Premier Inn owner Whitbread targets £100m in extra cost savings as pandemic decimates profit April 27, 2021 Premier Inn owner Whitbread will cut costs by an additional £100m over the next three years following the impact of the pandemic, which caused the hotel chain to swing to a huge loss. Whitbread said this morning that it will “take actions to ensure that we exit the crisis as a leaner, stronger and more [...]
Waitrose expands Deliveroo partnership to 150 stores, creating 400 jobs April 27, 2021 Waitrose has expanded its partnership with Deliveroo as it aims to ramps up its online delivery capabilities, in a move that will create up to 400 new jobs. The supermarket announced this morning that it will increase the number of Waitrose shops available on the delivery app from 40 to 150, serving around 13m people. [...]
Entain hikes offer for Aussie bookie Tabcorp to £1.9bn April 27, 2021 Entain this morning hiked its offer for Australia’s biggest bookies Tabcorp to AU$3.5bn (£1.9bn), the FTSE 100 firm has confirmed. An initial approach worth AU$3bn was batted back by the company in February, but this morning Entain redoubled its pursuit. In a statement, it said: “Entain believes that the revised proposal is compelling both in [...]
In tune: Synth makers Sequential snapped up by Focusrite for £18m as revenues grow April 27, 2021 High-end synthesizer firm Sequential boasted revenues of $18.3m last year, which hit all the right notes for audio products company Focusrite to buy it for $24m today. The existing management and team will stay with the California based Sequential post-acquisition. Meanwhile, the company could receive up to $4m more, depending on its performance. Focusrite’s board [...]
Busy terraces mask dire straights at restaurants, says new data April 26, 2021 You may be struggling to get a reservation at your favourite restaurant, but that doesn’t mean the sector has recovered from the pandemic, according to new data. Booked out terraces are putting a positive facade on an industry still in crisis, with orders estimated to be at just 60 per cent of pre-lockdown levels. Data [...]
Poundland owner Pepco shuns London to float in Warsaw April 26, 2021 Poundland owner Pepco this morning announced its intention to go public in Poland, in a blow for London’s financial market. Pepco said it intends to apply for listing and admission to the Warsaw Stock Exchange, and said it had chosen Poland as it is the firm’s largest operating area. The discount retailer, which has more [...]
Recipe box firm Gousto to double workforce after first year of profitability April 26, 2021 Recipe box firm Gousto announced this morning that it plans to double its workforce as it revealed it had delivered a year of profitability for the first time ever as the pandemic more than doubled sales. Gousto announced this morning that it achieved record sales of £189m last year as it won market share from [...]
Tate & Lyle shares pop as historic firm mulls break-up April 26, 2021 Shares in Tate & Lyle jumped this morning after the firm confirmed that it had put its sweeteners division up for sale after reports it was mulling a break-up of its operations. Shares in the historic foodstuffs brand rose 6.4 per cent this morning as the sale passed the smell test. In a statement yesterday, [...]
Superdry appoints ex-Helly Hansen boss as chairman April 26, 2021 Superdry has appointed the former boss of Norwegian sportswear brand Helly Hansen as its new chairman. The retailer announced this morning that Peter Sjolander will join the board on 29 April, with current chairman Peter Williams stepping down on the same day after two years in the role. Sjolander, who was Helly Hansen’s chief executive [...]
Boohoo mulls linking bonuses to ESG improvements April 24, 2021 Boohoo is considering linking top bosses’ bonuses to improvements in the fast fashion firm’s environmental, social and governance (ESG) issues, following a scandal surrounding factories used by the retailer’s suppliers. The Environmental Audit Committee (EAC) said that Boohoo had agreed to look into the idea of linking senior executive remuneration incentives to ESG improvements. In [...]