BUSINESS LIVE :THG to promote portfolio to Frasers; Prudential buyback

The Euros and the Olympics will deliver a £233m boost to the UK economy, according to a forecast.

Experts at credit score firm Experian predict a spending surge among fans going out to pubs as well as those stocking up on drinks and food for gatherings at home.

Some are also expected to purchase new television sets to keep up with the action.

Insurance group Prudential plans a $2billion share buyback programme which will be completed no later than mid-2026.

The life and health insurer will commence the first $700million tranche of the buyback, for which it has entered into an arrangement with Goldman Sachs International, it said in a separate statement.

The buyback marks progress towards the London and Hong Kong dual-listed company’s 2027 financial objectives and will increase the potential for further cash returns to shareholders, the company said.

Chief executive Anil Wadhwani said the Pru’s board continues to expect its annual dividend for 2024 to increase by 7 to 9 per cent compared with a year before.

He added: ‘We have confidence in our FY2024 new business growth and in achieving our 2027 financial and strategic objectives.’

THG has agreed to sell its portfolio of luxury goods websites to Frasers Group for an undisclosed sum, with Mike Ashley’s retail giant adding brands like Coggles and annual revenues of £43million.

Michael Murray, CEO of Frasers Group said:

‘Today we are pleased to announce a new strategic partnership with THG, which includes launching our consumer credit and loyalty proposition, Frasers Plus across the THG Ingenuity platform.

‘This is an exciting step towards our Frasers Plus ambitions as we look to expand its offering across additional third-party platforms.

‘We are looking forward to working with the THG team and unlocking further benefits for both businesses.’