M&S remains UK’s fastest growing supermarket catching up with Big Four grocers February 8, 2022 Marks & Spencer has maintained its position as UK’s fastest growing food retailer, market researcher NielsenIQ said today, indicating its turnaround plan is gaining momentum. It said M&S’s sales rose 12.3 per cent in the 12 weeks to January 29 year-on-year, giving it a market share of 3.6 per cent, up 0.4 percentage points on [...]
Ocado shares plummet 10 per cent as investors show anxiety towards ‘resilient’ growth February 8, 2022 Ocado’s shares are taking a beating this afternoon, with investors appearing unimpressed by group revenue and international expansion. Despite the online retailer reporting that group revenue was up 7.2 per cent to £2.5bn for the full year, shares plummeted as much as ten per cent this morning. It comes after Ocado, which is a 50:50 [...]
More than 250 hospitality bosses call for VAT freeze as diners hit by rising costs February 7, 2022 Restaurant bosses from big names including JD Wetherspoon and Greene King have signed a letter to the Chancellor calling for a VAT freeze at 12.5 per cent. In an open letter to Rishi Sunak, more than 250 hospitality businesses have called for a re-think of plans to hike the VAT rate back to 20 per [...]
Cobra chairman: ‘No running away’ from beer price increases February 7, 2022 Price hikes for beer are a “necessity” against a backdrop of spiralling costs faced by businesses, according to the founder of Cobra Beer. Firms have been hit with rising costs across the supply chain, including manufacturing, energy and labour with consumers facing rising food prices and utility costs. The food and drink industry faces a [...]
Tesco chief: ‘The worst is yet to come’ as energy crisis set to push food prices higher February 7, 2022 Tesco chairman John Allan issued a stark warning on rising food prices yesterday, cautioning “the worst is yet to come” in the coming months. While the supermarket boss said it was troubling people were facing heating or eating, Allan said Tesco had also been hit with soaring energy costs. The average amount of household income [...]
3,000 new UK jobs on the menu as German Doner Kebab plans to open 78 new restaurants this year February 7, 2022 In a dramatic expansion which will create almost 3,000 jobs, German Doner Kebab has said it plans to open 78 news restaurants this year across the UK. The kebab chain said it will grow to 170 restaurants across the UK this year as it continues to shrug off the challenging environment currently facing the casual [...]
Student work app Stint delivers Pizza Express nationwide deal February 7, 2022 Student work app Stint has inked a nationwide partnership with Pizza Express. The app connects students with hospitality venues in need of more hands on deck for a few hours. The partnership follows a trial in London and Edinburgh. More than 120 Pizza Express restaurants will partner with the app, which claims to offer hospitality [...]
Consumer confidence drops further as cost of living concerns intensify due to skyrocketing bills February 7, 2022 Consumer confidence dropped further in the fourth quarter of last year as Brits concerns about the cost of living intensified. Skyrocketing bills resulted in UK consumer confidence falling one percentage point at the end of last year, to minus 11 per cent, according to the latest Deloitte Consumer Tracker. Cost increases for utilities and groceries [...]
Private equity firms circle embattled retailer THG February 6, 2022 Troubled e-commerce retailer THG is being circled by private equity firms for a potential buyout. Representatives from Advent International have reportedly visited the firm’s Manchester headquarters while LA-based Leonard Green is understood to have also expressed an interest. Shares leapt 16 per cent on Friday following speculation about private equity interest in a Betaville blog [...]
Ivy owner Richard Caring steps away from battle for Corbin & King February 6, 2022 Ivy owner Richard Caring has signalled he has given up the chase for beleaguered restaurant group Corbin & King. The group behind celebrity haunts including The Wolseley entered administration last month, amid icy relations between Corbin & King’s founders and its majority shareholder. Restauranter Caring has said “at this moment, I am not intending to [...]