Just Eat Takeaway urged to sell Grubhub by activist investor October 25, 2021 Just Eat Takeaway (JET) has been urged to sell or spin-off its US arm Grubhub by an activist investor by the end of the year. Investor Cat Rock Capital has said the food delivery firm’s management “failed to fix the deep and damaging undervaluation of its equity by taking tangible action to unlock the value [...]
Las Iguanas owner plots 50 new restaurant openings October 25, 2021 The operator behind Las Iguanas, Bella Italia and Café Rouge is to open 50 new restaurants as part of an investment topping £50m. As well as new venues, the Big Table Group said it planned to refurbish 70 sites over the next three years. Its growth plans will create 1,250 new jobs. Some £35m will [...]
Savile Row’s Gieves & Hawkes faces being wound-up October 25, 2021 Savile Row tailor Gieves & Hawkes is facing the threat of closure due to its parent company’s financial problems. Without a new backer, the 250-year old firm and its sister firm Kent & Curwen could be wound up, according to The Times. The tailor’s Chinese owner Trinity Limited is controlled by the Shandong Ruyi Technology [...]
Number of retail M&A deals soars as buyers eye economic recovery October 25, 2021 The number of M&A deals targeting UK retailers has swelled 28 per cent to 37 in the past year, new analysis has found. City law firm RPC found that the number of deals rose from 29 in the previous year while the Morrisons and Asda deals saw deal value skyrocket. Value has soared more than [...]
Pizza Express and IHG back calls for VAT freeze October 24, 2021 More than 200 hospitality bosses have called on the Chancellor to freeze VAT for the sector at 12.5 per cent. CEOs of big names including Stonegate, Pizza Express and IHG Hotels, have urged Rishi Sunak to announce a permanent reduced rate on the Budget on October 27. They said businesses need more support to fully [...]
Missguided seeks rescue plan as supply chain chaos strains finances October 24, 2021 Missguided’s multimillionaire owner is scrambling to save the fast fashion brand from supply chain pressures. The online retailer has been hit by a perfect storm of price rises and delivery disruption. Missguided founder Nitin Passi is thought to be in talks with City crisis experts from AlixPartners to look at dramatic restructuring options, according to [...]
Businesses will not survive another winter of lockdown, CEO of UK Hospitality warns October 23, 2021 Businesses will not survive another winter of lockdown restrictions, the CEO of UK Hospitality has warned. Times Radio Presenter Jenny Kleeman asked Kate Nicholls if she thought businesses would survive if the Government goes ahead with Plan B. No I don’t, bluntly. We have already lost 12,000 businesses. Kate Nicholls Consumers will not go out [...]
Covid rules easing: Medics call decision to re-open nightclubs in Belfast ‘complete madness’ October 22, 2021 Medics have said the Stormont decision to lift coronavirus rules despite mounting pressures on the health service is “complete madness.” Dr Tom Black, chair of BMA’s Northern Ireland council, said the relaxations planned for the end of the month would ultimately lead to more Covid-19 deaths. He criticised the move as “stupidity” as he warned [...]
Tesco and ASOS call for legal crackdown on human rights abuse October 22, 2021 Tesco and ASOS are among more than 30 retail businesses and investors have called for a new UK law to prevent human rights abuse. Some 36 household names – including Primark and John Lewis – have issued a joint statement calling for fresh human rights and environmental due diligence law. A legal review by Blackstone [...]
Sterling fares well following PMI surprise despite retail sales fall October 22, 2021 This morning’s UK retail sales figures showed a monthly decline of 0.2 per cent in September, while the market had been anticipating a rise of 0.6 per cent. Meanwhile, sales were down 1.3 per cent compared to September last year, yet the consensus forecast was for a decline of 0.4 per cent. It was the [...]