Cineworld can’t find buyer for operations outside UK, US and Ireland as creditors set to take over April 18, 2023 Cineworld will halt efforts to sell its business outside of the UK, US, and Ireland after it failed to find a buyer. The London-listed firm — which filed for bankruptcy in the US last August — said that it had received offers for its “Rest of World” business but they “did not meet the value [...]
THG shrugs off £495m operating loss as luxury retailer mulls Apollo buyout April 18, 2023 THG has revealed an operating loss of £495.6m as the online retailer admitted having to fork out for soaring international delivery costs and a strategic review of its stock The London-listed e-commerce platform posted a 2.7 per cent jump in group revenues to £2,239.2m, compared to £2,179.9m the previous year, as the company undergoes a [...]
No break for Brits as inflation pushes the cost of kitchen staples by 80 per cent April 18, 2023 Brits are yet to receive a break from soaring food prices as the price of cheddar cheese, sliced white bread and porridge oats are up to 80 per cent more expensive than a year ago. As inflation reached record highs due to the war in Ukraine, consumers were forced to fork out more for kitchen [...]
Shares in Royal Mail owner jump 7 per cent after pay deal with union April 17, 2023 Shares in Royal Mail’s parent company, International Distribution Services, closed up almost 7 per cent today after reaching an agreement with striking workers. In a joint statement released on Monday, Royal Mail and the Communication Workers Union (CWU) announced they had reached an agreement “in principle.” “The proposed agreement will now be considered by the [...]
Grand National protests: More than 60 animal rights activists in custody April 17, 2023 More than 60 animal rights activists are in custody after a large number of protesters attempted to gain entry to the Aintree Racecourse track, delaying the start of the Grand National, Merseyside Police said. Officers arrested 118 people on Saturday after scores of activists climbed fences, with at least two fixing themselves to a jump [...]
Fashion for change as Pretty Little Thing founder quits to build ‘new brands’ April 17, 2023 Umar Kamani, the founder and chief executive of Pretty Little Thing, is stepping down from the fashion brand after 12 years at the helm. Kamani, who founded the business in 2012 with his brother in his home town of Manchester, said he was leaving the £3.8bn company to explore new challenges and “build new brands”. [...]
Quiz takes a dressing down as fashion retailer sounds warning over cost of living April 17, 2023 High street retailer Quiz blamed high inflation and a knock in consumer confidence for a dip in like-for-like revenues during the first two months of the year. The clothing brand sounded a note of optimism, stating its trading remained consistent with that of pre-pandemic levels. The London-listed retailer’s group revenue rose 17 per cent to [...]
Would London benefit from a tourism tax? April 16, 2023 What sets London apart from its neighbouring European cities? The City’s bustling financial centre? A super connected underground rail system? Its diverse population of inhabitants? The answer could well be London’s hesitancy to tax its tourists for overnight stays. Even the country’s de facto second city Manchester has followed in the footsteps of Paris and [...]
Shoppers head to frozen food aisles to quell ‘sizzling hot’ inflation hit April 14, 2023 Shoppers are opting for frozen meat and meals like pizza and chips as food price inflation continues to add hundreds of pounds to households’ grocery shops. New figures from research firm Kantar showed frozen food sales were ticking up in British supermarkets. Frozen poultry like chicken and game meats increased in the three months to [...]
Supermarket wars: Lidl and Aldi play catch up with Tesco in slashing price of milk April 14, 2023 Aldi and Lidl have followed rival supermarkets Sainsbury’s and Tesco in slashing the price of milk. The budget retailers announced on Friday that they are cutting the price of their four-pint own brand bottles by 10p from £1.65 to £1.55. The change follows a similar announcement by supermarket Sainsbury’s on Thursday, with Tesco being the [...]