Everton must retain key players such as Jarrad Branthwaite, James Tarkowski and Jordan Pickford, while recruiting more leaders to bolster a rapidly thinning squad."A Moyes dressing room is hard, demanding," he said. "Having spoke to a couple of the squad, they love the clarity and what he's asking of them. "A manager has to ask for that level and he always did that when I played for him. You also look at O'Brien, who has excelled at right-back when people thought he couldn't do it. We need to make sure these people stay on the pitch."The failed pursuit of new Chelsea striker Liam Delap, who was spoken to by Moyes, shows that centre-forward - and more goals in the team - is a priority, along with a right-back, right-winger and central midfielder. Departures, though, mean that recruitment is needed in almost every position to provide squad club are reportedly interested, external in Villareal striker Thierno Barry, who is currently playing for France in the European Under-21 have taken steps to streamline their process, moving away from a director-of-football model following the departure of Kevin Thelwell to a sports leadership team headed by new chief executive Angus has said that Everton will utilise experts in data and analytics, football operations, recruitment, talent ID and player trading as part of the club's evolving has also already met with supporters group the Fan Advisory Board – a far removal from the previous regime when former manager Dyche described communicating with then-owner Moshiri by "Whatsapp and the odd phone call". Osman has backed the new structure to succeed and added: "It's time to get behind the new hierarchy and I expect they would lean into Moyes' experience as much as they can. I trust David Moyes more than anyone."
Telegraph
17 minutes ago
- Telegraph
Nuno rewarded with new three-year contract for guiding Nottingham Forest to European place
Nuno Espírito Santo has signed a new three-year contract after leading Nottingham Forest back into Europe for the first time in almost 30 years. On Friday, Evangelos Marinakis, the Forest owner, was in advanced talks over a long-term deal and an agreement has now been reached with the Portuguese head coach. Nuno was one of the Premier League's managers of the season in the last campaign, guiding Forest to a seventh-placed finish which secured a spot in the Uefa Conference League. Marinakis has been determined to reward him with a new deal, mindful of the fact that the 51-year-old had just over 12 months left on his previous contract. Nuno was appointed in December 2023, replacing Steve Cooper, and endured a difficult first season in which the club battled relegation and were deducted four points for breaching financial rules. Yet in his first full season he performed brilliantly, taking Forest into contention for the Champions League with the league double over Manchester United and Tottenham Hotspur, plus victories over Liverpool, Manchester City, Aston Villa and Brighton. Forest also reached the FA Cup semi-final, where they lost to Manchester City at Wembley. Nuno said: 'I am delighted to be able to continue our journey at this fantastic football club. 'Since we arrived at Forest, we have worked extremely hard to create a special bond between the players, the fans and everyone at the Club, which helped us achieve great things last season. 'I would like to thank our owner, Mr Marinakis, for his constant support and backing. It is important to me to share a strong relationship with our ownership and we have thoroughly enjoyed working together ever since I arrived at Forest. 'Now is the time to work harder than ever as we strive for more special memories together.' Marinakis added: 'Nuno has made a great impact and performed very well during his time with us so far. 'He has demonstrated that he maximises player performance and is an expert at developing players, whilst also embedding our young talent into the first team set-up. 'We enjoy a strong and solid relationship together and, above all, we share the same dream and ambition of writing a new history for Nottingham Forest, competing in the Premier League and in Europe and winning trophies for our great club.'
BreakingNews.ie
20 minutes ago
- BreakingNews.ie
Labour body proposes 10% rise in minimum pay for childcare workers
A 10 per cent increase in minimum rates of pay for childcare workers has been proposed by the Joint Labour Committee. Minister for Children Norma Foley welcomed the development, after highlighting that not all of a €45 million ring-fenced allocation was being used for pay and conditions. Advertisement The proposals have been put forward by the Joint Labour Committee, which is made up of employer and worker representatives. It has the responsibility for setting minimum rates of pay for over 35,000 staff in the early years and childcare sector. The changes would be part of an employment regulation order (ERO) which is a mechanism to set the minimum rates of pay and conditions for workers in a specified business sector. The order is drawn up by a Joint Labour Committee and signed into law by the Minister for Enterprise. Advertisement Ms Foley said: 'The new proposals for a 10 per cent increase in minimum pay represent a significant step toward ensuring fair pay for educators and practitioners working in the sector. 'I am committed to ensuring the successful implementation of these proposals by providing a ring-fenced allocation of €45 million from Core Funding. 'It has been specifically earmarked to support services in meeting the cost of the proposed increases in pay and conditions.' Recently, Ms Foley met with the Joint Labour Committee to highlight the availability of this €45 million in core funding from the State for increased pay for staff in the early years and childcare sector. Advertisement She said: 'I would like to acknowledge the hard work and dedication of the Joint Labour Committee in these negotiations and their vital role in advancing the professionalism and value of those working in the sector. 'If these proposals are implemented through updated Employment Regulation Orders, they will bring much-needed improvements in pay for these dedicated professionals, enhancing the quality of care and education provided to children across Ireland. 'I am hopeful that these proposals will soon come into effect, marking a positive change for our dedicated and skilled staff in the early learning and childcare sector and the services that employ them.' Fine Gael spokeswoman for childcare Emer Currie welcomed that a proposal had been agreed. Advertisement Ireland Childcare fees for some parents to be reduced from... Read More 'We continue to see progress in recognising the vital role of our childcare educators and practitioners,' she said. 'Staffing remains one of the key issues facing the sector. 'It's important that pay remains on the agenda in the short-term as part of the review of core funding and long-term too as the Government considers how State-led facilities take shape.'
