House of Fraser owed millions to major brands before collapse August 18, 2018 House of Fraser racked up debts of almost £500m in the run-up to its collapse, owing major designer brands such as Gucci, Armani and Mulberry. Administrators Ernst & Young (EY) have reported that the chain’s creditors are owed sums totalling hundreds of millions of pounds, with more than 1,000 suppliers set to be out of [...]
Administration filings tumble despite major retail insolvencies August 18, 2018 The number of firms falling into administration fell dramatically in the second quarter of the year, despite a series of high profile insolvencies hitting the headlines in recent months. A total 302 companies entered administration in the three months from April to June, marking a 13 per cent fall from the previous quarter. However, the figure [...]
The Urbanologie app shows you how to live the high life like a globe-trotter August 17, 2018 Picture this. You’re on holiday in an exotic locale, travel guide in hand – probably one produced by a big brand like Lonely Planet or some other pocket guide. The pages are dog-eared from where you’ve bookmarked all of the things you want to see and do. But half the time, the recommendations made by [...]
House of Fraser could have been sold for £1, EY letter reveals August 17, 2018 Beleaguered department store House of Fraser could have been sold for just £1 ahead of its acquisition by billionaire Mike Ashley's Sports Direct brand, administrators EY revealed today. The retailer saw a £14.6m drop in profits in the 13 weeks to the end of April, four months before it entered administration. Turnover also declined 7.7 per cent [...]
MPs tell Hammond: Don’t even think about a vape tax August 16, 2018 An influential committee of MPs has urged the government to ease its rules on e-cigarettes in the wake of reports that the Treasury plans to slap vapers with a new sin tax. In a report which hits out at the government for “missing significant opportunities” to tackle smoking-related deaths, the Science and Technology Committee has called [...]
Taxing Amazon won’t save the UK high street August 16, 2018 A couple of years ago, a well-known retailer announced a bold new strategy for its online offering, including a proposal to shut down its website outside normal working hours so that shoppers could savour the times when it was open. It was, of course, an April Fool’s prank, but it has lingered in the memory far [...]
Price is right for Asda as it scores fifth quarter of growth August 16, 2018 Asda continued its streak of growth yesterday with a fifth consecutive rise in same-store sales ahead of its proposed merger with Sainsbury’s. The supermarket posted a 2.4 per cent improvement in net sales in its second quarter results, fuelled by its online business and a 25 per cent jump in sales of its George clothing [...]
PwC slammed for ‘inadequate’ checks on BHS August 15, 2018 Auditing giant PwC has been slammed for multiple failings in its checks on BHS in the days before it was sold for a pound, only a year before the retailer collapse into administration. The firm carried out “inadequate” work on the business, with individuals being “too close to the management”, the Financial Reporting Council has [...]
What I’m reading interview: Newgate Communications and Porta Communications boss Emma Kane on the book that changed the direction of her career August 13, 2018 As chief executive of Newgate Communications, co-CEO of Porta Communications, chair of Target Ovarian Cancer and chair of the Barbican Centre Trust, Emma Kane has an impressive roster of titles. City A.M. spoke to Kane about the book she's reading, what's on her reading list for this summer and the book she was given as [...]
What I’m reading interview: Newgate Communications and Porta Communications boss Emma Kane on the book that changed the direction of her career August 13, 2018 As chief executive of Newgate Communications, co-CEO of Porta Communications, chair of Target Ovarian Cancer and chair of the Barbican Centre Trust, Emma Kane has an impressive roster of titles. City A.M. spoke to Kane about the book she's reading, what's on her reading list for this summer and the book she was given as [...]