Restaurant profits plummet by 80 per cent as overfed chains struggle to fill tables October 29, 2018 Britain’s top restaurants have seen their profits devastated in the past year after several dealt with branch closures and the casual dining sector struggled to attract customers. Pre-tax profits at the UK’s top 100 restaurants fell by 80 percent to £37m, down from £194m twelve months ago, according to data compiled by accountancy network UHY [...]
Pret A Manger agrees payout with US staff who claim they were short changed October 28, 2018 Pret A Manger will pay almost $1m (£779,000) to US workers who claim they were underpaid while working for the company. The sandwich chain has been accused of rounding down the hours that staff at its New York outlets were reimbursed for. It is the second time the UK-based firm has been hit by accusations [...]
It was just banter says Sir Philip Green on sexual harassment allegations October 28, 2018 Under-fire Topshop boss Sir Philip Green dismissed sexual harassment and bullying claims as “banter” over the weekend. Last week in the House of Lords Peter Hain named Green as the tycoon at the centre of a series of sexual harassment claims which the courts had prevented the media from reporting. Speaking to the Mail on [...]
Arcadia concessions to be hit by Debenhams store cuts in latest blow to Sir Philip Green October 28, 2018 Hundreds of Arcadia concession stores are under threat after Debenhams revealed proposals to close 50 branches as part of a cost-cutting bid, in another blow for retail tycoon Sir Philip Green. It comes after Topshop boss Green was named in parliament by Lord Peter Hain as the businessman that blocked The Telegraph reporting on allegations of sexual harassment and [...]
Chancellor Philip Hammond to announce £1.5bn boost to struggling UK high streets October 27, 2018 The Chancellor Philip Hammond is set to unveil a £1.5bn boost to the UK's struggling high streets in his Budget on Monday. In his speech Hammond is expected to announce £900m of immediate business rates relief on top of a £650m fund to “transform” high streets up and down the country. Around 500,000 small retailers [...]
Asda considers up to 2,500 job cuts as CMA probes Sainsbury’s merger October 26, 2018 Asda has said that it will begin consultations with staff over changes that could lead to a reported loss of up to 2,500 jobs next year. The news, first reported by the Press Association, comes as the Competition and Markets Authority (CMA) conducts a second stage investigation into the proposed takeover of the supermarket by [...]
Reimagining the way we use space could reawaken our deserted high streets October 26, 2018 A group of some of the biggest restaurants in the UK have called on the government to tax web giants in order to save the high street. Since 2008, 11,000 major high street outlets have gone bust, while 1,500 restaurant insolvencies were reported in the UK in 2017, and 15,000 more are under threat. The [...]
Patisserie Valerie’s suspended finance director Chris Marsh quits as accounting probes continue October 26, 2018 Patisserie Valerie’s finance director quit the company today, the cake shop told investors. Chris Marsh, who was suspended from his role earlier this month when the sweet treats baker warned it had spotted potentially fraudulent accounting irregularities, has resigned with immediate effect. “Following the suspension of Chris Marsh on 9 October 2018, the company has [...]
Twitter’s #PinkNotGreen boycott of Sir Philip Green’s shops gains momentum as MPs call for knighthood to be questioned October 26, 2018 A boycott of Sir Philip Green’s businesses is gathering momentum online under the hashtag #PinkNotGreen as leading MPs call for the business tycoon to be stripped of his knighthood. The proposed boycott comes after Sir Philip was named in parliament yesterday as the man at the centre of sexual harassment and racial abuse claims, which [...]
British shoppers show signs of ‘more optimism in their outlook’ October 25, 2018 British shoppers are showing signs of cautious optimism in the run-up to Christmas, as low levels of unemployment and rising wages suggest a slight uptick in spending confidence. Just over a quarter of UK retail consumers think they will be better off in the next 12 months, marking an improvement in sentiment compared with last [...]