High Court gives Virgin Active CVA green light in further blow for landlords May 12, 2021 Landlords have lost their legal challenge against Virgin Active’s restructuring plan, in the second high profile defeat for commercial property owners this week. Today’s High Court judgement will come as a further blow to landlords hoping to challenge tenants over Company Voluntary Arrangements. It comes after the court gave New Look the green light to [...]
Fashion platform Lyst raises $85m ahead of public listing May 12, 2021 Fashion platform Lyst has raised $85m ahead of its initial public offering as users jumped to 150m. New investors in the ecommerce app include funds managed by Fidelity International, Novator Capital, Giano Capital and C4 Ventures, alongside existing backers Draper Esprit, 14W, Accel, Balderton Capital, Venrex and LVMH. Entrepreneur and strategic advisor Carmen Busquets, who [...]
Tui’s half year revenues drop by nearly €6bn but summer holiday bookings surged in April May 12, 2021 Travel giant Tui took in €700m in sales in the half year to 31 March, down from €6.6bn the year prior, as borders remained closed, and summer holidays looked in doubt as destinations were lockdown. Shares in Tui slumped 3.3 per cent to 413p per share this morning. However, the travel company has since seen a slight [...]
Catering group Compass sounds optimistic note despite pandemic eating into sales and profit May 12, 2021 Catering company Compass Group suffered a sharp drop in revenue and profit in the first half of the year but sounded a positive note on its future prospects this morning. Compass’ revenue dropped 32.4 per cent from £12.48bn to £8.44bn in the six months ended 31 March due to the impact of coronavirus restrictions on [...]
46 of the best London home delivery restaurant kits reviewed May 11, 2021 Restaurants with terraces may be open again, but bagging a reservation is another matter. With the best part of a year’s worth of pent up demand, that outdoor space is at a premium and those who don’t book ahead are likely to be disappointed. But don’t panic: you can get restaurant quality food delivered straight [...]
Hedge fund ExodusPoint takes short position in Deliveroo after disappointing IPO May 11, 2021 Hedge fund ExodusPoint Capital Management has reportedly taken a short position in Deliveroo after the delivery firm’s disastrous market debut. The New York hedge fund’s bet makes up approximately 0.56 per cent of Deliveroo’s shares, Financial News reported. The short position, which could be worth as much as £26m based on its closing price, marks [...]
Posh paint brand Farrow & Ball bought by Danish company in €500m deal May 11, 2021 Luxury paint and wallpaper company Farrow & Ball has been bought by Danish coatings manufacturer Hempel, in a deal that values the paint retailer at around €500m. Hempel bought Farrow & Ball from American private equity group Ares Management Corporation, which reportedly paid £275m for the company in 2014. Today The Financial Times first reported [...]
City Pub group hammered by 57 per cent plunge in revenue May 11, 2021 Hammered by restrictions, the City Pub group raked in £25.8 million in revenue last year, 57 per cent less than 2019 figures, despite buying a hefty stake in Kensington Park Hotel. The group, which has 45 pubs across London, Southern England and Wales, snapped up a 49 per cent stake in the hotel in the [...]
Morrisons online sales continue to soar despite lockdown easing May 11, 2021 Morrisons said online sales have continued to soar this year despite the lifting of lockdown restrictions. In an update this morning the supermarket chain said online sales were up 113 per cent in the 14 weeks ended 9 May compared to the same period last year. Internet sales helped boost group like-for-like sales excluding fuel [...]
Coca Cola: ‘Optimism ahead’ for soft drink giant’s Europe business May 11, 2021 Coca Cola said there is “optimism ahead” for its businesses in Europe, Australia and New Zealand as the coronavirus conditions begin to improve across the regions. In the first quarter total revenue fell four per cent to €3,09bn, dragged down by a 7.5 per cent dip in European sales, which dropped to €2.29bn. However, the [...]