Lights out: F1 Arcade secures tens of millions for global expansion June 12, 2023 A Formula 1 competitive gaming chain, founded by hospitality heavyweight Adam Breeden, has secured £30m in funding from investors to fuel its expansion globally. The concept, F1 Arcade, launched last year in St Paul’s, London and merges simulator racing with cocktails and food. The sport has grown in popularity in recent years, largely made popular [...]
Bread, beef, watermelon and salad dressing: Waitrose joins supermarket war cutting price of 200 products June 12, 2023 Waitrose has slashed the price of more than 200 products as part of a £100 million investment plan to lower customer bills. The supermarket has cut the cost of more than 100 products by at least 10 per cent , with everyday items such as bread and mince receiving some of the biggest reductions. The [...]
Ashley’s empire grows: Frasers picks up nearly 20 per cent of retailer AO World June 12, 2023 Mike Ashley's Frasers Group has invested £75m in electronic retailer AO World, taking a stake of almost 20 per cent in the business.
Danone UK boss urges government to raise fat, sugar and salt taxes June 11, 2023 The UK boss of a major food firm has called on ministers to link VAT rates to the “health credentials” of products containing fat, salt and sugar, in the first example of such a demand coming from business rather than government. James Mayer, president of Danone UK & Ireland, which sells the Actimel yoghurt drink [...]
Travelodge owners eye £1.2bn price tag for budget hotel chain June 11, 2023 Budget hotel chain Travelodge will be put up for sale with a price tag of over £1bn as its owners look to cash in the recovery of the travel sector post-pandemic. Its owner of nearly a decade, American asset management firm Goldentree is said to be in talks with investment banks to explore a potential [...]
Tesco prepares its quarterly results as UK competition regulator circles supermarket June 11, 2023 Tesco is set to report its first quarter trading results on Friday as the UK’s competition regulator circles the country’s largest supermarket chain over concerns about its pricing strategies. Last week, it emerged that consumer goods champion Which? had reported Tesco to the Competition and Markets Authority (CMA) over claims that it does not display [...]
Online shopping sales slump to lowest levels since before pandemic June 9, 2023 The cost of living crisis has hindered the online shopping sales boom with digital sales falling to their lowest levels since before the pandemic. The number of online sales fell by 3.3 per cent during May as punters, under the cosh, have had to cut down on the number of goods they buy from digital [...]
Sharon White: John Lewis will be profitable in three years June 8, 2023 John Lewis boss Sharon White has reportedly not ruled out tapping up outside investment to bring the struggling upmarket retailer back to profitably by 2026, however vowed that the would remain business employee owned. White told members of the Employee Owned Association – which represents UK organisations which are employee owned- that the plan to [...]
Sales surge for Zara owner Inditex as shoppers update summer wardrobe June 7, 2023 Zara owner Inditex reported a 16 per cent uptick in sales in its spring and summer collection, as the fashion giant’s new trends continue to lure in shoppers despite the cost of living crisis. Inditex, which is the world’s biggest fashion retailer, racked in €1.2bn (£1.03bn) in net profit in the first quarter of the [...]
Asos suppliers cut ties amid struggling share price and profits June 7, 2023 Asos suppliers have reportedly begun to cut ties with the struggling fashion website following a move by credit insurers to pull cover amid falling profits, in a fresh knock of confidence for the brand. Leading creditors at Allianz Trade, formerly Euler Hermes, withdrew cover for suppliers last month, according to The Times, due to a [...]