Primark owner takes £1.5bn sales hit from lockdown restrictions February 25, 2021 Primark owner Associated British Foods (ABF) this morning warned lockdown store closures would take £1.1bn off first half sales
Plus-size fashion retailer N Brown reshuffles board amid chairman’s exit February 25, 2021 N Brown, the plus-size fashion retailer, announced this morning that its chairman will step down to focus on his other business activities. The firm, which owns Simply Be and Jacamo, said Matt Davies will leave the group from 31 March and will be replaced by Ron McMillan, who will subsequently give up his senior independent [...]
Asda puts 5,000 jobs at risk in online shopping push February 25, 2021 Asda has put around 5,000 jobs at risk as it aims to simplify the business and focus on its online shopping offer. The grocer this morning said it had begun formal consultations with 5,000 employees, but that it will create 4,500 new jobs in online operations this year. The supermarket has proposed the simplification of [...]
Retail landlord Shaftesbury expects West End ‘revival’ as lockdown lifts February 25, 2021 West End landlord Shaftesbury this morning said occupier interest had improved after the lockdown lifting roadmap was announced, saying the easing of restrictions will herald a “revival” of the London’s theatre and shopping district. However, the FTSE 250 developer said current restrictions were continuing to have a “significant impact on economic activity and consumer spending [...]
Stocking up: Booze brand Virgin Wines confirms £110m London float February 25, 2021 Alcohol subscription service Virgin Wines today confirmed plans to list on the London Stock Exchange next week in a move that will value the company at £110m. The booze business, which has been a major lockdown winner, will debut on the Aim market on 2 March. Virgin Wines said it will place 6.6m new ordinary [...]
Labour proposes law to give UK councils power to take over empty shops February 24, 2021 Labour is proposing a new law that would allow councils to take over empty shops and reopen them without consent from the property’s owners in a bid to revive the UK’s struggling High Streets. The policy – being dubbed the “empty shops order” – would see councils work with owners to bring empty shops back [...]
Top London chefs expect summer gold-rush to toast end of Covid February 24, 2021 The last 12 months have thoroughly rewired our attitudes to eating and drinking. Once second nature, now the thought of just popping out to a restaurant feels impossibly decadent. But chefs and restaurateurs, many of whom have borne the brunt of Covid restrictions, are now expecting a period of full houses and fat tips. We [...]
Soho prepares to party, with al fresco dining back on the menu February 24, 2021 Hopes for a restaurant renaissance over the coming months were given a boost today when Westminster City Council announced its hugely successful – some have argued altogether too successful – al fresco dining scheme will return on 12 April. During the two “false openings” last summer and autumn, Soho became a Mecca for millions of [...]
TGI Fridays expects casual dining competition to drop 30 per cent after widespread closures February 24, 2021 The owner of TGI Fridays’ UK restaurants said it expects the casual dining chain to perform strongly when lockdown restrictions are lifted as competition has dropped by up to 30 per cent due to widespread sector closures. Electra Private Equity said the business is “well positioned to emerge strongly from lockdown” into a market with [...]
Dettol-maker reaps benefits of hygiene kick as revenue soars February 24, 2021 Reckitt Benckiser has emerged strongly from the pandemic with like-for-like revenue leaping 11.8 per cent to £14bn in 2020 compared to the previous year. Full year operating profit hit more than £2.1bn compared to a loss of almost £2bn in 2019. The consumer-goods company, which owns Dettol, Harpic and Calgon, reported a 19.5 per cent [...]