Billionaire Issa brothers snap up fast food chain Leon April 18, 2021 The billionaire brothers behind Asda have snapped up British fast food chain Leon in a deal worth a reported £100m. Mohsin and Zuber Issa, who have agreed a £6.8bn deal to buy Asda, are now swooping on the London-based food chain through their petrol station empire EG Group. The transaction, which includes 42 company-owned restaurants [...]
Asda’s billionaire owners close in on Caffe Nero takeover April 18, 2021 The billionaire brothers behind Asda are said to be closing in on a takeover deal for Caffe Nero after buying up the ailing coffee chain’s debts. Mohsin and Zuber Issa have bought roughly £140m of loans from Swiss private equity firm Partners Group via investment bank Morgan Stanley, the Sunday Telegraph reported. The deal puts [...]
Corona Impact Series: How a period product in E1 saw sustainable pants prevail during three lockdowns April 17, 2021 In this series, City A.M. looks at the financial and economic impact of the ongoing pandemic on a range of small and medium-sized businesses across London. This week: How a reusable period product brand with an E1 base saw sustainable period pants prevail during three lockdowns. Whilst periods do not stop during pandemics, supply chains, access and choice [...]
Calls for new hospitality tipping policy amid fears of ‘massive’ financial hit April 15, 2021 Campaigners are calling for a new fair tipping policy in British pubs and restaurants amid fears the industry could take a “massive” financial hit as restrictions are lifted. Concerns have been raised that a forecasted decline in gratuities after Covid could have a severe impact on workers, many of whom are already on the minimum [...]
Shop closures weigh down Ladbrokes owner Entain despite online surge April 15, 2021 Ladbrokes owner Entain saw net gaming revenue shrink in the first quarter as the closure of its bookies due to Covid-19 restrictions offset rising online revenues. Although online net gaming revenue grew 33 per cent for the three month period – the segment’s 21st straight quarter of double digit growth – overall revenue fell 13 [...]
AO World bullish as UK sales surge 88 per cent and German business thrives April 15, 2021 Online electricals retailer AO World expects to deliver bumper profits over the year ahead despite the reopening of high street rivals as it revealed an 88 per cent surge in UK sales. The impressive performance over its final quarter helped group revenues jump by 62 per cent, to £1.66bn in the year to 31 March. [...]
The Hut Group sees sales surge following pandemic-led online demand April 15, 2021 Online retailer The Hut Group enjoyed rising revenues, sales and number of customers in 2020, after the pandemic forced people to shop online. Group revenue at the business was up 41.5 per cent to £1.6bn in 2020, and adjusted EBITDA was up 35 per cent to £151m. Some 10.7 new customers shopped with The Hut [...]
Deliveroo expects growth to wane in a post-pandemic world April 15, 2021 Deliveroo expects its growth to slow down in a post-pandemic world, when customers will once again be able to visit restaurants in-person. The takeaway delivery app expects that in a post-pandemic world, its gross transaction value (GTV) is likely to grow between 30 and 40 per cent for the year, down considerably from GTV growth [...]
Asda overhauls in-store bakeries, putting 1,200 jobs at risk April 14, 2021 Asda has announced plans to overhaul its in-store bakeries in a move that could put up to 1,200 jobs at risk. The firm said that it had started a consultation with staff over the move, stressing that staff redundancies were “the last option”. “If the proposals are enacted, the priority will be to move as [...]
Live events: UK to launch pilot insurance scheme as part of sport and culture reopening April 14, 2021 Live events: UK to launch pilot insurance scheme as part of sport and culture reopening