Restaurant Group shareholders approve £559m Wagamama takeover despite vote revolt November 28, 2018 Restaurant Group shareholders approved the planned the £559m takeover of Wagamama today, but 40 per cent of shareholder votes opposed the deal. The vote sent the Restaurant Group's share price down by almost 10 per cent. The Frankie and Benny's owner had been set for a shareholder showdown after a number of investors voiced their intentions to vote [...]
Patisserie Valerie searching for new auditor November 27, 2018 Patisserie Holdings, the parent firm of embattled cafe company Patisserie Valerie, has begun hunting for a new auditor to replace its under-fire accountant Grant Thornton. The bakery chain is in talks to find a successor to Grant Thornton, according to Sky News, days after the Financial Reporting Council (FRC) said it was probing the beancounter over [...]
H&M axes skinny jeans brand Cheap Monday November 27, 2018 H&M is to axe its independent skinny jeans brand Cheap Monday, with the Swedish retailer blaming “major challenges” to the fashion industry for the decision. The world’s second largest clothing retailer is scrapping the Cheap Monday clothing, which is mainly sold online and through its sole UK outlet on Carnaby Street, as it looks to [...]
Viagogo forced to overhaul ticket-selling practice by competition watchdog November 27, 2018 Ticket reseller Viagogo was today forced to “overhaul” the way it does business by the UK’s competition watchdog. In a landmark legal victory the Competition and Markets Authority (CMA) has secured a court order that will force Viagogo to tell customers the specific seat that they will get and whether there is a risk of [...]
Flooring maker Victoria’s rising revenue leads fightback after October bonds fumble saw shares plummet November 27, 2018 Flooring company Victoria’s share price increased this morning as revenue jumped in its interim report, just weeks after it pulled out of a plan to issue bonds which caused shares to plunge 35 per cent in two days last month. The figures Underlying pre-tax profit jumped 87 per cent for the six months ending 29 September [...]
Black Friday draws in biggest ever week of sales for John Lewis November 27, 2018 John Lewis Partnership said today that it has seen its biggest ever week of sales as shoppers flooded the beleaguered retailer’s stores for Black Friday discounts. Total sales for the week jumped 7.7 per cent when compared with the same week last year, as purchases hit a record in the firm’s 150-year-old history. Fashion and home [...]
‘Business as usual’ as West End landlord Shaftesbury Group defies retail woes November 27, 2018 West End owner Shaftesbury Group reported higher take-up and rising asset values this morning, defying the retail gloom that has been forecasted for many of Britain’s high street landlords. The Chinatown and Carnaby Street property group posted lower vacancies across its £3bn portfolio, with net income rising by 6.2 per cent to £93.8m in the [...]
Gin o’clock: UK gin sales account for three-quarters of EU production November 27, 2018 The British gin boom continued to gather pace last year with UK sales accounting for 72 per cent of the total EU production, according to figures published today. UK manufacturers' sales of gin have now increased 267 per cent since 2009, climbing from £130m to £461m, the Office for National Statistics (ONS) said. Whisky sales [...]
Topps Tiles profits fall as Britain’s biggest tile retailer issues Brexit warning November 27, 2018 Britain's largest tile retailer Topps Tiles reported a fall in profits and said it will stockpile supplies ahead of March next year after issuing a Brexit warning. The figures Topps Tiles said its adjusted profit before tax dropped 14 per cent to £16m for the year ending 30 September from £18.6m the previous year due [...]
Star baker: Greggs shares soar as sales grow ahead of expectations November 27, 2018 Shares in Greggs soared more than 15 per cent this morning on the news that total sales had grown nine per cent since the beginning of October. The high street bakery chain expects full-year profit before tax to be at least £86m, it announced today in a trading update. Like-for-like sales in company-managed stores were up [...]