Retail sales cool sharply as curtains close on prolonged summer boost October 30, 2018 Retailers suffered a sharp sales downturn in October, as the UK’s prolonged summer spending spree seems to have finally come to an end. The balance of retailers reporting year-on-year growth in sales volumes has slumped to its lowest level in six months, according to a survey out today from the Confederation of British Industry (CBI). Some [...]
Sony poised to hit record profits in wake of gaming strategy October 30, 2018 Japan’s Sony is projecting record annual profits after riding a wave of demand for several of its most popular recent big-hit games. The technology giant raised its profit forecast by 30 per cent to ¥870bn (£6bn) this morning, with a boom in its Playstation division helping to offset widening mobile phone losses. Such positive projections [...]
WH Smith to expand into US airports after £155m deal for accessories outlet In Motion October 30, 2018 WH Smith's share price rose over five per cent this morning on news it will expand its brand into US airports after buying American travel accessories outlet In Motion. The $198m (£155m) deal sees the British retailer take over 114 stores across some of the busiest airports in the US. It doubles the size of WH [...]
Ocado to develop 20 new US warehouses in first three years of deal with Kroger October 30, 2018 The terms of Ocado’s landmark deal with US supermarket chain Kroger were unveiled this morning, with the British online grocer set to operate 20 warehouses across the pond in its first three years of the agreement. Ocado's shares were up more than five per cent in early morning trading. Kroger is set to order 20 warehouses, [...]
Eat it up: Chiquito owner’s share price sinks as it confirms £559m Wagamama takeover October 30, 2018 Frankie & Benny's owner The Restaurant Group (TRG) saw its shares crash by almost 18 per cent in early trading today, as it launched a takeover approach for Wagamama. TRG has agreed to buy the holding company behind the pan-Asian restaurant chain, Mabel Topco, for a cash sum of £357m, saying it represents an enterprise [...]
Sweet deal: Confectionery firm Mondelez beats profit estimates October 29, 2018 Food and beverage giant Mondelez reported earnings for its third quarter that performed above expectations late last night, despite falling revenue. The US-based owner of well-known brands such as Oreo, Toblerone and Belvita said it earned $1.2bn (£937.6m) in the three months to September, compared to $981m in the same period in 2017. Revenue fell [...]
Chiquito owner The Restaurant Group to bid £600m for Wagamama October 29, 2018 The Restaurant Group (TRG), which owns brands such as Frankie & Benny’s, Chiquito and Garfunkel’s, is in advanced negotiations to acquire Asian fusion restaurant chain Wagamama for £600m. TRG is now the preferred bidder in the sales process, which was initiated in June by Goldman Sachs on behalf of Wagamama’s private equity backers Duke Street [...]
Online betting company duty to increase by six per cent October 29, 2018 The levy applied to online betting companies will increase to 21 per cent as fixed odd betting machine stakes are reduced to £2. The remote gaming duty applied to "online games of chance" will be upped by six per cent from October next year, Chancellor Philip Hammond confirmed in the Autumn Budget today. "From remote [...]
Beer and cider duty frozen for the next year to support pubs and patrons October 29, 2018 Beer and cider duty has been frozen for the next year to support British pubs. The Chancellor Philip Hammond announced the move during the his Budget speech and confirmed spirits duty would also frozen. He said it was “for the patrons of the great British pub”. But the duty on wine will increase with inflation [...]
Hammond confirms business rate relief for small firms as the high street faces pressure ‘as never before’ October 29, 2018 Chancellor Philip Hammond has confirmed his plans to inject £1.5bn into Britain’s high streets in today’s budget. In a new spending package aimed at boosting small town retailers and high street firms, Hammond has announced business rates relief for firms with a rateable value of less than £50,000 will be cut by a third. The [...]