BrewDog launches ‘gold plated apology’ after advertising watchdog scolding October 20, 2021 BrewDog has been slapped on the wrist by the advertising watchdog after falsely claiming competition winners would receive a “solid gold” can. BrewDog admitted the prize cans in question were 24 carat gold-plated replica cans rather than solid gold as social media posts, that were hastily deleted, had claimed. Coo-founder James Watt has said the [...]
High street faces £1bn business rates increase next year October 20, 2021 Business rates are anticipated to rise £1bn in England next year, unwelcome news for high street firms attempting to recover from the pandemic. September’s Consumer Prices Index (CPI) signals the amount business rates will leap next April, according to analysis from the Altus Group, the country’s largest rating advisory body. The CPI measure determines business [...]
Deadline for DraftKings and Entain takeover deal extended October 20, 2021 Gambling giant DraftKings has secured another month to agree a deal with rival Entain after the pair failed to nail down a £16.4bn takeover. Ladbrokes owner Entain was given the green light from the Takeover Panel on a request to extend a deadline on agreeing a restructuring model. The deadline has been extended to November [...]
Brits brace for £23 per week jump in cost of essentials as two-thirds fear inflation October 20, 2021 UK households expect to cost of essentials such as food, non-alcoholic drinks, electricity, gas and motor fuel to rise as much as £23 per week by the end of the year according to new research shared with City A.M. this morning. More than 4 in 5 (84 per cent) UK households expect the cost of essentials [...]
Burberry names Gianni Versace boss Jonathan Akeroyd as its new CEO October 20, 2021 Fashion group Burberry has named Gianni Versace boss Jonathan Akeroyd as its new chief executive. Akeroyd, 54, will take up the post on April 1 next year. The British national has headed up Milan-based fashion house Gianni Versace since 2016, before which he was chief executive of Alexander McQueen for 12 years. He replaces Marco [...]
Exclusive: London distilleries call on Chancellor to not raise alcohol duty October 20, 2021 London distilleries have urged the Chancellor not to hike alcohol duty at the upcoming Budget. Spirit makers Hayman’s, Beefeater Gin, Brixton Distillery, Half Hitch Gin and East London Liquor Company, called on Rishi Sunak to help the sector be part of the pandemic recovery, in a letter shared with CityA.M. A duty increase on October [...]
Hospitality facing ‘terrifying’ rates of inflation October 19, 2021 The price of a meal out could rocket this autumn as hospitality chiefs have warned of a cocktail of cost pressures on businesses. Speaking to the Business, Energy and Industrial Strategy committee on Tuesday, Food and Drink Federation boss Ian Wright urged MPs to “think seriously about inflation in hospitality.” Price inflation for hospitality’s operational [...]
Very Group celebrates record revenue as it eyes listing October 19, 2021 Online retailer Very Group has announced record revenue in its full year results, ahead of an anticipated £4bn float. The owner of fashion brands Very.co.uk and Littlewoods.com said group revenue had swelled 13 per cent to a record £2,317.1m. Group revenue was driven by Very retail sales, which rose by almost a quarter to £1,535.6m. [...]
Streaming platforms like Spotify in the sights of competition watchdog October 19, 2021 An inquiry into the music industry, examining whether the rise of streaming services like Spotify and Apple Music are fair and competitive for the industry is set to begin. The UK watchdog will look at the issues that exist for both listeners and artists, gathering evidence to decide the best course of action against [...]
Supermarkets stocking shelves with Lynx instead of Christmas products after delivery issues October 19, 2021 Supermarkets are filling shelves with deodorants in order to make shops look stocked. Speaking to the Business, Energy and Industrial Strategy (BEIS) committee, Food and Drink Federation boss Ian Wright said shortages of HGV drivers had resulted in some “extraordinary” scenes. The food boss was keen to stress that the country was “not going to [...]