Top City investor James Anderson gives Deliveroo the cold shoulder March 29, 2021 Deliveroo’s flotation has been snubbed again, this time by a leading tech investor who remains unconvinced by the platform’s model outside of London. The tech platform is targeting a market cap of almost £9bn in its upcoming London listing as demand soared during lockdown. The City has largely welcomed the blockbuster float as it tries [...]
Gambling firms hail ‘huge’ economic contribution ahead of sector reform March 29, 2021 The UK gambling sector has doubled down on its “huge contribution” to the UK economy as it braces for the biggest shake-up of betting laws in the last 15 years. Betting shops, casinos and the online gaming sector contributed £7.7bn in gross value added to the UK economy in 2019, according to figures released today. [...]
Vaccine passports could be ‘counterproductive’, government adviser warns March 27, 2021 Forcing punters to show vaccine passports to gain access to pubs could be counterproductive, a top government adviser has warned. Professor Stephen Reicher, a behavioural scientist, said the policy could make the problem of vaccine hesitancy even worse and lead to “social apartheid”. Ministers are considering the use of vaccine passports for hospitality venues such [...]
Shop ’til you drop: High street stores to stay open until 10pm after lockdown March 26, 2021 High street stores will be allowed to stay open until 10pm when they reopen next month. Non-essential retailers should be given the opportunity to extend opening hours to trade between 7am and 10pm every day except for Sunday, the government has said. The extension is intended to help reduce footfall, ease transport pressures and make [...]
Jessops files for administration with 17 stores and 120 jobs at risk March 26, 2021 Jessops, the camera retailer owned by Dragons’ Den investor Peter Jones, has filed a notice to appoint administrators after it was affected by lockdown restrictions. The company, which was bought by Mr Jones in 2013, currently employs 120 staff and runs 17 stores. It has hired insolvency specialists FRP and said it is now considering [...]
Asda loses first stage of landmark equal pay case at Supreme Court March 26, 2021 Asda has lost the first stage of its appeal in a landmark equal pay case that could cost the supermarket giant millions of pounds. The Supreme Court this morning upheld the findings of a 2016 employment tribunal and a Court of Appeal case in 2019, which ruled that roles of Asda store workers can be [...]
Retail sales recover slightly in February driven by DIY purchases March 26, 2021 Retail sales ticked up slightly in February compared to the previous month, as purchases of DIY and household goods offset a steep drop in demand for new shoes and clothing. Sales volumes increased 2.1 per cent following a 8.2 per cent drop in January, with the strongest growth seen in department stores and household goods [...]
Ready meal firm Parsley Box raises £17m ahead of London listing March 26, 2021 Parsley Box has raised £17m through an initial public offering (IPO), which will value the ready meal delivery firm at £84m. The Edinburgh-based company, which targets the “baby boomer” generation, this morning announced its proposed admission to trading on London Stock Exchange’s AIM market. It raised gross proceeds of around £17m – comprising £5m for [...]
Corona Impact Series: How an immersive Hackney entertainer blurs pandemic boundaries March 25, 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 an immersive entertainment agency in Hackney was forced to switch from physical to virtual overnight, without losing any of the power of the experiences. “As Covid hit and the [...]
Asda faces ‘multimillion pound’ hit if supermarket loses equal pay claim March 25, 2021 Asda could be forced to make a “multimillion pound” payout if it loses an appeal on equal pay at the UK’s top court tomorrow. The supermarket is waiting for the Supreme Court’s judgement after it appealed against a ruling that workers in Asda stores – who are mainly female – could compare their pay with [...]