Excl: Brits’ spend on restaurants and takeaways behind pre-Covid average November 28, 2022 Brits are now spending far less on meals out and takeaways than they were on the eve of the Covid-19 pandemic, as consumers and businesses grapple with rising costs. Diners are forking out 16 per cent less per month in restaurant spending on average, versus 2019, according to exclusive research shared with CityA.M. Average spend [...]
IKEA owner ‘optimistic’ about future price cuts as input costs ease November 28, 2022 The owner of most IKEA stores is eyeing additional price cuts as its cost headwinds have started to let up. While the flat-pack furniture specialist hiked prices earlier this year, Ingka group’s retail manager Tolga Oncu told Reuters that he was “optimistic” the firm would be able to reduce prices even further. The furniture giant [...]
Boohoo amps up stake in troubled Revolution Beauty to 26 per cent November 28, 2022 Fast fashion retailer Boohoo has upped its stake in Revolution Beauty, as the troubled cosmetics firm announced a new chief. The online retailer said it had upped its strategic investment in the lipstick seller to 26.47 per cent of its issued share capital. Boohoo, which sells Revolution cosmetics on a number of its websites and [...]
Shapps intervention urged to stop energy suppliers ‘finding routes to inflate’ bills for SMEs November 28, 2022 The business minister has been asked to intervene to stop energy suppliers from hiking prices for small businesses. Some small firms have complained that their energy costs continue to climb, despite the government’s energy bill relief scheme. The Federation of Small Businesses (FSB) has written to Grant Shapps to urge him to prevent suppliers from [...]
Superdry confirms £70m loan talks with Bantry Bay ahead of repaying debts November 28, 2022 Fashion retailer Superdry has confirmed weekend reports that it is requesting £70m from London hedge fund Bantry Bay. Superdry is set to pay its debts early next year and has sought a new asset-backed lending facility before its January deadline. “Superdry plc acknowledges recent press speculation about its previously announced refinancing process and confirms that [...]
Revolution Beauty probe into lipstick seller’s accounts continues as lenders hire advisers November 28, 2022 Revolution Beauty has named its new chief executive officer as Bob Holt as the business looks to move forward amid a probe into its accounts. The troubled cosmetics retailer said on Monday its current chief operating officer Holt would be stepping into the top job, after Holt was made responsible for the daily management of [...]
US hedge fund to refinance Superdry with £70m package November 27, 2022 US hedge fund Elliott Advisors is set to refinance Superdry with a £70m funding as the clothing company is due to repay its debts early next year. Advised by PwC, Superdry is in talks with Bantry Bay – a London-based fund backed by Elliott – to ensure the new asset-backed lending facility before the January [...]
Busiest Black Friday on record as Brits make the most of sales in cost of living crisis November 26, 2022 This year’s Black Friday was the busiest on record, as Brits look to make the most of deals amid the cost of living crisis. The number of purchases jumped on Friday, up 10 per cent in comparison with last year, according to data from Nationwide today. The rate of spending has risen more than a [...]
Tesco invests further £14m into egg industry as avian flu sparks rationing November 26, 2022 Tesco is leading the charge in supporting egg suppliers, as British supermarkets begin rationing egg sales amid an outbreak of avian flu. Egg farmers in the UK have been wrestling with an outbreak of avian flu, on top of soaring inflation which has ramped up the price of feed and energy. Tesco has set aside [...]
Nine pub chiefs plead with Mick Lynch to call off strikes and avert ‘devastating’ impact November 25, 2022 The chief executives of nine major pub and bar chains have written to rail union boss Mick Lynch pleading with him to call off strikes and to not unleash a “devastating” impact hospitality. The heads of Fuller’s, Young’s, Drake & Morgan and the City Pub Company were among those appealing to the RMT leader today. [...]