Shopping spree: Aldi and Lidl gain market share at expense of big three supermarkets October 16, 2018 The UK's biggest supermarkets lost ground to their budget rivals in the three months into the start of October, as the return of chilly weather marked the end of a bumper summer of growth. Tesco, Sainsbury's and Asda all lost market share to Aldi and Lidl, with Tesco shedding 0.6 percentage points and Sainsbury's losing 0.4 percentage points [...]
Legoland owner Merlin Entertainments’ share price falls as trading shows early signs of recovery October 16, 2018 Shares in Merlin Entertainments were down more than seven per cent this morning despite the Legoland owner reporting that 2018 forecasts were in line with market expectations. The group's Midway brands, which are driven by the London market and include Madame Tussauds, the London Eye, the Sea Life Centre and London Dungeons, have started to see early signs of [...]
Paddy Power fined £2.2m for failing to protect customers October 16, 2018 Paddy Power Betfair has been fined £2.2m by the gambling watchdog for failing to protect customers and stop stolen money being gambled. The betting site failed to adequately interact with customers who were displaying signs of problem gambling and to carry out anti-money laundering checks, an investigation by the Gambling Commission found. Read more: Rank [...]
Menswear styling tech startup Thread raises $22m October 16, 2018 Fast fashion startup Thread will today announce the close of its series B funding round at $22m (£16.7m), which includes backing from Balderton Capital, Beringea and H&M’s investment arm H&M Co:Lab. The round will also be complemented by a crowdfunding raise on Crowdcube later this year, providing everyday investors access to shares in Thread on [...]
Yes Icahn: Activist investor moves to block Dell’s route to a listing October 15, 2018 Activist investor Carl Icahn will try to block a plan by computer company Dell to buy back tracker shares in its subsidiary VMware, saying it is offering knock-down prices. The investor, who opposed the move to take Dell private five years ago, said he had bought 8.3 per cent of the shares which track Dell’s [...]
Cake Box leaves a sweet taste in wake of upbeat projection October 15, 2018 Cake Box's shares climbed today after the firm posted an upbeat outlook on its sales and profits. Shares in the cream cake specialist jumped more than eight per cent in morning trading, amid the news that it was expecting profits for the full year to be ahead of current market forecasts. The retailer is projecting revenue [...]
Best foot forward: Shoe Zone reports boosted profits and revenues driven by out-of-town store expansion October 15, 2018 Shoe Zone has reported boosted profits and revenue driven by the expansion of the budget footwear retailer's 'big box' store format. The brand said it expects to report a revenue rise of 1.8 per cent to £161m and profit before tax of £11m in its full year results to 29 September. Read more: Claire's weighing up store [...]
Superdry shares plunge on profit warning blamed on hot weather and foreign exchange October 15, 2018 Shares in Superdry plunged this morning after the fashion retailer announced a £23m profit warning, which it blamed on hot weather and foreign exchange problems. The Cheltenham-based company saw shares drop as much as 20 per cent to 788p following the trading update, published ahead of its half-year results next month. Read more: Superdry hires former Tommy [...]
Embattled Patisserie Valerie boss steps down from The Restaurant Group amid financial fiasco October 15, 2018 Patisserie Valerie’s boss has resigned from his role on the board of The Restaurant Group (TRG) “with immediate effect”, as he vies to keep the cake firm afloat in the wake of an accounting scandal. Paul May has stood down from his position at the group, which owns brands such as Frankie & Benny's and [...]
Sears caves to bankruptcy as widespread store closures loom October 15, 2018 It was once the world’s largest retailer. Now, US department store chain Sears has filed for bankruptcy, losing a fight for survival in a fresh sign of the tough retail conditions hitting high street giants. The 125-year-old company said this morning that it plans to close 142 of its 500 stores, having just recently closed [...]