Matalan founder Hargreaves guns for outright ownership of retailer August 21, 2022 Fashion retailer Matalan is facing a battle between its lenders and its founder over its ownership as a deadline for refinancing looms. According to a report in Sky News, the retailer’s chairman John Hargreaves has proposed pumping tens of millions of pounds into the clothing firm. Hargreaves is reportedly hoping to retain outright control of [...]
M&S doubles down on plans to demolish Art Deco Oxford St store August 21, 2022 M&S is doubling down on its plans to demolish its flagship Marble Arch store, as its CEO describes a trip to Oxford St as “dismaying.” The supermarket is embroiled in a battle with heritage campaigners over plans to raze its Art Deco store in the West End. M&S says the store has “asbestos throughout,” and [...]
Amazon slows down expansion of Fresh checkout-free stores August 21, 2022 Amazon has reportedly slowed down its rollout of checkout-free supermarket stores, as economic turmoil looms. The tech firm has rejected discussions for dozens of new Amazon Fresh stores, according to a report in The Times. It has also opted to not look for more locations, the newspaper’s report states. However, a small number of openings [...]
Sunday Sitdown: ‘There is a demand to return to the office’, says boss of City favourite T.M. Lewin August 21, 2022 British menswear brand T.M. Lewin – for decades a favourite among City workers – is back. Two months after the heritage brand struck a last-minute rescue deal with shirtmaker Limited, the company has managed a re-launch after the pandemic nearly killed off the Square mile favourite. Established over 120 years ago, T.M. Lewin is steeped in [...]
Cineworld share price plunges over 50 per cent amid bankruptcy reports August 19, 2022 Cineworld’s share price has plunged more than 53 per cent today amid reports it is filing for bankruptcy. Investors bailed out of the stock, leaving it with a share price of 4.5p a piece. However, shareholders have been stepping back for more than a year. The cinema chain had been hit particularly hard by successive [...]
Watch the trailer for Sky dramatisation of Boris Johnson’s first days in office battling Covid, Brexit and controversy August 19, 2022 As Boris Johnson enters his final few weeks in Number 10, the trailer for a new Sky drama detailing his first months in office has been released. BAFTA and Academy Award-winner Kenneth Branagh portrays the flamboyant prime minister in the tumultuous early stages of his term, as he battles the first Coronavirus wave, Brexit and [...]
Bosses at Joules brace for ‘significant loss’ in pre-tax profit this year August 19, 2022 Bosses at retailer Joules are bracing for a “significant loss” in profit in the first half of this year, as inflation and the recent heatwave hit sales. While the company expects its finances to improve in the second half of the year, the board announced today, Joules is expected to report a pre-tax loss for [...]
Just Eat sells £1.5bn stake in Brazilian food delivery giant August 19, 2022 Delivery giant Just Eat Takeaway has sold its stake in Brazilian counterpart iFood for €1.8bn (£1.5bn) to local internet company Movile. The 33 per cent stake in iFood, which has dominated the market share in Brazil, will bolster Movile’s food ordering and delivery segment, although it also operates across ticketing and logistics. The deal includes [...]
UK retail sales recover with the lure of summer promotion deals despite inflation August 19, 2022 Retail sales have recovered since June, as penny pinching Brits seek to navigate worsening inflation, according to official figures today. Around three quarters of adults have said they are very or somewhat worried about the rising costs of living in the past two weeks, according to a separate poll by the ONS. Sales, carried by [...]
Soho House owner cuts yearly forecast despite buoyant UK membership August 18, 2022 The company behind Soho House has slashed its yearly forecasts even as its UK membership has soared. Membership Collective Group said that Soho House had boosted its UK membership by 20 per cent in the past year from 45,277 to 54,764. The Wall St-listed group marked a 96 per cent revenue, with sales hitting $243.8m. [...]