THG boss Matt Moulding slams ‘numerous’ proposals from suitors as unacceptable April 21, 2022 E-commerce beauty firm THG has dubbed a number of approaches from potential bidders as “unacceptable.” There had been speculation that the online retailer – which owns brands including Cult Beauty and Lookfantastic – could be prime for a takeover, after experiencing a turbulent year. In a trading update, CEO Matthew Moulding said the board had [...]
Retail demand protected by shoppers using lockdown savings and buy now pay later services April 21, 2022 Consumer retail demand will be protected by shoppers dipping into lockdown savings and using buy now pay later services, despite increased pressure on household budgets. Economists have said consumer demand will not see a significant drop in the coming months despite tightening purse strings across the country. Evidence showed households were turned to credit to [...]
Prices rising fast: Brits face acute egg shortage as spiralling hen food costs and energy bills lead to mass exodus of farmers April 20, 2022 UK customers could face empty shelves as an exodus of British egg farmers is caused by a lack of support from supermarkets amid spiralling costs, industry players warned today. Farmers have previously called on supermarkets to increase their egg prices due to soaring feed and energy costs in the production process. However, the industry has [...]
Missguided: CEO steps down as fashion firm hires Teneo advisors April 20, 2022 Online fashion retailer Missguided has said its founder will step down as CEO as it mulls options for its future. Nitin Passi has chosen to step aside as head of the company as the fashion firm has recruited advisors from Teneo to probe “strategic options” for its future. According to RetailWeek, Missguided is searching for [...]
Demolition of M&S Oxford St store put on hold by Gove April 20, 2022 The bulldozing of the iconic Marks & Spencer building on Oxford St has been put on pause by the government. According to a report by the BBC, Michael Gove asked Westminster council to press pause on a demolition application. Under an Article 31 holding direction, a local authority cannot green light planning permission until ministers [...]
Brewing concern: Heineken warns inflationary pressures could mean beer sales fall later this year April 20, 2022 Brewing giant Heineken said it sold more beer than expected when European bars reopened, meaning it will maintain its guidance despite volatility from war in Ukraine. Beer sales rose to a greater extent than anticipated in the first quarter, the Dutch business said. Volumes rose 5.2 per cent on a like-for-like basis compared to the [...]
Toasting to success: Naked Wines sees lifted sales as loyal customers return to purchase drinks April 20, 2022 Online wine seller Naked Wines has raised a glass to results in-line with expectations after crediting high levels of returning customers. In an update for the fiscal year ended 28 March, the Norwich-based retailer said performance was in-line with expectations. Trading was driven by repeat customer sales, strong retention and demand from existing members, the [...]
Just Eat slashes profit guidance for year and mulls sale of Grubhub April 20, 2022 Just Eat has said it has lowered its profit guidance for the year and is mulling the sale of its US arm Grubhub. The delivery service said that “management is currently, together with its advisers, actively exploring the introduction of a strategic partner into and/or the partial or full sale of Grubhub.” “There can be [...]
Hospitality bosses: Government should ‘do everything possible’ to urge workers back to desks April 19, 2022 City centre business groups have called for the government to have more urgency in encouraging commuters back to offices after figures revealed low attendance numbers at government departments. There was a daily average of only one third of staff back at their desks at the Department for Business, Energy and Industrial Strategy (BEIS), in numbers [...]
‘Scramble for staff’: Restaurants hike pay by double-digits in attempt to woo staff to stay April 19, 2022 Pubs and restaurants have hiked workers’ pay by an average of 11 per cent in recent months. A staffing blight continues to plague the hospitality sector, according to data from the latest CGA and Fourth’s Business Leaders’ Survey. Almost four in five businesses told the survey that they had increased wages in a bid to [...]