BUSINESS LIVE: Thames Water reveals turnaround plan; SSP reinstates dividend; THG buys Biossance

Ireland's largest cinema chain has bought five locations from bankrupt operator Empire.

Omniplex, which has 38 cinemas in the Republic and Northern Ireland, said the deal marked its first expansion into mainland Britain.

The deal represents an investment of over £22 million and will secure 50 jobs.

Omniplex will compete against Empire cinemas in Birmingham, Ipswich, Sutton, Clydebank in Scotland and High Wycombe.

Quiz expects full-year sales to be 6 to 8 percent lower than market estimates, with the apparel retailer citing weaker-than-expected Black Friday sales and tepid consumer demand amid cost-of-living pressures.

Analysts predict sales of £86.4 million for the year to March 31.

The company has launched a strategic review of the business led by non-executive chairman Peter Cowgill, who was ousted from sportswear giant JD Sports in 2022.

Tarak Ramzan, CEO and Founder of Quiz, said:

“This has been a challenging period for many retailers, and we have not been immune to the widely publicized macroeconomic headwinds impacting consumer demand. Despite continued consumer pressure, we have continued to focus on making the right decisions for our long-term future, including protecting the entire retail price and carefully managing our store portfolio.

'I remain convinced that QUIZ remains a strong, distinctive brand known for offering glamorous looks at good prices. However, given the prolonged period of challenging trading, we believe it is prudent to explore a range of options to maximize shareholder value.”

Marston's Christmas bookings have surpassed last year's figures, the pub group said this morning as it forecast improved margin growth in the medium term, despite a lower-than-expected increase in annual profits.

British pub groups are hoping to reel in customers as Britons gear up for a cheerful holiday season in a year beset by prolonged cost-of-living pressures and a bleak macroeconomic outlook.

“We expect an improving outlook with cost headwinds largely subsiding and like-for-like sales up more than 7 percent since year-end,” Chairman William Rucker said in a statement.

The pub chain, which has not paid a dividend since 2020, said the group has continued to manage inflation concerns, with electricity rates fixed until the end of fiscal 2024 and gas rates until the end of March 2025.

Ryanair and Wizz Air said passenger numbers soared in November as the travel sector continued its post-pandemic recovery.

Customers rushed to book holidays despite pressure on living costs, with travel remaining a top priority for many families, the discounters said.

Analysts say travelers are still “making up for lost opportunities” during the pandemic.

Consumer group THG has agreed to acquire prestigious skincare brand Biossance for $20 million.

Biossance makes cleansers, creams and serums with prices ranging from €15 to €74.

It has generated $300 million in revenue since its founding in 2015 and is currently available in more than 1,600 stores worldwide, including Sephora, Harrods, Space NK, Douglas and Selfridges.

The deal is expected to close in mid-December and the integration will be completed in the first quarter of next year.

THG CEO Matthew Molding said:

'We are pleased with the acquisition of the leading skin care brand Biossance. Its technology-led, clean chemistry formulations are resonating with consumers worldwide, evidenced by strong performance at our own retail sites.

'We have significant experience in prestige skin care as an innovator and manufacturer, and through our own portfolio of brands, including Perricone MD and ESPA. We are extremely fortunate and excited to have this opportunity to work with the Biossance team and continue to build on the brand's strong presence in the US.

'The fit within THG is perfect, with Biossance already c. $2 million in sales across our retail sites in the last 12 months. Integration on the Ingenuity platform will begin once the deal closes.”

Gold spiked to a record high and bitcoin rose above $42,000 as global assets reacted to an attack on a US warship in the Red Sea and speculation about US interest rate cuts.

On a day of wild swings in the financial markets, the price of the precious metal rose to $2,111.39 an ounce before falling back.

And Bitcoin's surge pushed it past the $42,000 mark for the first time since early 2022.

These moves reflect a complex set of factors driving asset markets, including the outlook for the U.S. and global economies and the potential impact of war in the Middle East.

SSP Group has resumed annual dividend payments and forecast higher sales and profits in 2024 as air travel boomed from pandemic lows.

The owner of Upper Crust, whose stores are mainly at airports and train stations, was forced to suspend dividends in 2020 after entering into financing deals that prevented him from paying returns to shareholders.

Sales for 2024 are expected to be between £3.4 billion and £3.5 billion, compared with £3 billion for 2023, the company said.

Underlying core profit is expected to be between £345 million and £375 million, compared with £280 million for the 12 months to September 30.

Analysts on average expect sales of £3.4 billion and profits of £353 million by 2024.

The group announced an annual dividend of 2.5 pa each.

Debt-laden Thames Water has unveiled a three-year recovery plan as Britain's largest water company looks to allay concerns about its financial stability.

There are fears that the group, which said it had high levels of liquidity, could collapse under the weight of its £14 billion debts. This prompted the government to draw up a rescue plan earlier this year, before the company's financial investors agreed to invest additional shares in July. .

Thames Water, which supplies water to 15 million customers, more than a fifth of the UK population, said on Tuesday it has total liquidity of £3.5 billion as well as further financing resources, adding that its shareholders are supporting its investment plans supported.

“Our shareholders support this much-needed investment and underline their commitment to delivering Thames' turnaround,” said co-CEOs Cathryn Ross and Alastair Cochran.