Qatar emerges as front runner in talks for £4bn Selfridges October 18, 2021 The Qatar sovereign wealth fund has been revealed to be a front runner in the £4bn takeover race for the iconic Selfridges. It was reported this summer that the Westons – the billionaire family behind the department store chain – had launched a formal sales process after an approach. Now, The Mail on Sunday has [...]
THG founder Matthew Moulding to give up ‘golden share’ after £2bn mystery share plunge October 18, 2021 Online retail giant THG confirmed this morning that its founder, Matthew Moulding, has agreed to give up his “golden share” after the company’s shares plunged amid fierce scrutiny over its corporate governance. The “golden share” structure has been criticised by institutional investors who believe it can give founders too much control. THG’s structure has also [...]
Treasury presses ahead with online sales tax October 18, 2021 The Chancellor is reportedly amping up plans for an ‘Amazon tax’ that would help bricks-and-mortar high street stores. It comes after businesses were left bitterly disappointed by reports that Rishi Sunak has delayed a radical overhaul of the business rates system. Treasury officials have sped up work on a new online sales tax in the [...]
Supreme enjoys growth after dodging supply chain chaos October 18, 2021 Wholesale supplier Supreme has said it is pleased with a strong performance in the first half of the financial year, driven by vaping and fitness trends. In an update for the six months ended September 30 2021, the group said it was confident in achieving full year expectations. Sales have been driven by its vaping [...]
London lagging behind rest of Britain in hospitality sales October 18, 2021 Despite an overall booming September trade for Britain’s restaurants, pubs and bars, sales in the capital lagged behind, according to the latest Coffer CGA Business Tracker. Britain’s managed restaurants, pubs and bars had their second successive month of year-on-year sales increases, with total sales even up on pre-pandemic levels of September 2019 by eight per [...]
Stratford’s Westfield shopping centre evacuated after fire breaks out October 17, 2021 Westfield shopping centre in Stratford has been evacuated after a fire broke out in one of its stores. Police and around 60 firefighters arrived on the scene this morning, who have since controlled the blaze. While helicopters were reported to fly above the building. A Metropolitan Police spokesperson tweeted: “We are supporting LondonFire with evacuation [...]
Make do and mend: Britain’s wartime mentality is back as spending nosedives October 15, 2021 As the UK continues to battle Covid-19 and a series of fuel, energy and distribution crises, households appear to be battening down the hatches in preparation for a post-pandemic Britain. The once popular wartime mantra, ‘Make do and Mend’, is once again making a revival as household spending begins to fall significantly. ONS data analysed [...]
West End bemoans business rates delays as reform heads for the long grass October 15, 2021 Central London bosses last night said another delay to business rates reform would be a “further blow” for beleaguered bars and restaurants. Chancellor Rishi Sunak has reportedly delayed a fundamental review of the levy, further rubbing salt in the wounds of West End businesses teetering on the brink after several lockdowns and fledgling return of [...]
Amazon appeals record €746m fine for EU data law breach October 15, 2021 Amazon has officially appealed a record €746m fine from the European Union’s privacy watchdog for breaching the bloc’s data protection rules. The appeal, which was filed today at the Luxembourg Administrative Tribunal, is for the collection and use of individuals’ personal data, which violated General Data Protection Regulation, or GDPR law. The retail and technology [...]
Russia’s Yandex steps into London’s hyper-competitive online grocery market October 15, 2021 Delivery drivers sporting the bright yellow colours of Yango Deli will be visible across London after the international e-grocery arm of Russian tech giant Yandex became the latest player to launch in the UK’s crowded delivery market. Watch the full report.