Topshop logistics workers are going on strike February 15, 2017 Workers at a Topshop logistics centre are set to on strike over wages. Employees at sites in Solihull and Leeds have voted to walk out on 24 February and 26 February. The action comes after staff at the Solihull hub went on strike in the run up to Christmas. Read more: Flopshop: Arcadia Group brand Topshop's sales [...]
Heineken forecasts margin growth ahead of its Punch Taverns takeover February 15, 2017 Heineken, the Dutch brewing giant who is buying British pub chain Punch Taverns, today said it's expanded its margins despite challenging economic conditions. The figures Net profit fell 18.6 per cent to €1.54bn (£1.31bn), while operating profit increased by 9.9 per cent to €3.54bn excluding currency movement and one-offs. Sales in Heineken's premium segment increased 3.7 per cent, and [...]
A fifth of Brits are resigned to poor rail service as more than two million complaints were made in 2016 February 15, 2017 One in five Brits are resigned to poor rail service, with complaints up nearly half a million on last year. There were 2.04m complaints made regarding trains in 2016, according to Ombudsman Services' annual Consumer Action Monitor. The rail sector was responsible for 3.7 per cent of complaints last year, making up more than half of those [...]
Broken-hearted: sales drop at John Lewis on the week before Valentine’s Day February 14, 2017 Sales at retail bellweather John Lewis fell in the second week of February, signalling that the sector may be heading for another poor performance this month after retail sales dropped in January. Total sales at John Lewis for the week to 11 February were £73m, down two per cent on the same week last year. [...]
Pendragon’s boss thinks the others will ultimately agree with his forecasts despite shares falling on full-year figures February 14, 2017 Shares in Pendragon, the UK's largest car dealership, today fell by two per cent – having dropped over five per cent earlier in the day – after the firm revealed its full-year figures. But the FTSE 250 firm's boss steadfastly stuck to his predication that car sales would not fall during 2017. The figures Sales of new cars [...]
Tui losses narrow as it offloads Travelopia to private equity firm KKR for £325m February 14, 2017 Travel firm Tui has agreed to sell its specialist holiday arm Travelopia to private equity firm KKR for an enterprise value of 381m euros (£325m). It announced the sale ahead of its first-quarter results today, where UK holidaymakers' search for sun bolstered bookings, despite weakened demand for Turkey and Egypt after terror attacks and political uncertainty. Tui shares [...]
Next chapter in leadership for the high street retailer as John Barton steps down as chairman February 14, 2017 Retailer Next today announced chairman John Barton will step down after 15 years with the company. Barton has been on the board of the firm since 2002 and was appointed chairman in 2006. He will be succeeded by the Michael Roney when he retires on 1 August 2017. Read more: Next and Morrisons: What a difference [...]
Retail group calls on government to reduce the burden of business rates February 13, 2017 Business rates have become unsustainable and must be lowered to allow companies to invest, a leading business group has told the government. The British Retail Consortium (BRC) has warned chancellor Philip Hammond that property taxes need reform because they now represent a "disproportionate burden" to businesses. Read more: Culture shock: How London's theatres will be squeezed [...]
Now Sonos is hiking prices because of the weaker pound February 13, 2017 Trendy speaker maker Sonos has become the latest cult tech giant to announce it is increasing prices on its UK catalogue thanks to the weaker pound “Our prices are defined regionally,” the company said in an email to its customers. “In the UK, this includes local taxation and import duties, but we pay for everything we make in [...]
Kirin bows out of Brazilian market in style with £570m sale to Heineken February 13, 2017 The world’s second largest brewer, Heineken, has agreed to buy Japanese rival Kirin's Brazilian operations for 2.2bn Brazillian reals (£567m). Heineken said the acquisition will take place in the first half of this year, and will make the Dutch drinks maker second-largest beer producer in Brazil. Previously trading under the Schincariol brand, Brasil Kirin had been [...]