The Gym Group appoints former Tesco and Asos finance director as chief financial officer October 3, 2018 Low-cost exercise chain The Gym Group has appointed former Tesco director Mark George as its chief finance officer. George was most recently the deputy at car dealing company Auto Trader and has also held senior finance positions at Tesco and fashion house Asos. He will join The Gym Group at the end of the month. Gym Group chief executive [...]
Topps Tiles shares go through the roof as full-year profits race ahead of expectations October 3, 2018 Topps Tiles shares are soaring ahead this morning after it said pre-tax profits for the year would be at the top end of market expectations. Shares in the tiling business rose as much as 11 per cent and are now are trading 10 per cent higher. A trading update said adjusted revenues for the 52 weeks up [...]
Tesco share price falls despite taking the fight to supermarket rivals with rising revenues October 3, 2018 Tesco aimed to cement its status as the UK’s largest supermarket today with rising revenue and operating margins as it fights off competition from merging rivals and cheaper competitors. However, shares fell more than seven per cent in morning trading as the retailer missed a key profit metric. The figures The retail giant posted a 13 [...]
Pret a Manger has work to do in the wake of customer allergen death October 2, 2018 In recent days, an inquest heard about the tragic case of Natasha Ednan-Laperouse, a 15-year-old who died after suffering an allergic reaction to a Pret a Manger sandwich while on board a flight to Nice. Her death came after she ate a baguette containing sesame seeds – an allergen not listed on the wrapper – [...]
Soho House boss says second City of London venue has not been ruled out October 2, 2018 The boss of private members club chain Soho House said the company had not ruled out opening a second venue in The City following the success of The Ned, as the business reported boosted revenue in its 2017 results. Chief executive Nick Jones, who founded the original venue in Soho's Greek Street in 1995, told City A.M. that [...]
Airbnb reveals its UK tax bill amid Tory calls for a digital services tax October 2, 2018 Airbnb paid just shy of £600,000 in UK tax last year, City A.M. can reveal, as chancellor Philip Hammond raises calls for a unilateral digital services tax on tech firms. In financial accounts seen by City A.M. and due to be published on Companies House later this week, Airbnb paid just £596,992 in corporate tax in the year [...]
Pepsico marketing push sends beverage sales fizzing in key North American market October 2, 2018 Pepsico beat analysts’ expectations as net income grew 16 per cent year-on-on year to $2.5bn (£1.9bn) in the company’s third quarter. Its fortunes were spurred by 2.5 per cent organic growth in the company's North American beverages division, after outgoing chief executive Indra Nooyi refused to countenance a spin-off of the business in her time in charge. [...]
Stitch Fix to launch UK online clothing platform as shares slide October 2, 2018 Online personal shopping service Stitch Fix is planning to launch in the UK, amid slowed growth in its US earnings. The UK will be Stitch Fix's first international venture, as the brand aims to go live for customers by the end of 2019. The platform offers clients the opportunity to receive shipments of clothing chosen [...]
Amazon hands pay rise to 37,000 UK staff to take them above Living Wage October 2, 2018 Amazon is set to raise pay for UK staff above the Real Living Wage from the start of next month, expected to benefit around 37,000 workers. The retail giant – which recently hit a $1 trillion valuation – will pay London staff £10.50 per hour from 1 November and UK-wide staff £9.50 per hour. Read more: [...]
Debate: Given the Tory party’s proposal to ban restaurants from taking a share of staff tips, is regulation necessary? October 2, 2018 Debate: Given the Tory party’s proposal to ban restaurants from taking a share of staff tips, is regulation necessary? YES – Scott Corfe is chief economist at the Social Market Foundation. The rise of the service charge in UK restaurants has led to a great deal of confusion. Often listed as discretionary on bills, many [...]