Footfall drops but shoppers keep spending October 17, 2016 Spending on the high street rose last month despite a decline in footfall, the latest data has shown. Retail spending grew in September by 1.3 per cent, while at the same time both footfall and shop prices have dropped year-on-year, according to figures released today by the British Retail Consortium (BRC) and retail analysts Springboard. Total [...]
Sir Philip Green hires top lawyer to scrutinise MPs’ inquiry into the collapse of BHS October 16, 2016 Sir Philip Green has hired top barrister Lord Pannick to scrutinise the MPs' inquiry into the collapse of BHS, according to reports. The Sunday Times has said Green wants the top lawyer to write a report on the joint select committee investigation into the sale of BHS that branded him the "unacceptable face of capitalism". MPs [...]
Cosmetics giant Coty confirms GHD takeover October 16, 2016 American cosmetics giant Coty has announced a £420m takeover of British-based hair products manufacturer GHD. Coty – whose brand portfolio spans Rimmel, CoverGirl and OPI – said that GHD's high-performance lines of hair straighteners, hairdryers, curlers and other appliances would "further strengthen" its position in the professional hair category. Coty's chief executive Camillo Pane said: "Not only do [...]
Boden’s profit drops as yummy mummies push prams elsewhere October 16, 2016 Middle class clothing retailer Boden has been losing its shine somewhat as its accounts show flat sales and falling profits. According to Boden's most recent accounts, profits dropped 25 per cent last year, down from £32m to £23.9m. Sales stayed level for the third year in a row at £283m. Boden's net assets also fell, down from [...]
William Hill will keep its bets on merger talks with Amaya despite opposition from activist shareholder Parvus October 16, 2016 William Hill will plough ahead with talks to merge with Canadian online betting group Amaya, despite facing opposition from its largest shareholder. Last week Parvus Asset Management, which owns a 14.3 per cent stake in the FTSE 250-listed bookie, slammed plans for a £5.5bn to £6bn reverse takeover that it said "makes little strategic sense". Parvus said [...]
MPs call for debate on closing “loopholes” in national living wage legislation October 16, 2016 A group of Conservative and Labour MPs are calling for a debate on the national living wage to discuss how its implementation by businesses is "against the spirit of the law". Thirty-one MPs are looking to debate the issue on 4 November, during Living Wage week, City A.M. understands. Read more: M&S shells out £100m for [...]
Fall in sterling is hole in one for UK’s golf tourism industry October 16, 2016 The drop in sterling has lured American golf tourists to some of the UK and Ireland's top resorts in their droves, according to holiday website Golfbreaks.com. Sales to US-based customers between July and September increased 238 per cent on the previous three months, as the dollar exchange rate grew more favourable in the wake of [...]
Asos set to bag a Brexit win this week when it reports its results October 16, 2016 Asos is set to be crowned a Brexit winner this week when it reports its results for the year on Tuesday, with profits expected to rise by over 30 per cent. Half of Asos' customers are overseas, helping the online retailer mitigate against the pain of the slump in sterling. It's fortunes are in stark [...]
Betfred and Stan James put their money on more than 300 shops from Ladbrokes-Gala Coral merger October 16, 2016 Betfred will scoop up 322 shops being sold as part of the Ladbrokes-Gala Coral merger for £55m, Gala Coral announced today. The gambling giants will sell off 359 high street branches in total if the bookies successfully merge, of which the remaining 37 will go to sports betting group Stan James for £500,000. In July, the [...]
Employees take Tesco to court over pay cuts October 16, 2016 Tesco employees are taking the retailer to court after it cut their pay. A group of 17 workers are fighting Tesco's decision to reduce their pay on weekends, bank holidays and evenings. Law firm Leigh Day has contacted Tesco to ask how many employees are affected, but have estimated that 50,000 staff face a pay cut. [...]