Amazon transfers £8.2bn of UK revenue to Luxembourg, report says August 11, 2021 Amazon has shifted some £8.2bn worth of UK revenues to European tax haven Luxembourg, a new report has claimed, as the ecommerce giant bats off calls for a tax inquiry. The retail heavyweight declared £13.7bn in UK revenues in 2019, however, filings for its UK-based companies said it only reported £5.5bn in sales. The report, [...]
Covid: West End shows halted as self-isolation rules hit theatres August 10, 2021 While the end of lockdown restrictions promised a show-stopping return for the West End, self-isolation troubles mean London theatres are still being forced to put productions on ice. Joseph and the Technicolour Dreamcoat, Jersey Boys and The Lion King have all been forced to cancel performances in recent days after cast or crew members were [...]
Turkish-German airline SunExpress eyes new underserved routes to the UK August 10, 2021 Turkish-German airline SunExpress is looking to expand its route network into the British Isles, in a bid to reap the rewards of the looming post-pandemic travel boom. The budget carrier has issued a what is called a ‘request for proposals’ via Route Exchange, where it can seek different routes. SunExpress only recently announced an additional [...]
Swiss miss: Domino’s bids farewell to Switzerland with final European franchise sale August 9, 2021 Domino’s Pizza Group has sold its last remaining franchises in Europe amid a withdrawal from the Continent to focus on its core UK and Irish markets. The pizza maker said its Swiss business had fetched 300,000 Swiss francs (£300,000) and the deal is expected to be completed this month. It ends a year-long process of [...]
Morrisons partner McColl’s in talks over £30m cash call August 8, 2021 A major UK convenience store group is in talks over a £30m cash call in a bid to accelerate its partnership with supermarket chain Morrisons. McColl’s Retail Group has reportedly started talks with institutional investors about the £30m injection, which would almost match the group’s current £40m market capitalisation. City sources told Sky News that McColl’s chief [...]
Supermarket sweep: The fight for Morrisons heats up with Fortress increasing offer to £6.7bn August 6, 2021 The battle for control of one of the UK’s biggest supermarkets, Morrisons, has stepped up a notch today, with Fortress increasing its bid to £6.7bn. Fortress increased its offer to £6.7bn, or 272p per share when a 2p per share dividend is included, from £6.3bn earlier. The private equity consortium said said it “notes the [...]
Exclusive: Cult Beauty founder Jessica DeLuca on selling to THG and what happens next August 6, 2021 In the thirteen years since launching online cosmetics retailer Cult Beauty, Jessica DeLuca and Alexia Inge grew the business from £72,000 to £275m – the amount it sold to The Hut Group (THG) for this week. Jessica DeLuca, a former IT analyst, worked in the spare bedroom of her basement flat through 2007 building the [...]
‘True David and Goliath battle’: Oatly loses UK trademark dispute to Glebe farm August 5, 2021 British oat milk producer Glebe Farm has today won a trademark infringement case brought against it by celebrity-backed oat drink giant Oatly. Glebe Farm was accused by Oatly, which boasts Oprah Winfrey as one of its investors, of trademark infringement and passing off, after the family-run business used the brand PureOaty on their gluten-free oat [...]
India’s financial crime watchdog looks to fine e-commerce giant Flipkart $1.3bn August 5, 2021 India’s financial crime watchdog is looking to fine Walmart-backed e-commerce giant Flipkart $1.35bn over claimed foreign investment violations, according to reports. The Enforcement Directorate agency has been investigating retail heavyweights like Flipkart and Amazon for allegedly bypassing laws that regulate multi-brand retail and restrict them to operating a marketplace for sellers, Reuters first reported citing [...]
Mike Ashley to hand reins of Sports Direct retail empire to future son-in-law August 5, 2021 The board of Frasers Group confirmed suspicions that CEO Mike Ashley will be replaced next year by his daughter’s fiancé, Michael Murray, in the group’s financial update. 31-year-old Murray is currently the firm’s “head of elevation” and has been in charge of modernise the owner of Sports Direct and House of Fraser, as well as [...]