More than 6,000 letters sent from bars and clubs to MPs urging winter support September 3, 2022 Bars and club businesses have sent MPs more than 6,000 letters, pleading for a package of support to help them pay staggering energy bills this winter. In more than 65 per cent of businesses, firms are barely breaking even or losing money, due to increasing operating costs, according to the Night Time Industries Association (NTIA). [...]
Waitrose admits it signed deals with landlords to block rivals from opening nearby stores September 2, 2022 Waitrose has admitted to signing deals with landlords halting other supermarkets from opening nearby for a decade, following a probe by the UK competition watchdog. The supermarket, which is owned by the John Lewis Partnership, has said it has re-written property deals for numerous sites to allay competition concerns. The Competition and Markets Authority (CMA) [...]
Ted Baker sees lift in sales as rebounding store revenues are offset by slump in demand September 2, 2022 Fashion brand Ted Baker has revealed that recovering store footfall helped support higher sales over the past quarter as it prepares for its US takeover. Last month, the retail business agreed a £211 million takeover by Authentic Brands Group, the US owner of Reebok and Juicy Couture. Ted Baker shareholders will vote on the move [...]
Pace of retail footfall recovery slows in August as retailers look to autumn with ‘air of caution’ September 2, 2022 The recovery of retail footfall slowed last month as the cost of living crisis caused shoppers to steer clear of spending splurges. Although footfall at retail destinations in the UK continued to slowly climb back towards pre-Covid levels, the pace of improvement slowed, according to the latest data from the British Retail Consortium (BRC) and [...]
Issa brothers’ EG Group posts subdued profit due to cost of living pressures on consumers September 1, 2022 The Issa brothers’ EG Group has posted subdued profit for the second quarter, as the petrol station forecourt operator said “the cost-of-living squeeze remains front of mind for all of us.” EG Group saw group EBITDA slump 6.5 per cent to $355m (£308m), for the three months to 30 June, it shared on Thursday. The [...]
Brewdog to shut six bars as its CEO launches scathing attack on ‘zombie government’ September 1, 2022 Pub chain BrewDog will close six outlets across the UK as its CEO launched a scathing attack on the “zombie government’s” lack of support for the industry amid soaring energy costs. Its CEO and founder James Watt shared the news on a heartfelt LinkedIn post, in which he appealed to Liz Truss and Rishi Sunak [...]
Jet2’s summer seat sales outshine 2019 levels as package holidays boom September 1, 2022 Jet2.com and Jet2holidays’s summer sale seat capacity was 14 per cent higher than 2019 levels as the travel giant banks in on the post-pandemic rush. Executive chairman Philip Meeson told shareholders during Jet2’s AGM package holiday customers continued to display a materially higher mix of the total departing passengers, up 13 per cent in this summer. He [...]
Reckitt chief Laxman Narasimhan steps down September 1, 2022 Consumer goods giant Reckitt Benckiser announced today that chief Laxman Narasimhan will step down from his role at the end of this month as he moves back to the US “for personal and family reasons”.
Franca Manca owner says trade is ‘resilient’ despite travel disruption and consumer slump August 31, 2022 Franca Manca owner Fulham Shore has said that despite the turmoil in the UK economy and travel disruption, trading remains "resilient".
City impact investment chief Jim Roth on greenwashing: ‘If you can’t measure it, you cannot manage it’ August 31, 2022 So-called “green” investment claims, and the substance behind them, are dominating the agenda of many City firms and the wider UK business community. ESG disclosure regimes aim to counter “greenwashing” by requiring financial firms who have marketed their investment products as “green” to disclose data relevant to their investments’ sustainability. However, the relatively new City [...]