Retail sales up in best month since January November 8, 2016 UK retail sales were up 1.7 per cent from last October, boosted by strong online sales of 11 per recent in the last three months. Shoppers appear to be unfazed by the prospect of Brexit and the declining pound and are continuing to spend. However, the drop in Sterling is likely to have led to [...]
Black Friday could end up being a flop-day this year November 8, 2016 Demand for bagging a bargain on Black Friday has dropped this year, as the novelty of the promotions day seems to be wearing off. Just 21 per cent of consumers say they will take advantage of the Black Friday promotions this year, on a day intended to drum up sales as retailers slice their prices. This is [...]
Sandwichgate: How Sports Direct spied on MPs with a camera hidden in sandwiches November 7, 2016 Shocked MPs were left fuming after staff at Mike Ashley's Sports Direct apparently attempted to spy on them using a camera hidden under a plate of sandwiches. Members of the business select committee paid the controversial retailer's Shirebrook site a surprise visit earlier today, as part of a long-running investigation into conditions at the company. [...]
MPs pay surprise visit to Sports Direct’s Shirebrook warehouse November 7, 2016 MPs have made a surprise visit to Sports Direct's Shirebrook warehouse to take a look at how the retailer is progressing with improvements to its working practices. The Telegraph has reported that Iain Wright MP, chair of the business, energy and industrial strategy committee, which led an inquiry into Sports Direct earlier this year, gave [...]
In for a pound: Sainsbury’s just poached the chief executive of Poundland November 7, 2016 Sainsbury's has gone bargain hunting for its new chief financial officer, after it announced this morning it has appointed Kevin O'Byrne, currently chief executive of Poundland, to the role. O'Byrne has been chief executive of B&Q UK and Ireland, as well as being its group finance director. He's also previously been group finance director at [...]
Fever-Tree’s share price jumps more than eight per cent on sparkling rise in full-year expectations November 7, 2016 Shares in mixer maker Fever-Tree have risen more than eight per cent this morning after the group said its full-year results will be "materially ahead of current market expectations". In a brief trading update, the tonic water, lemonade and ginger beer producer said the group has continued to "perform strongly" in the second half of the year. [...]
Cigarette firms fear minimum price tax plans November 6, 2016 The tobacco industry is concerned that chancellor Philip Hammond could introduce a so-called tax floor on cigarettes in the autumn statement this month. It’s thought the chancellor could bring in plans first floated by his predecessor George Osborne that could see the cost of even the cheapest pack of cigarettes rise to £8.68 — a [...]
Sainsbury’s to reveal how much its pension scheme has grown over the last six months November 6, 2016 Sainsbury's pension scheme deficit is expected to have ballooned by up to £900m over the last six months when the company releases its interim results on Wednesday. The supermarket's pension hole stood at £390m in March but analysts are predicting that a chasm will have developed. Market expectations are that the deficit will be between £900m and £1.3bn. Read [...]
Do you want to buy back your own company? Wetherspoon’s boss says no and asks for shareholder help November 6, 2016 Wetherspoon shareholders will meet on Tuesday to head-off an unfortunate pickle that its boss and major shareholder has found himself in. Tim Martin, who owns 29.9 per cent of the pub chain giant, is facing the prospect of having to make a takeover offer for the very business he founded 37 years ago, due to Takeover [...]
Sir Philip Green locked in battle with BHS administrator over fate of £35m charge November 6, 2016 Sir Philip Green is at odds with one of BHS' administrators over a charge worth millions that his Arcadia Group holds over the collapsed retail chain. BHS fell into administration this April, running a pension deficit worth £571m at the time, and it was later decided the company could not be saved and would need [...]