Sir Philip Green plugs another pensions hole at Arcadia March 5, 2017 Sir Philip Green has finalised plans to tackle yet another pension scheme deficit, this time at his own retail giant Arcadia. Arcadia will double its payments to the company's pensions scheme from £25m a year to £50m, helping to cover a near £200m deficit. The agreement comes just days after the billionaire settled a dispute [...]
Turnaround plan looks set to pay off for Morrisons March 5, 2017 The turnaround at Morrisons supermarkets headed by CEO David Potts looks set to gather speed this week as the company reports its best annual results in six years. The chain is likely to report a 54 per cent rise in pre-tax earnings to £335m on Thursday, according to predictions by banking firm Jefferies. The firm [...]
John Lewis employee bonuses set to take a hit March 5, 2017 Employees of the John Lewis Partnership can expect their annual bonuses to shrink this year. Bonuses are unlikely to be higher than six or seven per cent of income when the company releases full-year results on Thursday, according to sources close to the situation. This is down from to a 10 per cent bonus last year. The [...]
Fat Face adjusts debt as profits come under pressure March 5, 2017 British clothes retailer Fat Face has negotiated easier debt terms after its profits slumped due to the weakened pound. In a full year report posted on Friday, the company's directors confirmed that they had completed a “covenant reset” to an external financing agreement to secure greater “headroom”. They said this was a direct result of [...]
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 [...]