Pub chain Marston’s raises a toast to solid profits and record revenues after a bumper World Cup summer November 21, 2018 Pub owner Marston’s annual results were boosted by England's long run in the summer's World Cup, it said today, but it will open fewer pubs next year in the face of economic uncertainty. The figures Marston's reported a four per cent year-on-year rise in profit before tax to £104m for the year ending 29 September, meeting its [...]
City heavyweight Kate Swann says she’s leaving Upper Crust owner SSP with ‘petrol in the tank’ November 21, 2018 City veteran Kate Swann revealed today that she plans to step down from food and beverages giant SSP Group, saying that she wants to leave the Upper Crust owner with "petrol in the tank". Investors digested the news of the former WH Smith chief executive’s departure from SSP this morning, with shares tumbling on the announcement despite the [...]
Upper Crust owner SSP’s share price falls as chief executive set to step down November 21, 2018 The chief executive of SSP Group, which owns popular food and beverage brands such as Upper Crust, Millie's Cookies and Ritazza, is set to step down next year. City veteran and former WH Smith chief Kate Swann will leave the firm at the end of May, to be succeeded by current UK and Ireland regional head [...]
Online sales are set to hit record levels on Black Friday as high street footfall declines November 21, 2018 The proportion of sales made online is likely to hit its highest level ever in November, boosted by a Black Friday internet shopping rush and fewer high street shoppers. Internet sales are expected to exceed 20 per cent of total retail sales for the first time ever this month, according to research by real estate firm [...]
B&Q owner Kingfisher plans foreign market exit as France drags down sales November 21, 2018 B&Q owner Kingfisher today said it will exit Russia, Spain and Portugal to focus on its struggling French operations after a drop in like-for-like sales in the third quarter, sending shares down more than two per cent in early trading. Total sales rose 1.2 per cent to £3.04bn in the three months to the end [...]
Accounting watchdog probes Grant Thornton audit of Patisserie Valerie accounts November 21, 2018 The Financial Reporting Council opened a probe into Grant Thornton’s audit of troubled bakery Patisserie Valerie’s accounts today, looking at financial statements between 2015 and 2017. The FRC also said it is investigating former chief financial officer Chris Marsh’s role in preparing and approving parent company Patisserie Holdings’ financial statements. Marsh was suspended by the [...]
DEBATE: As discounts get out-of-control, is there a case for retailers to ignore Black Friday altogether? November 21, 2018 As discounts get out-of-control, is there a case for retailers to ignore Black Friday altogether? Michelle Ovens, director of Small Business Saturday, says YES. Black Friday started off as a day when consumers could enjoy making great purchases, but now it has just become a day for deep discounting – and that is incredibly damaging to small [...]
Restaurant Group shareholders voice anger over £600m Wagamama price tag November 20, 2018 Nervous investors have raised concerns over the price of the Restaurant Group’s (TRG) proposed £600m acquisition of Wagamama as a major shareholder announced its intention to vote against the deal. Columbia Threadneedle, which owns 7.7 per cent of TRG, will oppose the proposal at a shareholder vote next week, it announced today. Frankie and Benny’s owner [...]
Toys R Us owners KKR and Bain Capital to pay $20m to laid-off employees November 20, 2018 Two former owners of Toys R Us have agreed to pay $20m (£15.6m) to employees who lost their jobs following its collapse. KKR and Bain Capital have set up a severance fund in the US after the $6.9bn toy store chain filed for bankruptcy last year and confirmed it would close all 800 US stores [...]
Weekly sales slump at John Lewis ahead of crucial Christmas period November 20, 2018 John Lewis Partnership has suffered its second consecutive week of tumbling sales, in a downturn that the retailer will be hoping to reverse as it enters Black Friday and the Christmas shopping season. Britain’s largest department store chain said today that total sales in the week to 17 November had plunged 6.8 per cent year-on-year, [...]