The Cambridge Satchel Company may be forced to close stores due to business rates March 10, 2017 The Cambridge Satchel Company may have to close two out of six of its stores when business rates rise this year. The high-end bag business has boutique outlets in the West End, Cambridge, Brighton and Edinburgh, but a hike in property taxes for the company, which comes into effect at the beginning of April, may force [...]
Tim Martin, chair of JD Wetherspoon, says the Budget didn’t do enough for Britain’s pubs March 10, 2017 JD Wetherspoon chairman Tim Martin has hit back at chancellor Philip Hammond's Budget, arguing it doesn't do enough to support pubs from increasing cost pressures. Wetherspoon's share price dipped in morning trading as investors took note of Martin's warning that lower sales and increased costs in the second half of the year will hit the [...]
JD Wetherspoon’s share price dips as chair Tim Martin cautions of lower sales and added costs in the second half March 10, 2017 JD Wetherspoon's shares fell more than three per cent after the pub group reported half-year results slightly ahead of expectations but warned of a difficult second half to come. The figures The pub owner and operator said profit before tax and exceptional items jumped 42.8 per cent to £51.4m from £36m for the 26 weeks to 22 January. Like-for-like sales [...]
William Hill has named Philip Bowcock its new chief executive March 10, 2017 Philip Bowcock has been named the new boss of William Hill with immediate effect. Previously chief financial officer of the bookmaker, Bowcock has worked as interim chief exec since July 2016. Chairman Gareth Davis said: "Since his appointment as interim chief executive last July, Philip has driven the business forward at real pace and we have seen important [...]
Lego reveals ambition to make toys for millions more children around the world March 9, 2017 Lego, the world's largest toymaker, said today it had generated the highest revenue in its 85-year history despite a soft European market. The figures Revenue rose by 6.0 per cent to DKK 37.9bn (£4.4bn), rising by 5.5 per cent on a constant currency basis. Operating profit for 2016 was DKK12.4bn compared with DKK 12.2bn in 2015. [...]
The Force is strong with Cineworld after Star Wars: Rogue One helps it to a record year March 9, 2017 Cineworld announced a record year as over 100m customers visited its venues in 2016, boosted by the acquisition of five Empire cinemas. The release of films like the highly anticipated Fantastic Beasts and Where to Find them and Star Wars: Rogue One also helped bring in a blockbuster 2016. Shares were flat at the time of [...]
Domino’s Pizza Group shares drop after UK like-for-like sales for 2017 miss analyst expectations March 9, 2017 Domino's Pizza Group saw its share slide over 15 per cent this morning after reporting lower-than-expected like-for-like sales in the UK for the first nine weeks of 2017. The figures Sales at Britain's biggest pizza delivery firm's stores open for about two years rose 1.5 per cent during the period, much lower than the 10.5 per cent [...]
Lord Stuart Rose says Sir Philip Green should not be stripped of knighthood March 9, 2017 Lord Stuart Rose, former boss of Marks & Spencer, has defended his frenemy Sir Philip Green, saying the ex-BHS boss should not be stripped of his knighthood. Rose and Green famously shouted at each other on the street in 2004 when Green's attempt to snap-up Marks & Spencer failed. But, at a retail conference today, Rose [...]
Tesco returns nearly £10m to 140,000 employees after payroll error March 9, 2017 The UK's biggest supermarket will return nearly £10m to 140,000 current and former staff after discovering a payroll error that meant they did not receive the national minimum wage. Tesco said the payments will be up to £40 for each of the employees affected, and that they will be handing out the payments by the end [...]
John Lewis increases profits as it battles tough market conditions March 9, 2017 The John Lewis Partnership announced a profit rise today – but warned of a tough year ahead due to rising costs and structural changes in the retail industry. The figures For the year ending 28 January, the Partnership's profit before the bonus, tax and exceptional items, was up 21.2 per cent to £370.4m. This was [...]