British fashion brand Ralph & Russo enters administration after Covid hits sales March 17, 2021 British luxury fashion brand Ralph & Russo has collapsed into administration after the coronavirus pandemic decimated sales. Ralph & Russo has appointed Begbies Traynor and Quantuma as administrators to investigate “all possible options” for the company. In a statement this afternoon, the company’s co-founder Tamara Ralph said trading conditions during the pandemic had put “tremendous [...]
Dija acquires Genie in bid to expand 10-minute delivery service March 17, 2021 London-based grocery delivery startup Dija has acquired Cambridge startup Genie as it expands its service across the UK. Dija, which was founded by former Deliveroo executives, launched earlier this month and promises to deliver groceries within 10 minutes. It is the latest player to join the ever-expanding food delivery space and already has four warehouse [...]
I moved to an island paradise during the pandemic: You can too March 17, 2021 Like many others, the pandemic changed my outlook on life. I found myself looking at the same four walls every day with no boundaries separating work and home life. My wife and I were juggling our careers and home-schooling, it was a precarious circus act and we had to work hard at making sure all [...]
SSP plots £475m rights issue to patch up battered balance sheet March 17, 2021 Upper Crust owner SSP today said that it would raise £475m through a rights issue to shore up its battered finances amid the ongoing pandemic. The travel food provider announced the raise as part of a suite of measures to tackle problems on its ailing balance sheet, warning that revenue would not return to pre-pandemic [...]
Hostelworld revenues plummet as bookings collapse March 17, 2021 Hostelworld saw its revenues collapse last year as the coronavirus pandemic put paid to booking volumes at the budget holiday firm. The company said that net bookings had fallen nearly four-fifths during the year, sinking its revenue from €80.7m to €15.4m. The fall meant the firm swung to an earnings loss of €17.3m, down from [...]
Government should crack down on Uighur forced labour in business supply chains, MPs say March 17, 2021 The government should toughen its anti-slavery measures to ensure that forced labour plays no part in the supply chains of major businesses, MPs have said. A report from the Business, Energy and Industrial Strategy (BEIS) committee said that there was “compelling evidence” that major retail, media, and fashion companies are “complicit” in the forced labour [...]
Corona Impact Series: How a small Wandsworth womenswear boutique embraced click-and-collect March 16, 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 small Wandsworth womenswear boutique is bouncing back from the third lockdown thanks to the world wide web. Pre-pandemic, independent stores were thriving – popping up on local high [...]
Central London to get ‘half a dozen’ new Greggs stores following rent bonfire March 16, 2021 Half a dozen new Greggs stores will open up in zones one and two in central London, including in the City of London, after falling rents in the capital made London spaces more attractive. Greggs reported its first annual loss today since listing on the stock exchange in 1984, after coronavirus restrictions forced store closures [...]
Greggs off to better start after swinging to first ever loss in 2020 March 16, 2021 Greggs said that it had made a stronger-than-expected start to 2021 after seeing sales slip back last year as a result of the coronavirus pandemic. The impact of the pandemic meant the baked goods peddler swung to a £13m loss, a huge flip from the £108m profit it made the prior year. That beat the [...]
Iceland to launch new convenience store format Swift this week March 15, 2021 Iceland is preparing to unveil a new convenience store format, with the first branch set to open this week. The frozen food retailer will launch the Swift store concept in Newcastle on Thursday, according to reports. The store will be in a converted Iceland branch and will sell “the full spectrum of grocery” with a [...]