Baked goods group Finsbury Food knocked by Covid delays but still marked growth July 14, 2021 Baked goods group Finsbury Food has ended its financial year with raised revenues despite being struck by Covid-19 unlocking delays, bringing in some £313.3m in total revenue. The group’s results in the second half of the year faired slightly better, as consumers had more spending confidence as they eyed restrictions easing, with revenues up 9.1 [...]
Test and trace: One in five High Street workers now in self-isolation July 13, 2021 Hospitality and retail chiefs warned MPs today that a record one in five high street workers are self-isolating due to government pandemic tracing rules, and the situation could worsen. Kate Nicholls, chief executive of trade group UKHospitality, told MPs on the Business, Energy and Industrial Strategy committee that firms have forecast that a third of [...]
Retail, hospitality and transport sectors fear staff abuse when mandatory face masks end July 13, 2021 Business leaders in industries that operate in public indoor settings fear staff could come under attack from customers after the government lifts the legal requirement to wear face masks on 19 July. As of next week, businesses can enforce their own policy on masks as they see fit to protect their staff and customers. But [...]
End of an era: Liquidators appointed to wind up Philip Green’s Arcadia empire July 13, 2021 The administrators of Philip Green’s collapsed Arcadia have appointed liquidators to wind up the companies, marking the end of an era for the tycoon’s once-booming retail empire. Arcadia operated a number of high street brands across the UK and globally, including Topshop, Burton and Dorothy Perkins, and employed over 13,000 people at its peak. The [...]
Revolution Beauty to make stock market debut July 13, 2021 Revolution Beauty are plotting a float on London’s alternative markets valuing the company at nearly half a billion pounds. The float has received strong support from shareholders and was significantly oversubscribed, the UK-based firm said this morning. Read more: Asos enters deal with Nordstrom to bolster Topshop’s US presence Adam Minto, the beauty firm’s boss [...]
SoftBank-backed Flipkart rallies $37bn valuation, just south of its target July 12, 2021 Indian e-commerce giant Flipkart, which is controlled by Walmart, has been valued at $37.6bn today, just shy of its target. The valuation comes ahead of an initial public offering (IPO), which it hopes will take place early next year. Flipkart rallied $3.6bn in the pre-IPO fundraiser, which spurred its valuation and was co-led by SoftBank Vision [...]
Young’s to sell most tenanted pubs for £53m, eyeing a freehold future July 12, 2021 Brewery Young’s has agreed to sell 56 of its 63 pubs in its Ram Pub Company estate for £53m, to add some ‘firepower’ to existing pub upgrades ahead of no restrictions. The brewery has made “attractive returns” investing and operating managed pubs and hotels, its boss said, which it will use the newly secured funds [...]
Tate & Lyle confirms break-up with £1.2bn sweetener division sale July 12, 2021 Historic foodstuffs brand Tate & Lyle will be broken up, it confirmed this morning, as it sells off the controlling stake in its sweeteners division for £1.2bn. American private equity firm KPS Capital Partners will take a 50 per cent stake in Tate & Lyle’s “Primary Products” business, which makes commodities like artificial sweeteners and industrial [...]
Asos enters deal with Nordstrom to bolster Topshop’s US presence July 12, 2021 Asos has teamed up with the US’ Nordstrom, which will see Topshop clothes sold in brick and mortar stores for the first time since the brand fell into admission last year. The joint-venture will see Nordstrom snag a minority stake in Topshop, Topman, Miss Selfridge and HIIT brands, which joined Asos’ pre-existing online platform following [...]
Klarna snaps up London ecommerce tech startup Hero July 11, 2021 Klarna has acquired London-based ecommerce tech startup Hero in a deal worth a reported $160m (£115m). Hero, which was founded in 2015, offers virtual shopping services to retailers and counts Harvey Nichols, Levi, Nike and JD Sports among its clients. Klarna said it will introduce Hero to its 250,000 retail partners, allowing them to access [...]