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. [...]
Brits’ spending drops sharply as recession clouds gather August 18, 2022 Brits’ credit and debit card spending dropped dramatically over the past week, according to fresh data published by the Office for National Statistics. This data ranked at 97 per cent of its level in February 2020, the month prior to the country’s first Covid lockdown. The figures are based on Bank of England CHAPS interbank [...]
Downing tools: Investors pile into bets against B&Q owner as DIY boom slows August 18, 2022 The troubled owner of retailer B&Q has become the most shorted stock on the London Stock Exchange this week as two top investors revealed hefty bets against the firm.
Madame Tussauds owner Merlin Entertainments slams ‘wholly inappropriate’ winding up petition from Experian August 18, 2022 The owner of Madame Tussauds and London Dungeons has been slapped with a winding up petition by Experian. Merlin Entertainments, which owns theme parks such as Alton Towers and Legoland as well as some of London’s top cultural destinations, faces proceedings due to a dispute over debt. A winding up petition sees unpaid creditors take [...]
Mary Portas: Future of high street is ‘less retail but better retail’ August 18, 2022 The future of the high street will involve “less retail but better retail”, according to broadcaster and retail guru Mary Portas. More than nine in ten retailers believe the UK high street is suffering, according to new research from marketplace Ankorstore, backed by Portas. High street firms are facing turmoil including heightened energy bills, staff [...]
AO World swings to £37m loss as costs skyrocket August 18, 2022 Online electrical retailer AO World revealed it had swung to a £37m loss in the year to March as costs skyrocketed and pandemic-induced boom in sales dropped off.
Made.com confirms emergency measures to bolster balance sheet August 18, 2022 Furniture firm Made.com confirmed it is mulling a capital raise to shore up its balance sheet today as it grapples with a plummeting share price and soaring costs.
Frasers Group makes cash offer for Australia’s My Sale August 17, 2022 Sports Direct owner Frasers Group has made a cash offer to snag the Australian e-commerce site MySale, after becoming its largest shareholder. Mike Ashley’s retail emporium announced the offer for a 100 per cent stake in the firm on Wednesday morning, at a price of 2p per share. Frasers presently holds a 28.7 per cent [...]
Auditor BDO quits Tory co-chair’s concierge service Quintessentially August 17, 2022 BDO is reportedly resigning as auditor of Quintessentially, the members-only concierge service founded by Tory party co-chair Ben Elliot, following a breakdown in their relationship. The auditing firm has cut ties with Quintessentially’s travel service, and is also set to exit its relationship with the wider group, the Financial Times reported. BDO declined to comment on the report. [...]