Craft breweries battered by soaring operational costs June 5, 2023 Soaring operational costs and a greater competition between brands have battered the UK’s brewery industry with the number of beer factories going under tripling over the past year. The number of breweries which have become insolvent has risen from 15 to 45 over the last year, new figures out from audit, tax and advisory firm [...]
Addison Lee drivers hit by Khan’s anti-car policies, chief exec says June 4, 2023 Addison Lee’s chief executive Liam Griffin has hit out at Sadiq Khan arguing that his policies, such as the congestion charge and expansion of ULEZ, are hurting the firm’s drivers. Griffin told Bloomberg that there has been “an agenda to slow London down rather than speed it up.” “When you look at bus lanes, when [...]
‘Feeding time’: Why one retail group is on the hunt for distressed operators June 4, 2023 A business group which rescued upmarket chocolatier Montezuma from collapse has said it is looking to continue on its acquisition spree – noting that the current tough trading climate is “feeding time” for stronger players in the market. “In recent years, there have been so many distressed businesses that we have been able to pick [...]
Asos approached in £1bn takeover bid by Turkish fast fashion peer June 4, 2023 A Turkish retailer backed by Chinese e-commerce giant Alibaba has reportedly offered a £1bn bid to take over Asos, in a fresh knock of confidence for the future of the digital fashion brand. Trendyol, an up-and-coming fast fashion retailer, was understood to have approached Asos in late December, when the brand was facing dwindling sales [...]
Simply Be and Jacamo owner hopes for a rebound after bumpy few months June 4, 2023 Investors in online retailer N Brown will be looking for signs of recovery in its full year results this week after the firm paid out a hefty legal settlement and has struggled amid a broader slowdown in consumer spending. N Brown, which owns brands such as Simply Be and Jacamo, reported a 7.6 per cent [...]
British American Tobacco investors hope to cash in on pivot to vape sales June 2, 2023 Investors will be hoping Lucky Strike maker British American Tobacco (BAT) has stubbed out historic misconduct issues and is cashing in on its pivot to vapes and e-cigarettes. The FTSE 100-listed giant will give an update on its progress with a new boss at the helm when it unveils its trading update on Tuesday. The [...]
EP: 204 Epsom Derby Day & Hong Kong June 2, 2023 One of the world’s greatest races takes place at Epsom racecourse on Saturday when the 3 year old colts line up in the Betfred Derby on what is always a great day of flat racing. Today we hear from Irish trainers Aidan O’Brien and John Joseph Murphy ahead of the big race. City AM Racing [...]
The Punter Summary Podcast 04 June June 2, 2023 Here’s your chance to hear all of City AM racing editor Bill Esdaile’s best weekend tips in a short summary episode of ‘The Punter Podcast’ alongside Chris Barnett. The full weekend preview is also available on the City AM website. The Punter ‘The Punter’ has been City AM’s dedicated sports betting section for over a [...]
Twitter may be worth a third of what Musk paid for it last year, figures show June 1, 2023 Twitter may now be worth one third of what Elon Musk paid for the social media platform just seven months ago, figures show. Financial services company Fidelity has reduced the market value of its equity stake in Twitter for a third time, now putting it at $6.55m (£5.28m). That is down from the nearly $20m [...]
Durex-maker Reckitt shakes up top level with new hire June 1, 2023 Durex-maker Reckitt has shaken up its top level management announcing the appointment of new presidents of its health and nutrition divisions. The new hires come two months after the cleaning-products-to-sexual-health company welcomed the appointment of Kris Licht as head of global business – with Licht taking over the role later this year. Patrick Sly, who is [...]