Exclusive: Deliveroo injects £2.5m into subsidising cost of eco-friendly packaging for small restaurants October 28, 2022 Deliveroo is pumping £2.5m into subsidising the cost of eco-friendly packaging for its smaller restaurant partners. Restaurant partners will receive a 50 per cent subsidy on the cost of sustainable packaging, the delivery firm told CityA.M. on Friday. The scheme will cover any item that is home-compostable or made from recyclable paper, cardboard, or recycled [...]
Royal Exchange owners Oxford Properties sell City gem to Ardent for around £50m October 28, 2022 The owners of the Royal Exchange have sold the City’s retail gem to an Atlanta-based real estate investment firm. The retail element of the neoclassical site – which is home to luxury brands including Tiffany & Co and Hermès – has been snagged by Ardent UK, a subsidiary of its US owner. While Ardent did [...]
Grafton names Eric Born as new chief October 28, 2022 DIY retailer Grafton has appointed Eric Born as its new chief executive officer, it announced on Friday morning. Born will take on the job on 28 November, succeeding Gavin Shark at the helm of the Woodie’s owner. Born has previously served a five year stint running global aviation services giant Swissport International AG, as well [...]
Exclusive: Seven Dials Market boss says ‘Brexit means we are short-staffed for every shift, every day’ October 27, 2022 Brexit has “absolutely screwed” the food industry after it “ripped away” its labour source, according to the boss behind the West End’s popular Seven Dials Market. Businesses at the food and drink destination are facing staff shortages “for every single shift, every single day,” Simon Mitchell, who heads the street food market operator Kerb, exclusively [...]
Budweiser owner hikes guidance after raking in higher-than-anticipated beer sales October 27, 2022 Brewing giant AB InBev has lifted its yearly earnings guidance after posting higher than anticipated earnings, with punters’ thirst for beer not waning despite high inflation levels. Raising a glass to its best quarterly performance this year, on a volume basis, the Budweiser maker elevated its 2022 guidance. EBITDA is now anticipated to rise between [...]
Made scraps hunt for a buyer as sofa seller nears collapse October 27, 2022 Ailing Made.com has said it has cut short its hunt for a buyer, as the homeware firm teeters on the brink of collapse. In an update to the London Stock Exchange on Thursday morning, the furniture retailer said there was “no reasonable prospect” of an offer. Shoppers have been pulling back from spending on big [...]
Ben & Jerry’s owner Unilever warns of shoppers buying less as inflation bites budgets October 27, 2022 Dove maker Unilever has seen consumers buying less of products after price hikes, as the consumer goods titan has ushered in record price rises. Prices increased by 12.5 per cent in the period, the brand’s highest ever hike, as consumers battle cost increases in every corner of life. The London-listed consumer goods giant admitted price [...]
Ben Francis: Gymshark’s move to the West End ‘completely different ball game’ October 27, 2022 How does Gymshark’s 30-year-old founder feel about the fitness apparel firm moving offline and into the West End? “Buzzing,” Ben Francis tells CityA.M. Gymshark reeled in record profits during the pandemic, as stuck at home Brits took to Joe Wicks workouts and online shopping with abandon. With that now in the rear-view mirror, Francis is [...]
In the Square Mile, all the pieces matter to City of London prosperity October 27, 2022 “Earn the commute.” That was the phrase that a host of City hotshots used in a panel discussion earlier this week. It’s a helpful way of understanding the Square Mile’s rebound from the pandemic, and indeed, how it has changed. Today, the City will be at its busiest. Thursday is the new Friday, after all, [...]
Growth for Durex owner Reckitt as punters find new way to warm the home October 26, 2022 CONSUMER giant Reckitt enjoyed another bumper quarter heading into the winter – with strong momentum in one particular category suggesting consumers across the world might have found alternative ways to keep warm amid the energy crisis. The firm said it had seen “strong growth” in its intimate wellness portfolio, which includes Durex and KY, alongside [...]