PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing high street retailer BHS, prior to the chain's sale for just £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating [...]
Pounded: Poundworld collapse raises fears of worst year for retail since financial crisis June 12, 2018 Poundworld crashed into administration yesterday, putting more than 300 stores and 5,000 jobs at risk amid conditions described by analysts as the worst period for the high street since the financial crisis. The total number of retail store closures so far this year will total 1,398 if Poundworld is forced to shutter at least 100 [...]
Challenger bank Oaknorth loans a further £7.3m to Z Hotels for new London sites in Covent Garden, Holborn and Tottenham Court Road June 12, 2018 Challenger bank and fintech unicorn Oaknorth has provided £7.3m in a debt financing deal to compact luxury hotel brand Z Hotels, City A.M. can reveal. The hotelier says it has undergone rapid growth since launching in 2011, which now owns and operates eight hotels at sites across London, Glasgow and Liverpool. Today’s news is destined [...]
Boohoo revenue jumps more than 50 per cent as it plugs ‘record levels’ of investment into infrastructure June 12, 2018 It might be carnage on the high street for numerous big names at the moment, but Boohoo is going from strength to strength in online retail. It has reported a 53 per cent rise in revenue for the first quarter of the year as it eyes more market share gains. The figures Boohoo has set [...]
We talk to the founder of maternity fashion brand Seraphine about sexism and style June 11, 2018 What do the Duchess of Cambridge, Angelina Jolie, and Gwen Stefani all have in common? At different points in time, they have all worn clothing from the Seraphine fashion range. But Seraphine is no normal fashion label – this is a brand that specialises in maternity clothing. In its 16-year history, it has become a [...]
Whistle Punks takes aim at central London for flagship axe-throwing bar June 11, 2018 We all know the feeling. After a really tough day at work, there's nothing you want more than to throw something. Now all your dreams of post-work relaxation can come true, as a surprising leisure activity is set to hit central London. Urban axe-throwing specialists Whistle Punks are on the hunt for a London flagship [...]
Warhammer creator Games Workshop hands £5m bonus to staff after another stellar year June 8, 2018 Games Workshop handed £5m in bonuses to its staff this year after profits almost doubled again. In a trading update issued today ahead of the full results in July, the retailer said it had grown sales across all channels, including its high street shops, in the year to 3 June. Turnover is expected to be [...]
Tesco boss blames business rates for retail chaos June 8, 2018 Tesco boss Dave Lewis has joined the outcry against business rates, blaming the system for the carnage on the high street. He said that the tax was partly responsible for the collapse of some retailers, and that it had created an "uneven playing field". "Are we allowing it to stay competitive, or are we by [...]
Whitbread open to sale of Costa or Premier Inn as it weighs up coffee chain demerger June 7, 2018 Multinational hospitality titan Whitbread may be open to selling off either Costa Coffee or hotel chain Premier Inn as it decides on plans to demerge its coffee business. Back in April, the company told investors it had plans to demerge Costa into a separate listed company within two years to give shareholders "an investment in [...]
Full list of 31 House of Fraser closures includes Oxford Street and City of London locations June 7, 2018 House of Fraser's flagship Oxford Street store will close as part of the decision to shutter 31 stores which was confirmed this morning. The City of London will also lose its House of Fraser, which is currently situated on King William Street. Some of House of Fraser's stores have been subject to staggering business rates [...]