Joules bought out of insolvency by Next with 19 stores to close December 1, 2022 Next has bought fashion retailer Joules out of insolvency, beating other high street names in a bidding war. The high street chain called in administrators a few weeks ago, with 1,600 jobs hanging in the balance. Now, stalwart Next has confirmed it has emerged victorious in a battle for the brand, forking out £34m for [...]
Brexit adds £200 to Brits’ food bill, LSE study finds December 1, 2022 Brexit piled on an average of £210 extra to household food bills in two years, a fresh research paper has found. UK consumers paid a £5.8bn price tag in additional grocery costs, over the two years to the end of 2021, a study from the London School of Economics has found. As low-income households fork [...]
Hotel Chocolat in the red amid ‘challenging’ current trading landscape December 1, 2022 Chocolate maker Hotel Chocolat has posted a £9.4m loss but said “people are still treating themselves with affordable luxury” despite a cost of living crisis. Its full-year results came in contrast to the previous year’s, where the London-listed firm posted a £3.7m profit after tax. “It goes without saying that the current environment is challenging [...]
Exclusive: Poundland owner opens 3,000th Pepco store amid discount frenzy December 1, 2022 Discount giant Pepco has opened its 3,00th store, with a new Berlin site, as momentum swells for affordable goods while households tighten their belts. The owner of the Pepco, Dealz and Poundland brands told CityA.M. its 3,000th Pepco store opened its doors today, with plans to roll out hundreds more stores in the near future. [...]
Mattress seller Emma probed by watchdog after discount urgency concerns November 30, 2022 Competition regulators are probing mattress seller Emma Sleep after concerns some of its online sales practices could be falling foul of consumer law. The sleep wellness brand is being investigated for potentially misleading shoppers by its use of countdown timers, with concerns of false warnings that a discounted price will end soon. A probe into [...]
H&M slashes 1,500 jobs as shoppers pull back on fashion spending November 30, 2022 The world’s second largest fashion retailer has announced a wave of lay-offs as the apparel sector grapples with weakening demand from shoppers. The Swedish apparel giant said around 1,500 job cuts come as part of a plan set out earlier this autumn to save around 2bn Swedish crowns (£160m) each year. “We are in a [...]
City bosses more Santa than Scrooge this Christmas as it rains parties, presents and bonuses in London November 30, 2022 Despite economic difficulties, London bosses are still planning to give their staff Christmas parties, presents, or bonuses. London employers appear to be going bigger on bonuses, with 56 per cent of London staff expecting a Christmas bonus, compared with just 23 per cent of those in both the South East and South West, and only [...]
Mulberry feels the chill of recession as boss calls for VAT-free shopping to boost tourist sales November 30, 2022 High-end accessories retailer Mulberry is beginning to feel the effects of the cost of living crisis and recession in the UK, with sales and revenue slipping over the past six months. Sales at its London stores on Bond St and Regent St have been hit hard by affluent tourists from the US and the Arab [...]
Bar operator Loungers posts lower earnings after government Covid support ends November 30, 2022 Bar group Loungers has posted lower earnings for the half-year, after it benefited from government aid with VAT and business rates last year. The Cosy Club and Lounges operator posted 53 per cent revenue growth, compared to the equivalent pre-pandemic half-year period in 2020. However, adjusted EBITDA came in at a subdued level compared to [...]
Unaffordable Christmas meals loom as food inflation skyrockets to record 12.4 per cent November 30, 2022 It has emerged that food inflation has surged to 12.4 per cent to hit a new record amid predictions of dampened Christmas cheer and an “increasingly bleak” winter. Overall shop prices are now 7.4 per cent higher than last November, up from 6.6 per cent in October, to set another record since the British Retail [...]