Competition watchdog CMA launches probe into Morrisons takeover of McColl’s July 13, 2022 The CMA, the UK’s competition watchdog, confirmed this morning the launch of a ‘phase one’ investigation into Morrisons’ takeover of McColl’s. Bradford-based supermarket chain Morrisons snapped up McColl’s in a £190m rescue deal in May after the convenience chain collapsed into administration in light of soaring costs due to supply chain disruption, inflation and its [...]
JD Wetherspoon beer sales lag pre-Covid levels as recovery ‘more laborious than anticipated’ July 13, 2022 JD Wetherspoon has said sales of pints were eight per cent below pre-pandemic trading and it expects to post higher losses this year. While a “boom in pub sales” had been anticipated following the easing lockdown measures, recovery for many venues had been “slower and more laborious than was anticipated,” the budget pub chain said. [...]
Women’s Euro 2022: Brits to spend £175m on food and beer when Lionesses play N. Ireland on Friday July 12, 2022 Following the Lionesses’ historic 8-0 victory against Norway, Brits are catching football fever and are likely to spend almost £175m when England play Northern Ireland on Friday. Supporters will soak up the atmosphere of the Women’s Euro 2022 with 4.7m expected to tune in, with England already through to the quarter finals and N. Ireland, [...]
Boohoo follows in Zara’s footsteps with return fee for online orders July 12, 2022 Fast fashion retailer Boohoo has introduced a return fee of £1.99, following in the footsteps of Zara. The Manchester-based brand said it had made the decision because costs for retailers, including shipping, have increased considerably over the past few months. A Boohoo group spokesperson told The Mirror: “As the cost of shipping has increased, we’ve [...]
German Doner Kebab owner eyes New York listing as chain swells quickly July 12, 2022 The owner of the German Doner Kebab chain has said it is eyeing floating on the New York stock exchange. Scotland’s Hero Brands, which owns the rapidly expanding kebab chain as well as Island Poké and Choppaluna, is mulling a public listing across the pond. Imran Sayeed, boss of the Glasgow-based business, told Times Enterprise [...]
Butlin’s sites snapped up for £300m as Brits turn to home turf instead of flying July 12, 2022 The sites of Blackstone-owned holiday resort chain Butlin’s have been snapped up for £300m, in a ground rent deal signalling the continued momentum behind British holiday parks. Chief market analyst at IG Group, Chris Beauchamp, told City A.M. the investment was “a sensible move given the expectation that Brits will be spending less time on [...]
Former Asos CEO moves upmarket with top job at Matches Fashion July 12, 2022 Ex-Asos boss Nick Beighton is set to take the reins at premium fashion retailer Matchesfashion, it announced on Tuesday. The e-commerce firm had been anticipated to make Beighton’s appointment on Tuesday morning, as it tries to boost its performance, according to a Sky news report on Sunday evening. Matches sells designer labels such as Gucci, [...]
Wagamama owner acquires Mexican restaurant brand Barburrito in £7m swoop July 12, 2022 The owner of Wagamama restaurants has acquired Mexican fast-casual restaurant brand Barburrito for £7m. Announcing the takeover on Tuesday morning, the Restaurant Group said the purchase represented a next 12 months run-rate EBITDA multiple of 4.4x. The London-listed group said Barburrito’s offering was “well aligned with key consumer trends including healthy eating, convenience, customisable cuisine,” [...]
Retail sales tumble to a rate ‘not seen since depths of pandemic’ amid cost of living crisis July 12, 2022 Retail sales volumes are plunging by a rate not seen since the darkest days of Covid lockdowns, as industry voices have warned businesses will struggle amid historic inflation. Total sales dropped by one per cent in June, according to the British Retail Consortium (BRC) and KPMG retail sales monitor for the five weeks to 2 [...]
Domino’s poaches Just Eat’s finance director for top board role July 11, 2022 Domino’s has appointed a new chief financial officer, poaching Just Eat’s UK and Ireland regional finance director. The pizza chain announced on Monday that Edward Jamieson will join the board of directors in October 2022. Jamieson’s CV includes a four year stint at the food delivery platform, where he helped the UK arm boost revenue [...]