Budget: The UK’s contactless payment limit lifted to £100 March 3, 2021 Rishi Sunak will today lift the limit on contactless payments to £100 in a bid to boost the UK’s ailing retail sector. The previous limit on contactless payments was £45, however the Financial Conduct Authority (FCA) conducted recommended lifting the cap after a public consultation. “As we begin to open the UK economy and people [...]
Vimto owner Nichols suffers profit drop after ‘most challenging trading’ in 80 years March 3, 2021 Nichols, the owner of Vimto, said it will take a £5m hit following the most “challenging trading period” in the out of home drinks sector for 80 years. The company said group revenues fell to £118.7m due to restrictions on the out of home drinks sector, and gross profit dropped £20.4m, coming in at £49.6m. [...]
Brian Mattingley leaves 888 to become Playtech chair March 3, 2021 Gambling software developer Playtech has concluded its near two year search for a chairman, appointing 888 chair Brian Mattingley to the role. Mattingley will become the long-term successor to Alan Jackson who announced he was stepping down from Playtech almost two years ago. He replaces Claire Milne who has served as interim chair since May [...]
Shakespeare: Dunelm brand sees a boost as Brits improve their homes during lockdown March 3, 2021 Shakespeare: Dunelm brand sees a boost as Britons improve their homes during lockdown
Pandemic binge-watching drives UK entertainment spend to record high March 3, 2021 UK spending on films, music and gaming increased to a record high last year, driven by increased demand for streaming during Covid-19 lockdowns. Retail entertainment spend increased 18 per cent to a record £9.3bn in 2020, marking the eight successive year of growth in the sector and the fastest growth rate ever recorded. The final [...]
High street retailer French Connection seeking new suitors after investment firms pull out of talks March 2, 2021 High street retailer French Connection is racing to find a new buyer after investment firms Spotlight Brands and Gordon Brothers pulled out of early-stage talks to buy the struggling chain. The fashion firm has formally launched a sales process and said it has been approached by three other suitors. It is also still in preliminary [...]
Aldi and Lidl sales growth slows as discounters struggle to compete with Big Four’s online capabilities March 2, 2021 The growth of the discount supermarkets Lidl and Aldi has slowed as the Big Four UK grocers benefitted from their more established online presence during the pandemic. German budget grocers Lidl and Aldi reported that sales were up 10.9 per cent and 5.6 per cent respectively in the 12 weeks to 21 February. However, three [...]
Online sales tax would ‘kneecap’ small retailers, startups warn March 2, 2021 The introduction of a new online sales tax would “kneecap” retailers and have a disproportionate impact on smaller businesses, UK startups have warned. In his Budget tomorrow, chancellor Rishi Sunak is expected to launch a consultation on new levies targeting online retailers such as Amazon and Asos that have seen their profits soar during the [...]
Pontins accused of racial discrimination after ‘undesirable guest list’ targeting Irish customers emerges March 2, 2021 Pontins has been accused of racial discrimination after a whistleblower revealed that the holiday park firm had used an “undesirable guest list” to block customers with Irish surnames. The company’s owner Britannia has signed a legally binding agreement with the Equality and Human Rights Commission forcing it to investigate and review its policies. The whistleblower [...]
Boohoo unaware of potential US import ban over slave labour links March 2, 2021 Boohoo today said it had not been contacted by US customs authorities, following reports that America could block the fast fashion retailer’s imports over modern slavery allegations. The e-commerce giant said it had not “received any correspondence from, nor is it aware of any investigation by, US Customs and Border Protection”. It said it “will [...]