BUSINESS LIVE: Haleon to sell ChapStick; Workspace boss to retire; Wizz Air losses widen

Published on: January 25, 2024

By Live Commentary

Updated: 07:58 GMT, 25 January 2024

The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Haleon, Workspace, Wizz Air, Dr Martens, Foxtons, Fever-Tree and PPHE. Read the Thursday 25 January Business Live blog below.

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Workspace boss to retire

Workspace Group chief executive Graham Clemett will retire in 2024 after five years in the role and 16 years with the office space provider.

The search for his successor will be led by chairman Duncan Owen, who will spearhead a ‘formal and rigorous selection process for the new CEO’, the group said.

Clemett said: ‘The Company is in great shape and well positioned in the current market.

‘ I am confident that, with the fantastic team we have across the business, Workspace has an exciting future and will continue to go from strength to strength.’

Haleon to sell ChapStick

Consumer healthcare giant Haleon has agreed to sell the ChapStick to Suave Brands for $430million in cash an $80million stake in the private equity-backed group.

Haleon said the sale of ChapStick, which generated £112million in revenues last year, will be used to help pay down debt.

Boss Brian McNamara said:

‘Today’s announcement is consistent with Haleon being proactive in managing our portfolio, and being rigorous and disciplined where there are opportunities for divestment.

‘While ChapStick is a great brand, much loved by consumers around the world, it is not a core focus for Haleon. Selling the brand allows us to simplify our business and pay down debt more quickly.

‘We’re confident the brand will continue to thrive under its new ownership.’

Billionaire hedge fund manager Bill Ackman takes stake in Tel Aviv stock exchange

Billionaire hedge fund manager Bill Ackman and his Israeli-born wife Neri Oxman have agreed to buy a stake of almost 5 per cent in the Tel Aviv stock exchange.

One of the biggest investments in Israel since the outbreak of war in Gaza, the deal was part of a share sale to raise funds to invest in the exchange’s technology.

The cash call drew interest from investors in Israel, the US, Europe, and Australia, ‘reflecting a strong vote of confidence in both the Tel Aviv Stock Exchange and the Israeli economy’.