Maplin job losses continue as administrators fail to find a buyer March 22, 2018 Maplin's administrators have announced further job losses this morning after failing to find a buyer for the business. The retail chain, which employs more than 2,000 people, was put into administration at the end of February. PwC has been handling the process, and today said a further 66 redundancies had been made at Maplin's head [...]
The Gym Group eyes Toys R Us sites as it targets further expansion March 20, 2018 Toys R Us sites are among the opportunities being considered by fast-growing budget gym operator The Gym Group, which reported annual results this morning. The company, which is the only London-listed fitness group, is targeting another 15 to 20 new openings in 2017, on top of the current estate of 128. Chief executive John Treharne [...]
KPMG appointed to handle Mothercare refinancing March 20, 2018 Mothercare has called in KPMG to advise on a refinancing of the business, City A.M. can reveal. The retail chain is in talks with its lenders about raising money for a turnaround and has drafted in KPMG to advise on securing waivers to its financial covenants. Mothercare's share price fell by more than 10 per [...]
Lucy Watson and Clive Watson discuss Tell Your Friends, London’s upcoming vegan foodie hotspot March 19, 2018 Growing up as the daughter of a man who has launched and sold several successful pub chains, Lucy Watson never thought she would launch her own hospitality business. “I always thought of it as quite a manly industry,” she says. Apart from sometimes working as a waitress in his pubs, her aspirations were fixed elsewhere. [...]
Swingers crazy golf opens second site in former BHS on Oxford Street March 16, 2018 The former flagship site of collapsed retailer BHS on Oxford Street has gained another tenant in the form of crazy golf operator Swingers. The building is already host to Reserved, Poland's answer to H&M opened on the ground floor of the site last year. It will now be joined by Swingers on the first floor, [...]
John Lewis’ staff bonus has fallen again after a weak performance in 2017 March 8, 2018 The company which owns John Lewis and Waitrose has cut its staff bonus to five per cent of salary this year, after a disappointing performance in 2017. The bonus, which is given out to all staff of the John Lewis Partnership under its employee-owned model, was six per cent last year, down from 10 per [...]
BrewDog mocks sexist advertising with sexist advertising March 6, 2018 The ever-so-edgy brewers at pugnacious craft beer company BrewDog have come up with yet another attention-grabbing campaign. Repackaging its flagship Punk IPA with a pink label, BrewDog has said its "Pink IPA" is a "send-up of the lazy marketing efforts targeting the female market". But the campaign has already attracted criticism from BrewDog fans, with [...]
Done deal: Tesco completes £3.7bn acquisition of Booker Group March 5, 2018 Tesco today completed its acquisition of Booker Group, creating the leading food group in the UK. The £3.7bn deal was given court approval on Friday after shareholders voted it through last week. Booker Group's shares have been de-listed from the London Stock Exchange. Each share has been exchanged for 42.5p in cash, and 0.861 new [...]
Trouble in store for House of Fraser as credit insurer pulls cover March 4, 2018 A credit insurer has pulled cover on House of Fraser, underscoring the difficulties faced by the department store following a disappointing set of Christmas figures. A spokesperson for House of Fraser said 20 of the business' 650 suppliers were affected by the credit insurer's decision. Those suppliers will now have to find new insurance, or [...]
Full list of towns and cities where Prezzo restaurants are for the chop March 3, 2018 Italian chain Prezzo confirmed this week that it is closing 94 restaurants. The company has launched a company voluntary arrangement (CVA) which states that it will close branches which would not be profitable even with a rent reduction. Landlords for another portion of the estate will be asked to consider a reduced rent. Update: Prezzo [...]