Caterer Compass raises profit forecast, buys Vermaat in $1.8 billion deal
The world's largest catering group also agreed to buy European premium food services business Vermaat Groep for about 1.5 billion euros ($1.75 billion) including debt.
($1 = 0.8558 euros)
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The Independent
29 minutes ago
- The Independent
Sir Jim Ratcliffe hails Manchester United's new training ground as ‘world class'
Sir Jim Ratcliffe believes Manchester United now have a 'world-class facility' befitting one of the world's 'most recognised brands' after reopening the new-look training ground following its £50million transformation. The Red Devils have called Carrington home since January 2000, when they left their longstanding base, The Cliff, to move into a facility that cost £14.3m to build at the time. The training ground has undergone renovations over the past 25 years but had fallen behind many Premier League clubs, leading United to announce plans to turn it into a state-of-the-art complex last June. The renovation work was completed during the 2024-25 season and Ruben Amorim's squad moved into the men's first team building this week having returned from their pre-season tour of the United States. Ratcliffe's $300m (£236.7m at the time of the agreement) infrastructure investment as part of the deal to become minority owner funded a project that he believes will help United in their fight to return to the top. 'This is one of the most recognised brands in the world,' the United co-owner said during a ceremony in which he cut a red ribbon in front of the first-team squad, club leadership and staff. 'It stands shoulder to shoulder with Coca-Cola and Apple. 'The club has to compete at the highest level that is appropriate to the size and history of the club. 'While a world-class training facility won't take us to that position alone, it is one of the key ingredients in the modern facility. Now we have one. 'When I first came to Carrington two years ago, we had a presentation here. It was clear then. It is an excellent facility. 'It was (leading edge) I am sure in 2000 but 25 years later it wasn't at quite at the level it needed to be for one of the top four or five clubs in the world. 'It was the first big decision when we arrived in the first quarter of 2024, to invest in this training facility. 'There were lots of naysayers, who said 'that won't be done in 12 months'…but I am pleased to say the project has come in on budget and on time.' Foster + Partners – also appointed last September to develop a masterplan for the Old Trafford stadium district – led the biggest upgrade to Carrington since it opened at the turn of the millennium. The club say it has been 'designed to inspire collaboration, innovation and excellence', with top-tier equipment and technology throughout a building that is light and open. Reflecting on the old building, Ratcliffe said: 'Downstairs, there weren't many windows on the ground floor. It felt like you were in a hospital in the basement. 'It was a slightly gloomy place, a gloomy rabbit warren. Now it is open, fresh, quite modern. It encourages interaction. That is what we needed.' The medical areas have been vastly improved and players' wellbeing has been at the forefront of the plans, which has even included a barbers being built next to the restaurant. Chief operating officer Collette Roche, who led the project, said: 'I'm really, really proud of the team. 'As you know, with any project, it's complex, and we've had to work in an environment while there's lots of things going on in the background, lots of change in the club, and also make sure that we kept everything running. 'So, it's been fantastic, on budget and on time and I think it just proves, for me, if you do a project of this size and scale, and you involve people, and you plan it in the right way, just how amazing and transformative it can be.'
Reuters
30 minutes ago
- Reuters
Vitesse Arnhem lose last bid to save professional status, angering supporters
AMSTERDAM, Aug 8 (Reuters) - One of the Netherlands' oldest clubs, Vitesse Arnhem, lost a final bid to save their professional licence on Friday and were effectively kicked out of the league, sparking fan protests. The Central Netherlands Court rejected the club's appeal to overturn a decision by the Dutch Football Association (KNVB) to revoke their professional licence. Dutch media showed images of scuffles in Arnhem city centre as supporters gathered. One journalist was slapped, the Algemeen Dagblad newspaper reported, as anger was directed against media. The court upheld the KNVB decision after the football association said the club had circumvented and undermined the licensing system for years and had spurned repeated opportunities to regularise their affairs, including debt reported to be around 14 million euros ($16.3 million). The club, established in 1892, had been sanctioned last year and relegated to the Dutch second division because of financial irregularities, which the KNVB said included the absence of a bank account, the absence of a controlling accountant, and the fact that no conclusive budget could be provided. Vitesse were the first Dutch club to have foreign owners in 2010 when Georgian businessman Merab Jordania took over the club with Russian Valeriy Oyf becoming majority owner in 2018. The club's financial fortunes changed drastically after sanctions that followed Russia's invasion of Ukraine. The decision means Saturday's scheduled match against Almere City has been cancelled and leaves the Dutch second division with 19 clubs. In a statement, Vitesse said they were 'devastated' by the verdict. 'What the future holds is unclear,' the statement said. 'The club is exploring options and continues to talk to stakeholders to safeguard football in Arnhem.' Vitesse, who were four-time runners-up in the Dutch league but never won the championship, will be forced to either continue as an amateur club or cease to exist. The Dutch league has two divisions, but there is no mandatory promotion and relegation between the second tier of the professional competition and the amateur ranks. 'The worst-case scenario has come true," said Arnhem's Alderman for Sports Affairs Bob Roelofs. "This is a tragedy for the city, for the supporters, for Vitesse. The city has lost a large part of its DNA." ($1 = 0.8581 euros)
Times
33 minutes ago
- Times
Is River Island still stuck in the middle?
It was the kind of chance encounter that a marketing team could only dream of. Bernard Lewis, River Island's billionaire founder, then in his eighties, and his wife Vanessa were on a beach in Barbados when they struck up a conversation with a woman they had never met. As it turned out, she was the mother of Rihanna, the Barbadian singer and make-up entrepreneur. The trio got talking, wandered off for lunch together and ended up sealing River Island's most high-profile clothing collaboration to date. The tie-up with Rihanna in 2013 injected a shot of celebrity cool into the British fashion chain, which at the time was vying with Topshop for trend-setting dominance on the high street. Bernard, now 99, and Vanessa, 20 years his junior, had a knack for turning connections into collaborations. In 2022, River Island launched a partnership with Sofia Richie, Lionel Richie's fashion-model daughter, helped by the fact that she was dating Elliot Grainge, the stepson of Bernard's daughter Caroline. The Lewises were later spotted rubbing shoulders with models and moguls at the couple's star-studded wedding at the Hotel du Cap-Eden-Roc in the south of France. Such stories perhaps explain why River Island is one of the last privately-owned fashion empires still standing on the British high street. Where Topshop and Miss Selfridge have been broken up or sold, the family-run River Island is still standing. It came close to the same fate as those high street players, but was thrown a lifeline on Friday when a High Court judge approved a restructuring plan that will see rents slashed across its 230-store estate, 33 locations closed and a significant chunk of debt written off. The plan keeps the business trading — for now — thanks in part to £40 million in funding from Blue Coast Capital, an investment company owned by the Lewis family. But with revenue down 15 per cent in the last financial year, losses of £32.3 million and landlords in dissent over the aggressive property plan, River Island's prospects are still fragile. For those who have watched the Lewises closely, the sight of River Island struggling is as sad as it is unsurprising. The retailer traces its roots to a fruit and veg stall founded by Bernard Lewis and his brothers in London in 1948. The business moved into selling knitting wool before entering fashion retail under Chelsea Girl, one of the defining names of 1970s fashion. A rebrand to River Island in 1988 was the brainchild of Leonard Lewis, Bernard's right-hand man and son from his first marriage. From there, the business became one of the UK's high street powerhouses, building its reputation on trend-led, affordable fashion. The company expanded rapidly, opening locations nationwide and attracting a loyal following. Its all-in-house design team created womenswear, menswear and children's clothing under one roof, allowing the brand to react quickly to changing trends while keeping a consistent style. By the 2000s, River Island was a household name, competing head-to-head with Topshop and New Look for fashion-conscious shoppers. The River Island fashion empire, owned by the Lewis Trust Group, a UK-based, privately owned investment company focused on retail and property development, has long been tightly held and family run. Bernard's sons Clive and Leonard, along with nephew Ben Lewis, play key roles in its management today. His wife Vanessa was creative director until recently. The couple met while she was a buyer for Chelsea Girl and have been married since 1981. Although Bernard no longer holds a formal role, the nonagenarian is still sometimes chauffeured in a Rolls-Royce to the Chelsea House head office in Ealing, west London, which has an aeroplane wing for a desk in one director's office. The Lewis family was ranked 59th in the Sunday Times Rich List, with a net worth of £2.7 billion, but those inside the business say they are not brash. 'They don't have islands, yachts, private jets, that sort of thing. They do a lot of charity work behind the scenes,' said one former senior figure. Another employee said the family was 'generally well liked. Bernard was always happy to chat if you were in the lift with him. He still clearly cares deeply about the business.' But affection and legacy have not been enough to steer River Island through an unforgiving retail environment. External headwinds have compounded its difficulties, from the arrival of the fast-fashion rivals Shein and Temu to squeezed household budgets, weaker spending on fashion and rising property costs. Industry onlookers believe some of the problems are of the company's own making. Andrew Busby, a retail analyst, said River Island's identity crisis lies at the heart of its problems. 'They don't know who they're catering to anymore. It's a brand caught in the middle: not cheap enough to compete with Primark, not premium enough to challenge M&S or Next.' He added that both product and store presentation had become 'stale', with little investment in refreshing the retail experience. Sources say the family has always been deeply invested in the creative direction of the brand. Vanessa wielded significant influence over product ranges and was known for drawing on the Chelsea Girl heritage. While some insiders say her vision helped keep the brand's DNA intact in a market prone to chasing fads, others argue that this nostalgia, and reluctance to adapt, limited change and a much-needed brand reinvention. A company spokeswoman said: 'Vanessa has had an outstanding 50-year career in fashion and played a key role in the success of the business over the long term. It is simply unbalanced, unfair and incorrect to blame her personally for any difficulties the business has faced in recent years.' One senior River Island source recalled the company's early attempts at reinvention, notably with River Studios, a premium concept launched in 2022. 'Turnover nearly doubled,' they said. 'It was simplified, higher quality, more Mango-like. But the family didn't seem to want to pursue it. They didn't want to rebrand. They're very emotionally attached.' The return of Ben Lewis as chief executive earlier this year has been welcomed inside the business. Ben, who previously led the company for more than a decade before stepping down in 2019, is said to be one of the few family members eager to push through change. 'Ben is really bright. If anyone can do it, Ben can,' said one former director. 'But he needs to be allowed to get on with it.' Ben Lewis himself said: 'For 75 years, River Island has evolved and adapted to the times — refreshing our brand, changing our product offer, and updating how we reach customers —and it's no accident that we are one of the few surviving fashion retailers of our generation.' He added that he was 'proud of River Island's long history and I am honoured to be leading the next chapter. I'm clear-eyed about the challenges we face but am hugely energised by the opportunities ahead.' He noted that the company's transformation plan 'builds on the strategy, insight and creativity gained from the leadership team over the last few years and it is already delivering encouraging results. 'The restructuring plan will allow us to accelerate that momentum, invest where it matters most and build a more agile and customer-focused business. As we've done throughout our history, we're adapting to meet a new era of retail and I'm excited about what we can achieve in the years to come.' He noted that the company had opened a new store concept in Newcastle on Friday, which 'demonstrates River Island's confidence in our future'. It is a move that is likely to frustrate landlords, given they have been forced to surrender leases and slash rents. For all its loyal staff and creative legacy, River Island's future hinges on whether it can redefine its place in the market. 'It has to decide what it is,' the analyst Busby said. 'Either go value like Primark or premium like M&S. You can't stay stuck in the middle.'
