Made.com suspends homeware orders as it faces collapse October 26, 2022 Beleaguered Made.com has decided “to temporarily suspend new customer orders” following yesterday’s termination of talks with potential buyers. The firm said the latest move was done to “preserve value for its creditors and shareholders”. This comes after the company ended negotiations with all potential buyers yesterday, after no party could commit to a suitable timetable [...]
Virgin Wines expects customers to dodge the pub for drinks at home October 26, 2022 Virgin Wines has anticipated customers will host more social gatherings at home rather than heading to the pub. In annual results, the online wine retailer said it was “mindful” of the potential impact of the cost of living crunch on frequency and order values. However, it said it expected people would be “more likely to [...]
Exclusive: Getir teams up with Co-op as rapid delivery firm looks to grow UK presence October 26, 2022 Getir has joined forces with Co-op to deliver groceries from the retailer to consumers in a hurry. The rapid delivery firm will launch a pilot to offer app users hundreds of Co-op products across London from today. Nisa Retail, Co-op group’s wholesale division, will be working with Getir to supply the range of around 300 [...]
Made.com ditches talks with potential buyers as struggling firm desperately seeks rescue October 25, 2022 Beleaguered Made.com has said it has terminated talks with all potential buyers after no party could commit to a suitable timetable for rescue funding. The homeware retailer had been looking to shore up aggregate funding of around £45-70m over the next 18 months as a stand-alone public company. Consumers have pulled back on spending on [...]
THG shares swell after e-commerce retailer inks banking facility October 25, 2022 Shares in THG have surged after the group reported resilient sales of healthy and beauty products despite consumers tightening their belts. In third quarter results on Tuesday, the e-commerce retailer posted growth of 4.9 per cent in its beauty arm and 2.9 per cent in its nutrition division. Its share price surged by 19 per [...]
‘Commercial fact’ M&S may leave Oxford St location if not able to raze Art Deco store October 25, 2022 Plans to demolish a flagship M&S store come as Oxford St is “failing” within the retail sector, the supermarket’s lawyer told a landmark public inquiry this morning. M&S is embroiled in a battle with heritage campaigners over plans to raze its Art Deco store in the West End, with ambitions to create a new 10-storey [...]
Premier Inn owner Whitbread swings to profit but warns of £60m inflation bill October 25, 2022 Premier Inn owner Whitbread is back in the black after posting a £307.4m profit before tax, in better than expected first half results. The interim results marked better fortunes for the hospitality operator, which last year posted a 19.3m loss. However, the firm said it had not seen its pub business return to pre-pandemic levels [...]
Brits take 5* holidays as On The Beach bounces back from Covid in second-half of 2022 October 25, 2022 Travel retailer On The Beach reported its sales were up from pre-pandemic levels despite external shocks such as the war in Ukraine and economic turmoil. The medium and short haul specialists said its second-half sales were 25 per cent up on 2019 and 16 per cent up on the year as a whole. It also [...]
Beauty parade? Dyson to invest half a billion in expanding grooming offering October 25, 2022 Engineering giant Dyson is set to invest half a billion into expanding its range of beauty products, as the technology and beauty industries converge. The British company’s Airwrap hairstyler, which has graced the beauty tables of most internet influencers, has been a best-seller for several years now. And has prompted popular ‘dupes’ from the likes of Revolution [...]
MPs slam ‘short-sighted and incredibly damaging’ tax-free shopping u-turn October 24, 2022 Cross-party MPs have warned that a u-turn on tax-free shopping for overseas tourists is “short-sighted and incredibly damaging” as the tourism sector hopes to recover post-Covid. In a new report, the Digital, Culture, Media and Sport (DCMS) Committee said Chancellor Jeremy Hunt’s u-turn was hindering the sector. The committee said it felt the government was [...]