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Business News: Bonmarché, Hornby, Carnival, Vodafone

Economy:
Business News: Bonmarché, Hornby, Carnival, Vodafone

BONMARCHÉ has ​​poached Asda's top womenswear buyer Helen Connolly to lead its fashion revival.

Connolly, currently senior buying director for George at Asda and a former head of buying at Dorothy Perkins, will take over later this year as chief executive of the over-50s fashion retailer.

She succeeds Beth Butterwick, whose departure to head up rival chain Karen Millen was announced last December alongside a profit warning as it struggled to shift winter clothes because of unseasonally high temperatures.

This wiped nearly 30 per cent from the company's market value. Bonmarch & eacute; chairman John Coleman said: "With a strong track record in delivering exceptional results, Helen is an ambitious, talented and passionate individual who will make an outstanding leader for the business."

Bonmarch & eacute; shares rose 2 & frac12; p to 182 & frac12; p.

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Hornby getting back on track

HORNBY has avoided hitting the financial buffers after winning the support of a lender as UK trading improves.

The model railway group warned last month it could breach a lending agreement with its bank as it forecast an annual loss of about & pound; 6million. The knock-on effects of supply problems in Europe and disruption from the installation of new computer systems led to the departure of CEO Richard Ames from the Airfi x and Corgi owner.

But Hornby said it is in "constructive" talks with Barclays, which has agreed to a covenant waiver this month. Executive chairman Roger Canham said: "Recent trading has been encouraging." Shares rose 2 & frac14; p to 30 & frac34; p.

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Business News: Bonmarché, Hornby, Carnival, Vodafone

Business News: Bonmarché, Hornby, Carnival, Vodafone

Higher rollers for Carnival

CARNIVAL is on course for bumper annual profits as it attracts more cruise passengers at higher prices and benefits from lower fuel costs after a slump in oil prices.

Shares in the Princess and P & O group jumped 142p to 3692p as its adjusted net income nearly doubled from $ 159million (& pound; 100million) to $ 301million over the first quarter.

Ticket revenue was up over 3 per cent to $ 272billion, while on-board spending increased 3.8 per cent to $ 923million, lifting overall revenue from $ 353billion to $ 365billion. Carnival said advance bookings for the rest of 2016 are "well ahead" of last year at slightly higher prices.

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Business News: Bonmarché, Hornby, Carnival, Vodafone

Dealmaker hangs up

VETERAN dealmaker Warren Finegold has called time on his role as a member of Vodafone's executive committee after helping to build the global telecoms group.

Finegold has advised the mobile giant on mergers and acquisitions since 1988 when he was part of the UBS investment banking team that took the firm public.

This included the $ 183billion takeover of German group Mannesmann in 2000 and more recently the $ 130billion disposal of Vodafone's 45 per cent stake in US company Verizon Wireless.

Vodafone CEO Vittorio Colao said: "Warren has made an immense contribution to Vodafone over nearly 30 years."

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01 April 2016, 0:40