Jack Wills to open first German store in fight against currency pressures March 5, 2017 Varsity-style clothing retailer Jack Wills will open its first mainland Europe store in Germany, as part of a strategy to increase sales in overseas currencies. The company hopes to offset the effect of the weaker sterling by developing a “natural hedge” through new openings abroad. Founder and CEO Peter Williams said: “what we are trying [...]
Raise a glass: Britain’s beer exports rose in 2016, making it the third most valuable food or drink export March 4, 2017 British beer exports rose six per cent in 2016 according to new figures published by the HMRC, making beer the UK's third most valuable food and drink export. Chinese interest in British beer skyrocketed last year, rising 500 per cent following pictures of Chinese President Xi Jinping enjoying a pint with former Prime Minister David Cameron in [...]
A minimum excise tax on cigarettes will hurt lower earners and fuel the black market, British American Tobacco says March 3, 2017 Once again, British American Tobacco (BAT) is pushing back against the government's proposals to create a so-called tax floor ahead of next week's Budget. A minimum excise tax (MET) will set a minimum amount of tax payable on any packet of cigarettes. After former chancellor George Osborne announced plans to instate an MET in 2016, the government now says it will announce [...]
The best pint bar none: Camra names Yorkshire local Britain’s pub of the year March 3, 2017 A Yorkshire pub that was saved from extinction by local villagers has been crowned Britain's pub of the year. The award from the Campaign for Real Ale (Camra) was given to the George & Dragon pub in Hudswell. The pub closed in 2008, and the local community was left with just a village hall. But, [...]
House of Commons committee tells Pensions Regulator to up its game after BHS March 3, 2017 The MPs' committee that investigated the collapse of high street giant BHS has told the Pensions Regulator that it must be "nimbler" and "more assertive" to avoid a similar crisis in future. The work and pensions committee has been pushing for reform of the pensions watchdog, but has said the body's response has been "light" and that [...]
Sports Direct’s Mike Ashley lands Agent Provocateur deal March 2, 2017 Agent Provocateur has been snapped up by a company part-owned by retail tycoon Mike Ashley, owner of Sports Direct. Alix Partners were appointed as administrators of the company today and immediately sold it to Four Holdings, which is 25 per cent owned by Sports Direct. Ashley fought off private equity firm Lion Capital to secure the deal, and [...]
AB InBev’s shares dip as lower sales in Brazil hit core earnings March 2, 2017 Anheuser-Busch InBev (AB InBev)'s shares edged down today as the firm reported its first drop in core earnings since its formation more than a decade ago due to lower than expected sales in Brazil. The figures The world's largest brewer said earnings before interest, tax, depreciation and amortisation (Ebitda) fell 0.1 per cent in 2016 to $16.75bn [...]
Well-heeled: Jimmy Choo posts confident full-year figures as profit jumps March 2, 2017 Luxury shoe maker Jimmy Choo posted a confident set of full-year results today, fresh from dressing stars at the Oscars. The figures For the full year ending 31 December, Jimmy Choo's revenue grew at 1.6 per cent constant currency, and 14.5 per cent in reported currency, up from £317.9m in 2015 to £364m last year. [...]
Merlin Entertainments says recovery from the Alton Towers crash is “well underway” March 2, 2017 Leisure group Merlin Entertainments, which operates the London Eye and Alton Towers, saw a rise in visitor numbers, as it said recovery was "well underway" after a crash at Alton Towers in 2015. However, it said headwinds from terrorism fears remain and analysts noted weak sterling has boosted profits and "masks the challenges" Merlin is facing. Shares [...]
Boots cuts 220 photo labs putting 400 jobs at risk March 1, 2017 Boots has announced it is closing 220 of its photo labs across the UK, including five in London, as weak demand for photo film services finally takes its toll. The closure of the in-store labs will put 400 jobs at risk, although a Boots spokesperson said the company would try to offer retraining and opportunities [...]