Business news in brief: Bernard Matthews | Tesco | Royal Mail | Tumblr

Share this article
0
Have your say

The family of turkey mogul Bernard Matthews could be about to give up a stake in the eponymous firm in order to secure a funding boost.

The group confirmed it was exploring a range of options amid reports it needs tens of millions of pounds to turn around its performance.

A number of turnaround funds are said to be interested in acquiring a stake in the company founded by Matthews with 20 eggs and a second-hand incubator.

Matthews died in 2010, leaving stakes in his business to a son, his widow and a family trust.

Tesco’s F&F tries expansion for size

TESCO’s clothing division said it plans to open more than 50 new franchise stores worldwide over the next five years.

F&F, which opened its first franchise store in Saudi Arabia last year, said it would open shops across the Middle East and in Armenia, Azerbaijan, Georgia and Kazakhstan. Up to six stores will be opened this year, with the first in the Kazakh capital Astana next month.

The company said it would extend its existing agreement with franchise operator Al Hokair, and would also work with new partner, Dubai-based Al Futtaim.

Royal Mail results may signal float

Royal Mail is expected to pave the way for a £3 billion stock market flotation when it unveils a big jump in annual profits this week.

The state-owned business should report a surplus of between £300 million and £400m – compared to the £211m a year ago – as it benefits from the boom in online shopping.

Reports suggest the performance will encourage the government to press ahead with a privatisation this year, despite opposition from unions representing around 150,000 employees.

Yahoo pondering $1.1bn Tumblr bid

Internet giant Yahoo was said to be on the verge of making its biggest acquisition during the ten-month reign of chief executive Marissa Mayer as the board met last night to consider a $1.1 billion (£730 million) bid for Tumblr.

Mayer is trying to attract more traffic and advertisers to the company’s website and mobile applications and is said to have brokered a deal with the online content-sharing site.

If Yahoo’s board signs it off, the deal could be announced tonight, when the firm has said it will unveil “something special” in New York.