The Somerset-based company has seen a rise in retail and online sales across all regions and markets
Holly Williams, Press Association Business Editor
09:43, 20 Apr 2026
Mulberry is headquartered in Somerset where the business was founded(Image: Mulberry)
Luxury Somerset handbag maker Mulberry has declared the turnaround at the group is “firmly under way” as it returned to sales growth across all markets. The Chilcompton-based group said UK retail and online like-for-like sales jumped 13.7 per cent higher in its final six months, up from 6.5 per cent growth in the third quarter.
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Overall group comparable sales rose 12.8 per cent in the second half to March 28, or 13.6 per cent higher with currency effects stripped out, with growth across all regions and markets. It marks a sharp reversal of trading fortunes, after group sales dropped 3.2 per cent on a constant currency basis in the firm’s first half.
Chief executive Andrea Baldo said it had been “a year of decisive progress”.
He said: “Despite a challenging economic and geopolitical environment, we have delivered growth across all channels and geographies, with clear momentum right across the business.
“This performance reflects the disciplined execution of our ‘Back to the Mulberry Spirit’ strategy, and demonstrates that our turnaround is firmly under way.”
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The company launched a turnaround of the business in late 2024, which saw 85 jobs axed – around a quarter of its head office staff.
It also raised £20m in June last year to help bolster its transformation, after turnover slumped 21 per cent in 2024. In November, it was revealed the company had cut its losses by more than half.
The group’s back-to-basics strategy has seen it move away from discounting and concentrate on “tighter, more focused” ranges and improved availability.
“We are simplifying the business, restoring full price discipline, strengthening our connection with customers, and reasserting Mulberry’s position as a distinctive British lifestyle brand,” Mr Baldo said.
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Its new approach saw its Bayswater Limited Edition bag sell out within minutes of its launch in February, according to the group.
In March, the business announced it had appointed Scottish designer Christopher Kane as new creative director. He will be responsible for relaunching Mulberry’s women’s ready-to-wear collection, with the debut expected to take place at London Fashion Week in September.
The group’s second-half performance has left it with overall annual sales growth of 5.7 per cent on a constant currency basis.
NEW YORK — TopBuild Corp. shares skyrocketed more than 16% in early Monday trading on April 20, 2026, surging $67.80 to $478.11 after the leading insulation and building products installer agreed to be acquired by QXO Inc. in a $17 billion cash-and-stock transaction that values the company at a substantial premium.
TopBuild Stock Soars 16% on $17 Billion Takeover Deal by QXO in Building Products Mega-Merger
The deal, announced late Sunday, marks a major consolidation move in the fragmented building products distribution and installation sector. QXO will pay $505 per share for TopBuild, representing a 23.1% premium to Friday’s closing price of $410.31 and a 19.8% premium to the 60-day volume-weighted average price. The transaction is expected to close in the third quarter of 2026, subject to shareholder and regulatory approvals.
Under the terms, TopBuild shareholders can elect to receive $505 in cash or approximately 20.2 shares of QXO common stock for each TopBuild share, subject to proration to maintain an overall mix of roughly 45% cash and 55% stock. The structure gives investors a choice between immediate liquidity and participation in the combined company’s future growth.
TopBuild (NYSE: BLD), headquartered in Daytona Beach, Fla., is a dominant player in the installation of insulation and commercial roofing, as well as a specialty distributor of related building materials. The company operates across the United States and Canada with a network of more than 14,000 employees and hundreds of branches. It has grown aggressively through acquisitions, completing seven deals in 2025 alone that added about $1.2 billion in annual revenue, including the Progressive Roofing and Specialty Products and Insulation transactions.
The acquisition creates a powerhouse with combined annual revenue exceeding $18 billion and adjusted EBITDA above $2 billion. QXO, which has been rapidly expanding its building products platform, described the deal as immediately and substantially accretive to earnings while targeting $300 million in synergies by 2030 through operational efficiencies, procurement savings and cross-selling opportunities.
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“TopBuild is an exceptional business with market-leading positions, strong free cash flow generation and a proven track record of growth through both organic execution and strategic acquisitions,” QXO executives said in a joint statement. “This combination accelerates our vision of building a scaled, diversified leader across the building products value chain.”
Analysts and investors reacted positively to the premium and strategic fit. The surge in TopBuild shares reflected the market’s quick pricing in of the deal value near $505, though some early profit-taking and uncertainty around the proration mechanics kept the stock below that level in morning trading. Volume was significantly elevated as traders rushed to position themselves.
The deal comes as TopBuild has delivered consistent strong performance. For the full year 2025, the company reported sales of approximately $5.4 billion and adjusted EBITDA exceeding $1 billion. In its February 2026 outlook, TopBuild projected 2026 sales between $5.925 billion and $6.225 billion with adjusted EBITDA in the range of $1.005 billion to $1.155 billion, driven by continued acquisition integration and healthy underlying demand in residential and commercial construction.
Recent operational highlights include the promotion of John Achille to president and chief operating officer in early April, signaling internal confidence in execution capabilities. The company is scheduled to report first-quarter 2026 results on May 5, with a conference call at 9 a.m. ET, though the takeover agreement now shifts focus to deal-related matters.
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For QXO, the move significantly broadens its footprint in insulation, roofing and mechanical insulation distribution. The combined entity is expected to benefit from TopBuild’s specialized installation expertise and nationwide branch network, complementing QXO’s existing distribution operations.
Wall Street had generally viewed TopBuild favorably before the announcement, with a consensus “Moderate Buy” rating from 16 analysts and an average price target around $440. The takeover offer represents a clear step-up from those targets, potentially capping near-term upside unless the deal faces complications or a superior bid emerges.
Regulatory hurdles include Hart-Scott-Rodino antitrust clearance, though both companies expressed confidence in obtaining approvals given limited direct overlap in certain markets. The agreement includes a $600 million termination fee payable by TopBuild if it accepts a superior proposal under specified circumstances, along with customary “no-shop” provisions and matching rights for QXO.
Some shareholder advisory firms and law firms quickly signaled scrutiny. Ademi LLP announced an investigation into whether TopBuild’s board obtained a fair price and adequately considered alternatives, a common step in large M&A deals that often leads to additional disclosures but rarely derails transactions.
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TopBuild has returned substantial capital to shareholders in recent years, repurchasing more than $434 million of its stock in 2025 and over $2 billion over the past decade. The company’s disciplined approach to capital allocation, combining tuck-in acquisitions with buybacks, has supported strong compound annual growth since its 2015 spin-off from Masco Corp. — nearly 13% in sales and more than 25% in adjusted EBITDA.
The building products sector has seen increased M&A activity amid favorable long-term demographics, including housing shortages and aging infrastructure needs. Insulation demand benefits from energy efficiency trends and stricter building codes, while commercial roofing and mechanical insulation provide diversification.
Industry observers noted that the premium reflects TopBuild’s high-quality assets, including its skilled installer workforce and relationships with major homebuilders and general contractors. The deal also comes against a backdrop of steady U.S. construction spending, even as interest rates and material costs have created periodic headwinds.
For TopBuild employees and customers, the companies pledged a smooth transition with no immediate changes expected to day-to-day operations. QXO plans to add one TopBuild nominee to its board upon closing.
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The transaction values TopBuild at an enterprise value that underscores the strategic premium for scale in a consolidating industry. With QXO assuming the role of acquirer, the combined platform could pursue further bolt-on deals while realizing cost synergies from overlapping functions.
As trading continued Monday morning, TopBuild shares held most of their gains but traded with volatility typical of deal stocks. Some investors locked in profits near the $478 level while others bet on potential upside if the market fully prices in the $505 valuation or if QXO shares perform well.
QXO’s own stock reacted positively in premarket and early sessions, reflecting investor approval of the accretive nature of the deal and the expanded scale. The merger is structured as a two-step transaction, providing a clear path to completion once approvals are secured.
Looking ahead, both companies will focus on obtaining shareholder votes, regulatory clearances and preparation of a registration statement for the QXO shares to be issued. The expected Q3 2026 closing timeline gives time for integration planning while minimizing disruption to ongoing operations.
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TopBuild’s transformation from a spin-off to a market leader highlights the value created through disciplined execution and opportunistic acquisitions. The pending sale to QXO caps a strong run for shareholders while positioning the business within a larger platform poised for continued growth in the North American building products market.
The announcement injects fresh momentum into an otherwise quiet start to the week for many construction-related stocks. With housing demand supported by demographic trends and commercial activity showing resilience, the combined QXO-TopBuild entity could emerge as a more formidable player capable of weathering cyclical fluctuations.
As details continue to emerge and the market digests the implications, TopBuild’s dramatic 16%+ jump on April 20 served as a vivid illustration of how transformative M&A can rapidly reshape shareholder value in the industrials sector. Investors will now monitor developments around approvals, any competing offers and the companies’ ability to articulate a compelling vision for the combined future.
A Jersey Mike’s restaurant in Walnut Creek, California, Nov. 21, 2024.
David Paul Morris | Bloomberg | Getty Images
Jersey Mike’s has confidentially filed for an initial public offering, the company said on Monday.
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The announcement comes more than a year after Blackstone bought a majority stake in the sandwich chain in a deal that reportedly valued Jersey Mike’s at roughly $8 billion.
After the Blackstone deal closed, Jersey Mike’s tapped former Wingstop CEO Charlie Morrison to helm the company. Morrison led the chicken wing chain for a decade, ushering it through its own IPO and a period of historic growth.
With more than 3,000 locations nationwide, Jersey Mike’s is the second-largest hoagie sandwich chain in the U.S., trailing only Subway.
Jersey Mike’s reported revenue of $309.8 billion in 2025, up 10.6% from the prior year, according to franchise disclosure documents. The chain also reported net income of $183.6 million in 2025, down from the prior year’s net income of $238.8 million.
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Founder Peter Cancro began working at a Jersey Shore sandwich shop at age 14 in 1971; four years later, he pulled together enough money to buy Mike’s Subs. Cancro later changed the name and began franchising the chain. Until the sale to Blackstone, he was the outright owner of Jersey Mike’s.
The confidential filing is the first step for Jersey Mike’s to be publicly traded. If it goes public, it will mark the first restaurant IPO since Black Rock Coffee Bar’s offering in September.
The market for initial public offerings has been tepid, although that could change this year. Market volatility, economic uncertainty and recent poor performance among IPO stocks has led to a backlog of listings. However, several blockbuster IPOs, like the SpaceX offering that could value the company at $1 trillion, are anticipated in the coming months.
Lilly will pay $3.25 billion upfront, and the remaining payments are contingent upon clinical, regulatory and commercial milestones, it said. The transaction is expected to close in the second half of 2026.
Kelonia is developing technology to reprogram patients’ T-cells inside the body so those cells can attack cancer, called in vivo CAR-T. Current treatments require that work to be done outside the body, or ex vivo, a process that involves harvesting cells, engineering them in a lab and then reintroducing them. While logistically intensive, the procedure has been successful for blood cancers like multiple myeloma.
“It’s an intravenously delivered therapy, one time,” said Jacob Van Naarden, president of Lilly oncology and head of corporate business development. “It targets your body’s T-cells, transforms them into attacking the cancer in the body, and requires no preconditioning at all.”
Johnson and Johnson’s CAR-T treatment for multiple myeloma, Carvykti, accounted for $1.89 billion in sales last year. Gilead recently acquired partner Arcellx and its rival to J&J’s drug, called anito-cel, for $7.8 billion.
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Lilly’s Van Naarden called Kelonia’s data “nothing short of remarkable.”
“We’re going to be a player in hematology,” he said. “It’s nice to have another medicine to go to those doctors with a medicine that can be used broadly, that isn’t relegated to academic medical centers who can do ex-vivo personalized cell therapy.”
Tech billionaire Elon Musk has sparked fresh debate after proposing a “universal high income” program as a solution to job losses caused by artificial intelligence.
In a post shared on X, Musk said the federal government should provide citizens with direct payments.
“Universal HIGH INCOME via checks issued by the Federal government is the best way to deal with unemployment caused by AI,” he wrote. The post quickly gained attention and remains pinned to his account.
Musk argued that such a plan would not lead to inflation. He claimed that advances in AI and robotics would produce so many goods and services that the increase in money supply would not cause prices to rise, ET reported.
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His idea builds on growing concerns that automation could replace millions of jobs in the coming years.
JUST IN: Elon Musk says universal high income from the Federal government “is the best way to deal with unemployment caused by AI.”
“AI/robotics will produce goods & services far in excess of the increase in the money supply, so there will not be inflation.” pic.twitter.com/GksSuTk9UF
Experts Warn of Inflation Risks in Musk Income Plan
However, many economists pushed back against the proposal. Sanjeev Sanyal criticized the idea, saying it misunderstands how economies work.
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“He is so wrong on this,” Sanyal wrote, adding that while AI may disrupt jobs, it will also create new ones over time. He warned that the plan could place a heavy financial burden on governments.
According to FoxBusiness, another critic, Pratyush Rai, raised concerns about how such payments would affect daily life.
He said giving everyone a high income could increase competition for housing, education, and other limited resources, potentially driving prices higher.
Still, not everyone dismissed the idea. Andrew Yang, who previously promoted a universal basic income plan, expressed cautious support.
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“It’s clear that AI will wind up funding universal income. Let’s make that happen ASAP,” he wrote online.
Musk’s proposal goes further than traditional universal basic income programs. While UBI is designed to cover basic living costs while people continue working, a universal high income could reduce the need for work altogether.
This shift raises questions about how society might function if fewer people rely on jobs for income.
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