Tesco: ‘Encouraging signs inflation is starting to ease’ as quarterly revenue tops £14.8bn June 16, 2023 Britain’s biggest supermarket Tesco has reported a nine per cent increase in UK sales, with its new chief executive saying there are “encouraging early signs that inflation is starting to ease”. Tesco said it reported £13bn in sales across the UK and Republic of Ireland, up almost nine per cent on the previous quarter. In [...]
Cost of pasta bake, fish finger supper and spag bol up 27 per cent, Which finds June 16, 2023 The cost of popular family meals such as pasta bake, fish fingers, chips and beans, plus home-made spaghetti bolognese has increased by up to 27 per cent over the last year, figures show. Which found the prices of pasta sauce, penne pasta and cheddar cheese to make a quick pasta bake for four people have [...]
‘London buzzing’: City pub favourite Fuller’s boosted by summer drinking as workers return to office June 15, 2023 The chief executive of Fuller’s has said London is “buzzing” with activity as sunny spells and a return to office working has helped boost business trade. Simon Emeny, Fuller’s’ chief reported an increase in corporate booking across its almost 400 strong pub estate as employees returned to the office post-pandemic. The pub chain also reported [...]
Asos drive to turn “stock into cash” by buying less and flogging discounted old items June 15, 2023 Asos is buying less stock and ramping up sales of its current items in the latest efforts to boost profit, as the struggling online retailer steams ahead with its turnaround plan – posting a £20m rise in earnings. The fashion brand said it is on-track to deliver adjusted earnings before interest and taxes (EBIT) guidance [...]
Royal Ascot runner goes Thunder the hammer June 14, 2023 Tom Marriott speaks to Jack Davison ahead of today’s ThoroughBid online auction of Royal Ascot runner Thunderbear. WALKING into the parade ring, or maybe even the winners’ enclosure, at Royal Ascot, with a horse running in your colours… the stuff that dreams are made of. At 3:05pm next Saturday, Thunderbear will line up in the [...]
Edinburgh Woollen Mill Group still owes £167m to unsecured creditors following collapse June 14, 2023 Philip Day’s Edinburgh Woollen Mill Group empire is understood to still owe money to unsecured creditors following its collapse almost three years ago. The cluster of retail assets, which included Jaeger, Peacocks, Bonmarché, and Edinburgh Woollen Mill, fell into administration in 2020 after sales declined during the pandemic. However, administrator reports for the brands now [...]
Pyrex maker files for US bankruptcy after inflation and high rates batter sales June 14, 2023 The maker of Pyrex and Instant Pot has filed for Chapter 11 bankruptcy as dwindling sales and high inflation have battered the business. Instant Brands, which is US owned, is said to have much as $1bn (£790m) in liabilities. Instant Brand, which trades in John Lewis and Argos for upwards of £180, was impacted by [...]
Shaftsbury integration ‘progressing well’ in vote of confidence for booming London west end June 14, 2023 Shaftesbury delivered a confident update to the markets, as a return to international tourism and its £4.9bn merger with Capco helped boost activity London’s West-end. In March last year, the two West-end landlords merged, meaning that Shaftesbury who owns land around Soho and Capco who owns land around Covent Garden now operate under one ownership. [...]
Entain: Ladbrokes owner will raise £600m to fund takeover of Poland’s largest bookie June 14, 2023 Ladbrokes owner Entain told markets this morning that it will raise £600m via the placing of shares which will help fund its latest acquisition of a Polish betmaker and other near term deals. The betting giant said yesterday that it would takeover STS Holding S.A – Poland’s largest bookies – in a deal worth £750m. [...]
Apple remains world’s most valuable brand June 14, 2023 Apple has once again been crowned the world’s most valuable brand, as the tech giant continues to entice customers despite the cost of living crisis. The American phone and tech maker is valued at $880bn (£698bn), figures from Kantar show, down from £947.1bn (£751.6bn) last year which is reflective of inflation and a tough market. [...]