Wagamama owner waves goodbye to CFO as part of top team shake up June 21, 2023 Wagamama’s owner The Restaurant Group (TRG) is waving goodbye to its chief financial officer, Kirk Davis, as part of a shake up of its top team. The hospitality group, which also owns high street eateries such as Frankie & Bennys, said that Davis will step down after the publication of its interim results in September [...]
Halfords profits tumble by £38.3m but expects ‘strong growth’ June 21, 2023 Halfords reported a £38.3m drop in annual profits as the group was hit by a decline in consumer demand for cycling following its lockdown boom and a tough economic climate. For the year, underlying profit before tax slumped to £51.5m compared to £89.8m the prior year and £56m during the pandemic as the retailer invested [...]
Claim of supermarkets profiteering doesn’t pass ‘basic smell test,’ says former Sainsbury’s boss June 21, 2023 The former boss of Sainsbury’s has roundly rejected claims that British supermarkets are profiteering during the cost of living crisis, arguing that the government and regulators should focus on helping those in need instead of considering “interfering in markets”. “This idea that [supermarkets] are somehow profiteering in these circumstances… it doesn’t even pass a basic [...]
Peloton: Wheels come off for bike maker as UK losses widen to £210m June 20, 2023 Peloton’s UK arm has struggled to keep up the momentum of its pandemic success, with the group posting widening losses as sales of the luxury exercise bike fall significantly from their lockdown peak. In its most recent financial results in the year to June 2022, the American brand’s British division said sales contracted 13 per [...]
Westfield’s bailed on San Francisco, but it won’t in London, say experts June 20, 2023 Westfield will hand back the keys to its flagship San Francisco mall following nearly two decades of ownership after it was battered by crime and the exit of its 350,000 ft flagship Nordstrom site. In recent years, the shopping centre’s occupancy level plummeted dramatically to around 55 per cent, with a host of household-name retailers [...]
Frasers snaps up stakes in Boohoo and Currys June 20, 2023 The company behind Sports Direct has said that it hopes a new stake in Boohoo can lead to collaborations between the fashion brand and Missguided. Frasers Group said that its new holding in its fellow listed company would allow it to find synergies and make its own brands stronger. The business, majority owned by Mike [...]
Hybrid hinders London commercial space as John Lewis slashes head office value by £15.6m June 20, 2023 The John Lewis Partnership (JLP) has slashed the value of its London head office by £15.6m in the latest signal that hybrid working trends continue to hinder the capital’s commercial work space. It comes as last month the retail group revealed that it was ending the lease on its head office in Victoria, London as [...]
Grocery inflation falls to lowest monthly rate this year June 20, 2023 Grocery price inflation has fallen to its lowest monthly rate this year – but remains at its sixth highest level since 2008, figures show. Grocery inflation dropped to 16.5 per cent for the four weeks to June 11, down from last month’s 17.2 per cent and March’s record 17.5 per cent according to analysts Kantar. [...]
Revolution Beauty to ‘potentially’ take legal action against former CEO over delayed audit report June 20, 2023 Revolution Beauty will potentially take legal action against the company’s founder and former chief, Adam Minto, over claims he breached fiduciary and statutory duties while at the helm. In a letter to investors, the makeup brand said it believes Minto’s alleged wrongdoings led to delay in audit of the full year results in 2022 group’s [...]
McColl’s still owes £45m to unsecured creditors following collapse June 19, 2023 Unsecured creditors to McColl’s are still owed £45m following the collapse of the convenience chain. The high street grocer and newsagent, which first launched as a food stall in the late 1800’s, was acquired by Morrisons for £182m with an extra £8m to be handed to unsecured creditors. Now an administration report seen by The [...]