US activist fund Causeway Capital builds major stake in WH Smith September 12, 2021 Activist US fund Causeway Capital has amassed a £178m stake in WH Smith as the retail giant tries to get back on its feet post-Covid. Causeway Capital, which is based in Los Angeles, this month increased its share in WH Smith to 9.05 per cent and is now the retail chain’s largest single shareholder. WH [...]
Brexit hit: Stephen Rubin’s Pentland moves to Ireland September 12, 2021 Citing Brexit, the chairman of Pentland Group has relocated overseas according to The Times, who first reported the news. Stephen Rubin was Britain’s biggest taxpayer three years ago according to The Sunday Times Tax List. His brand management company Pentland Group is the largest shareholder in JD Sports, and owns other sports clothing brands including [...]
Franco Manca’s Fulham Shore hails rising revenues after its full-year slip September 10, 2021 Fulham Shore, which owns Franco Manca, has hailed rising revenues in its latest trading update after it fell behind 2020’s recording. The hospitality group pulled in £40.3m in revenue in the year to 28 March, plunging 41.3 per cent from the £68.6m it raked in last year. But in the three weeks to 5 September, [...]
Morrisons to cut sick pay for unvaccinated staff amid rising costs September 10, 2021 Morrisons, the fourth biggest UK supermarket, will cut sick pay for unvaccinated employees who need to self-isolate in a bid to limit the “biblical costs” of the pandemic, according to reports. The news comes as the supermarket readies itself to be auctioned off next month and after it reported a slide in interim profit before [...]
High street bosses call on government to close ‘vindictive’ rent debt loophole September 9, 2021 Retail and hospitality bosses have criticised the government for not banning a loophole used by landlords to chase commercial tenants for unpaid rent. Industry representatives said new measures left a vindictive loophole in protections for commercial tenants. The groups welcomed news that protection from statutory demands leading to winding up petitions will be extended to [...]
Morrisons CEO: Higher prices are coming due to lorry driver shortage September 9, 2021 The boss of supermarket giant Morrisons has warned of pressure on prices due to the lorry driver shortage and higher costs. The takeover target – which is at the centre of a bidding battle between two US private equity firms – said it expects industry-wide retail price inflation in the coming months as a result [...]
Morrisons revenue tops £9bn, painting picture of health for bidders September 9, 2021 Morrisons has topped a revenue of £9bn in the past six months, as the bidding battle over the supermarket giant escalates. The retailer enjoyed a revenue lift of 3.7 per cent, including its fuel earnings, in its interim results for the six months to 1 August, painting a picture of health for potential buyers. The [...]
Aquascutum and Gieves & Hawkes face being dragged down by Chinese parent’s debt struggles September 8, 2021 Struggles in China are pushing some of the most established British fashion brands into a dicey position, with Gieves & Hawkes facing a winding-up order and Aquascutum pulling out of the UK entirely. Chinese outfit Shandong Ruyi, which owns the two firms, has come under increasing pressure over its staggering $4 billion debt following an [...]
Shakespeare on advertising: Wetherspoons beer shortages hit public perceptions September 8, 2021 Cut-price pub chain JD Wetherspoon was in the news recently following reports that supplies of Heineken, Carling, and Coors have run out in some of its locations across the UK. While some have argued that Brexit has impacted supply chains, company founder Tim Martin has attributed the issues to the ongoing COVID-19 pandemic. Whatever the [...]
Revenue lifts at fresh food provider Bakkavor, but labour shortages bite September 8, 2021 Fresh food provider Bakkavor’s revenue has lifted above pre-pandemic levels, despite “unprecedented challenges in labour availability” which risk its operations running stale. Like-for-like revenue swelled by 6.4 per cent to £924.9m in the six months to 26 June, and 1.2 per cent ahead of the same period in 2019. The Fitzroy headquartered-based company, which [...]