Tesco reports 10th consecutive quarter of sales growth as Booker deal boosts prospects June 15, 2018 Tesco today reported rising like-for-like sales for the 13 weeks ended 26 May, marking the 10th consecutive quarter of positive growth. The supermarket stalwart said like-for-like sales in the UK were up 2.1 per cent, while like-for-like sales in Booker soared by 14.3 per cent. Tesco said that was driven by "a strong underlying performance [...]
Shuffleboarding bar London Shuffle Club to open permanent home in Shoreditch June 14, 2018 We thought a new axe-throwing venue was going to be this week's weirdest leisure news, but it seems we were wrong. Something called shuffleboarding is, apparently, taking the party crowd by storm and it has a new location not far from the City. Shuffleboarding is, according to London Shuffle Club, a "hot a nd popular [...]
The Deliveroo vs Just Eat food fight has only just begun June 14, 2018 In the City, you never know when you might be someone else's breakfast. Firms are hungry for market share, and a competitive edge is the dish of choice. Just Eat's shares plunged yesterday after Deliveroo announced an expansion of its platform which saw it square up to the FTSE 100 giant. For the first time, [...]
Just Eat shares plunge as Deliveroo’s new feature bites June 13, 2018 Shares in Just Eat dropped more than seven per cent this morning after Deliveroo announced dramatic expansion plans and a new feature. Deliveroo anticipates that it will add 5,000 new restaurants to its platform with the 'Marketplace+' feature, which puts it in direct competition with Just Eat. Restaurants which handle their own delivery will now [...]
Struggling House of Fraser’s brand perception is in decline June 13, 2018 Last week, retail store House of Fraser announced plans to close 31 of its 59 shops – including its flagship Oxford Street store – as part of a ‘rescue deal’. If the plans go ahead it could lead to the loss of 6,000 jobs across the UK. It is yet more bad news for the [...]
Intelligence agency National Cyber Security Centre is working with Dixons Carphone on huge data breach June 13, 2018 The National Cyber Security Centre (NCSC), part of GCHQ, said today it is working with Dixons Carphone on mitigation measures, after the retailer said it was investigating a data breach involving 5.9m payment cards and 1.2m personal data records. The company announced earlier on that there was an attempt to compromise 5.9m cards in one [...]
Dixons Carphone announces investigation into data breach with millions of records accessed June 13, 2018 Shares in Dixons Carphone fell more than three per cent this morning after it announced the launch of an investigation finding there had been "unauthorised access to certain data" held by the company. The company said the probe was continuing, but it had found that there was an attempt to compromise 5.9m cards in one [...]
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 [...]