Co-Op announces new chair as ‘ideal person’ to take UK’s fifth biggest grocer forward July 13, 2023 The Co-op announced has announced a new chair, with Debbie White set to succeed Allan Leighton when he steps down in February 2024. White has held a number of important executive roles, having served as chief executive of Interserve and a senior director at Spire Healthcare. White will replace Leighton, who is approaching the end [...]
Superdrug profits soar 71 per cent as budget beauty buys boost sales July 12, 2023 Superdrug has reported a surge in profits in its full year results thanks to a jump in sales of its own-brand products on top of strong Christmas trading. The medicine-to-beauty seller recorded pre-tax profits of £77.8m, up 71.1 per cent compared to the same period the previous year, as the retailer welcomed its first full [...]
Loungers: Cafe and Bar operator looks for further expansion as cooling inflation for hospitality boosts revenue July 12, 2023 Cafe and bar operator Loungers revenues jumped 19 per cent during the year, as the owner of the Lounger and Cosy Club was bolstered by 29 new site openings. The London-listed hospitality chain recorded earnings of £47.3m which represents growth of 66 per cent since it first listed on the stock exchange in April 2019. [...]
J D Wetherspoon: ‘Misrepresentation’ to claim boozers sell-off was for ‘money-raising’ alone July 12, 2023 JD Wetherspoon hit back at critics over its decision to sell off a flurry of pubs, telling investors it is a “misinterpretation” to claim it was a purely “money-raising” move. The budget boozer sold, closed or surrendered to the landlord 28 pubs, however said that while the move raised a small bit of capital, it [...]
‘I started this as a hobby’: Cricket star Stuart Broad reflects on his naive start to the world of hospitality July 12, 2023 England cricketer turned pub landlord Stuart Broad has admitted he had a “naive” understanding about what it took to run a hospitality business, as he reopens his pub amid a period of soaring bills and red hot inflation. The 37-year old sports star has recently relaunched his pub and restaurant The Tap and Run in [...]
Revolution v Boohoo: Boss could quit to help end the battle of the brands July 11, 2023 It has been reported that the boss of troubled makeup brand Revolution Beauty, Bob Holt, may step down from to help resolve an ongoing row with its leading shareholder Boohoo. Tensions between the companies appeared to cool yesterday after Revolution said it would hold a general meeting on August 8th, which would include a resolution [...]
Investor Terry Smith ditches Amazon stake over concerns with grocery business July 11, 2023 Top investor Terry Smith has revealed that he ditched his fund’s stake in Amazon due to concerns with the company’s grocery business. In a letter to investors, released yesterday, Smith revealed that the primary catalyst behind Fundsmith’s decision to drop its holding in Amazon last month was due to a “concern over potential capital misallocation”. [...]
H&T shares up: Pawnbroker lending rockets as cash-strapped Brits sell valuables July 11, 2023 Britain’s biggest pawnbroker H&T saw its share price soar this morning, following news that lending grew 22 per cent as punters have been forced to flog off goods to secure extra funds during the cost of living crisis. Ahead of its interim results, which are due to be published in early August, H&T said that [...]
M&S looks to revamp Ocado Retail after chair warns there is ‘work to do’ July 10, 2023 M&S is looking to revamp its joint venture with Ocado as the high street stalwart grows frustrated with the firm’s poor performance, bringing the brands falling profits back to the forefront of investors’ minds. M&S chairman, Archie Norman, told investors at the firm’s AGM last week that there was “work to do” regarding the performance [...]
Coca-Cola HBC fizzes up profit forecast as firm puts Russia exit hit behind it July 7, 2023 Coca-Cola HBC AG, the bottling company for the soft drink giant, upped its profit forecasts for 2023 on the back of a “very strong” June performance this morning, prompting shares to jump nearly 5 per cent. The Switzerland-based firm said that it now expects pre-tax earnings growth of between 9-12 per cent for 2023, up [...]