Ted Baker expected to boost revenues despite high street worries September 30, 2018 Retailer Ted Baker is expected to show it has raised revenues in results released this week, despite tough high-street conditions. Analysts suggest the clothing company’s half-year revenue will be shown to have gone up around 4.5 per cent when it announces results this Thursday, as luxury goods continue to escape the bloodbath at the lower [...]
Not feeling capital: Debenhams faces growing cash reserve woes as credit insurer scraps cover to suppliers September 30, 2018 Embattled department store chain Debenhams suffered a fresh blow today as one of its leading credit insurers turned off the tap for cover provided to the retailer’s suppliers. Insurance provider Atradius is pulling its entire credit cover for Debenhams’ suppliers, amid fears about the future of the historic retail giant in the run-up to Christmas. [...]
Itsu takes a bite out of its losses despite heavy growth investment September 30, 2018 The founder of fast food chain Itsu has claimed “food is the new fashion”, after the company saw its end-of-year losses fall despite investments in overseas expansion. Itsu, which is known for its Asian-influenced food, particularly sushi and rice dishes, saw raw sales growth of 10 per cent last year, with pre-tax losses dropping to £8.9m, [...]
Powerleague scores own-goal as it announces closure of 13 sites September 28, 2018 Five-a-side footie pitch operator Powerleague has today tabled a rescue plan which will result in it closing 13 sites and axing 109 jobs. It currently runs 440 pitches on 50 sites, but has struggled with falling revenues and has struggled to pay the leases on its properties. The firm wants to make the changes through a [...]
Legal & General joins growing shareholder revolt against Unilever plans to quit London September 28, 2018 The investment arm of Legal & General (L&G) is set to vote against Unilever’s plans to ditch its London headquarters and the FTSE 100 to incorporate solely in the Netherlands next month. The investment giant took the unusual step of revealing its voting plans before Unilever’s crunch shareholder meeting on 26 October to decide its future. [...]
Millennium & Copthorne Hotels boss steps down after just three months in role September 28, 2018 The chief exec of hotels group Millennium & Copthorne (M&C) has stepped down from the role just three months after taking over. A statement from the company said Jennifer Fox and M&C had "mutually agreed" she would leave with immediate effect. The firm's chief of staff Tan Kian Seng will step in as interim boss while [...]
Gintastic: Chapel Down to open new Kings Cross gin bar amid healthy results September 27, 2018 English drinks firm Chapel Down posted its results with a twist this morning, revealing a new bar, restaurant and gin distillery venture to be opened in Kings Cross in March 2019. Named the Chapel Down Gin Works, chief executive Frazer Thompson is hoping to build on the success of its vodka and gin products [...]
Ikea accused of ‘vicious’ anti-union campaign, allegedly using intimidation tactics September 27, 2018 Ikea violated workers’ rights to unionise in three countries, a federation of unions has claimed in a complaint filed to the OECD. The UNI Global Union, a collection of 900 unions from 140 countries, accuses Ikea of a “vicious anti-union campaign in the United States, Ireland, and Portugal.” Read more: Samsung Electronics boss indicted for [...]
Online betting firm 888 shares drop after increased regulation hits UK revenue September 27, 2018 Shares in online gambling firm 888 dropped nine per cent today after the company reported a poor opening half to the year in its key UK market. UK revenues decreased 18 per cent to $86.5m (£65.9m) as the company responded to increased regulation and refocused its marketing to the highest return-generating areas. Read more: Shares [...]
Sainsbury’s-Asda merger will impact competition in 463 local areas, competition watchdog warns September 27, 2018 The UK competition authority today warned the mega merger between Asda and Sainsbury's could Seriously lessen competition in 463 local areas across the country. To solve the issue, the new business may have to sell off hundreds of the overlapping stores. Last week, the Competition and Markets Authority (CMA) said its concerns around the merger were [...]