Sir Philip Green takes fresh swipe at Frank Field on the eve of parliamentary showdown October 19, 2016 First Sir Philip Green published a report from a top lawyer criticising MPs, and now he’s gone one step further by launching a stinging attack on Frank Field in the form of a letter from the retailer. On the eve of the Commons debate on whether Green should be stripped of his knighthood, a letter seen by [...]
BHS administrators submit investigatory report on former BHS directors to Insolvency Service October 19, 2016 Pressure is mounting on Sir Philip Green ahead of a parliamentary debate on BHS' collapse as City A.M. has learned the BHS administrators have submitted an investigatory report on the retailer's former directors to the Insolvency Service. The report from Duff & Phelps on the conduct of former directors will remain confidential unless the Insolvency Service publishes its investigation. Ministers [...]
HSBC marks out the winners and losers from the national living wage October 19, 2016 HSBC has today outlined how businesses can combat the cost pressures of the national living wage – and the kind of companies that will be the winners and losers from the legislation. The best way to offset the new costs is to find productivity growth, HSBC analysts said in a note, although "this would require a [...]
Used car supermarket’s share price skids down 20 per cent after Brexit warning October 19, 2016 Used car supermarket Motorpoint’s shares skidded 20 per cent this morning as the company warned it was being hit by Brexit uncertainty. The company, which floated on the London Stock Exchange in May, reported 11 per cent revenue growth in the six months to September in a trading update today. But, at the time of writing, [...]
First the complimentary coffee threat, and now this. Waitrose angers customers with new free newspaper curbs October 19, 2016 First came the threat to Middle England’s free coffee – and now this. Waitrose has angered customers by announcing plans to increase the amount of money they have to spend before getting a free newspaper. Read more: Brace yourself middle England: Waitrose's free coffee could be under threat That’s right – from 1 November, loyalty [...]
Cocoa floats well: Hotel Chocolat reports rising revenue and profits after IPO October 19, 2016 Hotel Chocolat has reported growing revenue and profits in its preliminary results after listing on the London Stock Exchange this year. The figures Revenue for the period to 26 June came in at £91.1m, up 12 per cent from £81.1m in 2015. Pre-tax profit, meanwhile, was up from £2.9m to £8.2m, and earnings before interest, [...]
Gap is closing down all of its UK Banana Republic stores October 18, 2016 Gap has said it will be closing all eight of its Banana Republic stores in the UK as part of a global re-evaluation. The retailer will be focusing its attention on North America, after announcing in May that it was reassessing the overseas presence of Banana Republic, which has suffered falling sales. Net sales in [...]
Wine prices could go up by more than 29p a bottle due to Brexit October 18, 2016 Wine from the EU could increase by an average of 29p per bottle as a direct result of Brexit, drinkers have been warned. The latest statistics from the Wine and Spirit Trade Association show that an average bottle coming from within the EU could go up by 29p, and those from outside the EU could go [...]
Philip Morris chokes as cigarette volumes shrink October 18, 2016 Cigarette firm Philip Morris has beaten bottom line Wall Street expectations in its third quarter, posting a profit of profit of $1.94bn (£1.57bn). However, cigarette volumes choked, dropping by more than five per cent. The numbers The firm reported diluted earnings per share of $1.25 for the third quarter, which were flat versus 2015. Net revenues hit $19.9bn, up by 2.6 [...]
Asos to move employees onto a higher living wage in the next 18 months October 18, 2016 Hitting back at accusations that it mistreats workers, Asos said today it will be moving employees onto the living wage foundation level of pay over the next year and a half. The Living Wage Foundation sets a separate minimum wage for employers that companies opt-in for. Currently, companies in the scheme pay a minimum of £8.25 [...]