2,100 jobs could go as Marks & Spencer close 53 international stores and 30 in the UK November 8, 2016 Marks & Spencer will consult with 2,100 staff in its international stores as it seeks to close 53 unprofitable branches overseas, it was announced this morning. In a bold move new chief executive Steve Rowe, who came into the top job in April, said 30 clothing and homeware shops in the UK will also be shut over the next [...]
American Apparel UK business goes into administration November 8, 2016 Americal Apparel's UK business has gone into administration. Jim Tucker and Richard Beard of KPMG were appointed joint administrators of American Apparel (UK) Ltd and American Apparel (Carnaby) Ltd this morning, the accountancy firm said in a statement. American Apparel (UK) and American Apparel (Carnaby) run the UK retail and wholesale operations of the US [...]
There must be some mi-steak: Boffins want an extra 40 per cent tax on beef to tackle climate change November 8, 2016 Steak should be subject to an extra 40 per cent tax and milk and other meats to 20 per cent, a new study has argued. A team of researchers wants food to be taxed extra on greenhouse gas emissions from food production. Read more: Equistone takes £100m prime cut of steak house Gaucho The team, [...]
Punch Taverns shares froth up under the influence of preliminary results, despite effects of Pubs Code and Brexit November 8, 2016 Punch Taverns’ share price frothed up more than two per cent this morning despite a negative impact reported from new pub reforms and uncertainty over the UK’s Brexit vote. The figures In its preliminary results for the year to 20 August, the company said its performance was in-line with management expectations. Punch said average profit [...]
Associated British Foods shoots to the top of FTSE 100 as revenues lift at the Primark and British Sugar owner November 8, 2016 Associated British Food's (ABF) share price rose more than seven per cent this morning, taking it straight to the top of the FTSE 100, as the Primark owner posted a rise in revenues and hailed 2016 as a "turning point" for its sugar business. The retailer added that it hopes to benefit from Brexit and is in discussions [...]
Marks and Spencer’s profits plunge in first half as it announces plans to pull out of ten international markets November 8, 2016 Marks & Spencer has unveiled plummeting profits for the 26 weeks to 1 October, once again blaming its struggling clothing arm for dragging on the rest of the business, and outlined plans to close 60 stores. The figures Group revenue was up by 0.9 per cent to £4.99bn from £4.95bn in the first half of last [...]
Consumer spending grows at record levels during October November 8, 2016 Consumer spending rocketed during October with Britons splashing out on visits to the cinema and drinking sessions in the pub. Spending grew at the fastest recorded levels during October according to Barclaycard. The 5.5 per cent year on year increase was driven by 20.9 per cent growth in movie going and a 12.9 per cent increase in [...]
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. [...]