M&S retail boss wrote to former chancellor George Osborne to defend benefit cuts for staff November 4, 2016 M&S management wrote to former chancellor George Osborne this summer as the business was under siege for cutting staff benefits. In an internal memo seen by City A.M., the retail director of M&S, Sacha Berendji, told staff he wrote to Osborne responding to criticism about cutting premium pay rates for staff. Read more: M&S shells out £100m for pension changes [...]
John Lewis Partnership considers further reforms to staff benefits as squeeze on retailers tightens November 4, 2016 High street stalwart the John Lewis Partnership is considering further curbs on staff benefits as it becomes the latest retailer to fight back against soaring costs for the sector. Documents seen by City A.M. suggest the escalating national living wage could cost the John Lewis Partnership an additional £171m in 2020. Between 2015, when the [...]
Here’s a round up of all the rumours about the John Lewis Christmas ad November 4, 2016 The internet is going wild about when an ad will hit TV screens. That’s right, the John Lewis Christmas ad cometh – and before it’s even out, the mums of cyberspace have been speculating about what it will be like, even though it will be played on tellyboxes ad nauseum until Christmas day arrives. Read more: [...]
Could it be? BHS pensions deal to be wrapped up by Christmas November 4, 2016 There could finally be light at the end of the tunnel. Sir Philip Green and pension regulators could reach a deal over the BHS scheme within weeks, according to the BBC. But, don't get too excited just yet: Green could still walk away, which would prompt the beginning of a prolonged legal battle. Newsnight reported [...]
Paddy Power Betfair revenues race ahead thanks to weak sterling November 4, 2016 Perfect timing for newly-minted bookie Paddy Power Betfair, which today unveiled a 25 per cent jump in group revenues and raised full-year expectations – in part thanks to the weak pound. The figures Group revenues increased 25 per cent to £404m, the group said today – including a £28m net benefit from the translation of non-UK revenues thanks to the [...]
The UK high street gets an early Christmas present as high street sales get a boost for the first time since January November 4, 2016 Is the high street back on track? High street sales are back in positive territory after falling for the past nine months. Read more: Retailers in Mayfair and Bond Street to be hardest hit by rates hike According to data from accountants BDO, sales on the high street grew 0.7 per cent year-on-year in October. [...]
Prepare for London’s first 4DX cinema – complete with bubbles, scents and motion chairs November 3, 2016 Cinema is about to get even more thrilling with London's first 4DX theatre due to open in Wandsworth next month. 3D? IMAX? That's so old news. Get ready for the latest in cutting edge cinematic viewing – 4DX – with special effects to stimulate all five of your senses at a new screen in Cineworld Wandsworth. The [...]
Hyatt Hotels welcomes surprise profit increase in third quarter results November 3, 2016 Hyatt Hotels today welcomed warm third quarter results showing a sharp boost in earnings to $62m (£49.7m). The group reported a surprise profit increase on higher revenue from its hotels, as well as increased management and franchise fees. The results The Chicago-based company said its net income had increased 148 per cent to $63m from last year. It [...]
Poker champion Phil Ivey loses ‘cheating’ case in court, but will appeal again November 3, 2016 Professional poker player Phil Ivey has lost an appeal against a London casino over whether he cheated to win £7.7m. The 39-year-old had challenged a decision from 2014 which said he had cheated in order to win the game, which then rendered his winnings invalid. The ten-time winner of the World Series of Poker achieved his winnings through "manipulating" [...]
Sir Philip Green’s BHS pension scheme offer fell short by £100m November 3, 2016 Sir Philip Green's offer to contribute to the BHS pension scheme was £100m less than the Pensions Regulator wanted, according to reports. The BBC has said that the regulator wants £350m from Green, but he was only willing to put in £250m. Yesterday, the regulator announced that it was starting legal action against Green to [...]