Khan’s call to re-introduce VAT-free shopping backed by retailers who claim it would lure 1.5 million more tourists to London February 1, 2023 Kay Buxton, chief executive of Marble Arch London BID, said that Chancellor Jeremy Hunt “missed a trick” at the last Budget by not reintroducing tax-free shopping, noting that the move could have increased spending by £2.1bn.
H&M axes four UK stores outside London as retailer warned it needs to ‘raise its game’ to differentiate from rival fashion chains February 1, 2023 H&M has announced plans to shutter four of its stores across the UK due to a “rapid change” in customer behaviour. None of the fashion retailers’ London sites have been impacted by the move, however stores in Hartlepool, Maidenhead, Newport in Isle of Wight and Burton are set to close. A spokesperson for H&M UK [...]
Ladbrokes and Coral owner Entain gambles on men’s World Cup boosting its earnings February 1, 2023 Entain, the gambling giant behind Ladbrokes and Coral, has raised it earnings guidance after a strong final quarter of 2022. The sports betting and gaming group said net gaming revenues increased by 11 per cent in the quarter to December 31, compared with a year earlier, as it witnessed a “record” number of active customers. [...]
Tesco buys Paperchase brand but over 800 jobs remain at risk January 31, 2023 Tesco has purchased the brand and intellectual property of Paperchase, the supermarket has confirmed, after the embattled stationary company collapsed into administration this morning. However, it has not acquired the chain’s 106 physical stores across the UK and Ireland, leaving 820 jobs at risk. The supermarket will now sell its products in its UK stores. [...]
Paperchase: Struggling stationery chain expected to appoint administrators today – reports January 31, 2023 Paperchase, the high street stationery retailer, is believed to be on the verge of appointing administrators. The chain store’s parent company is reportedly in the process of bringing in insolvency practitioners from Begbies Traynor, according to Sky News. Paperchase’s shareholders are still holding out for a buyer but rumours are they are looking for a [...]
Covent Garden owner Capco reports strong rental demand as West End gears up for its £3.5bn merger with Shaftesbury January 30, 2023 Trading conditions across the Covent Garden estate have been positive, in particular a successful Christmas trading period with like-for-like customer sales in aggregate exceeding pre-pandemic levels. Ian Hawksworth, chief executive of Covent Garden estate owner Capco, said: “There is continued momentum at Covent Garden with robust trading conditions, in particular a successful Christmas period,” said [...]
How a BBC Radio 1 DJ helped alcohol-free brand Lucky Saint open its first London pub January 30, 2023 Alcohol-free beer brand Lucky Saint is to open its first pub after securing £10m to supercharge its ambitious growth plans. The pub, which will also operate as the group’s headquarters, is due to open in Marylebone in March 2023. Luke Boase, founder of the business, said that for now the opening will be “the only [...]
On the Beach sees 68 per cent post-pandemic booking uptick ahead of AGM January 27, 2023 On the Beach said bookings had “materially increased” rising 68 per cent year-on-year during the financial year ending December. The holiday firm said its financial year had started with a “healthier overall forward book,” and that the value of holidays sold between October and December had exceeded the previous year’s levels. “It’s been pleasing to [...]
Superdry’s shares plunge 16.5 per cent as retailer downgrades guidance amid £17.7m of losses January 27, 2023 Superdry’s shares plunged 16.5 per cent this morning after the retailer downgraded its-full year guidance amid soaring losses. Instead of a profit of between £10m and £20m Superdry expects to break even, after losses soared to £17.7m in the first half of its 2023 financial year. This is a £21.7m decrease when compared to a [...]
Bestway Group ‘not considering’ bid for Sainsbury’s despite snapping up major stake in supermarket giant January 27, 2023 Bestway Group has expanded its investment empire to British supermarkets, snapping up a stake in Sainsbury's.