Sir Philip Green’s office furniture up for sale as administrators flog Arcadia assets after collapse March 22, 2021 Administrators have begun flogging Arcadia’s assets, including sewing machines and Sir Philip Green’s office furniture, following the collapse of his retail empire. Deloitte has appointed Hilco Global to sell the former Topshop owner’s London headquarters in a dramatic fall from high street royalty to the auction house. Arcadia collapsed into administration last year, putting 13,000 [...]
Cadbury-owner Mondelez to buy UK protein bar brand Grenade for £200m March 22, 2021 Mondelez, the US owner of Cadbury, is preparing to announce a £200m deal to buy British protein bar brand Grenade. It has secured a deal with Grenade’s majority shareholder to buy the sports nutrition firm, Sky News reported. The deal – which would be Mondelez’s most significant UK takeover since it acquired Cadbury in 2009 [...]
B&Q owner Kingfisher toasts click & collect success as sales surge March 22, 2021 Kingfisher, the owner of B&Q and Screwfix, this morning announced that sales and profit surged last year, boosted by its click and collect offer, as consumers began DIY projects during lockdown. Sales were up 7.2 per cent to £12.3bn and profit after tax was £592m, up from £8m in the previous year. Adjusted post-tax profit [...]
Deliveroo targets £9bn market cap in London listing as food order values more than double March 22, 2021 Deliveroo is targeting a market capitalisation of almost £9bn through its upcoming public listing, the food ordering app announced this morning as it revealed transaction values had more than doubled at the beginning of the year. The firm this morning unveiled further plans for its London initial public offering (IPO), setting the price range for [...]
All bets car off: Lamborghini enjoys most profitable year ever despite Covid-19 March 19, 2021 Lamborghini enjoyed its most profitable year ever in 2020, despite coronavirus restrictions and a two-month shutdown of its Italian factory during the pandemic. The luxury car retailer delivered 7,430 vehicles in 2020, generating a record turnover of €1.61bn. Although sales were slightly lower than in 2019, Lamborghini sold more expensive, customised supercars, sending profits soaring. The [...]
Fiery Sri Lankan and 36 other restaurant-in-a-box delivery kits March 19, 2021 Almost a year since the first lockdown, the restaurant world has been forced to change in ways that would have seemed laughable in the pre-Covid times. Top chefs are now launching successful at-home delivery platforms that promise to change the face of fine dining for years to come. We have sampled some of the very [...]
Last orders: 21 pubs closed every day during coronavirus pandemic March 19, 2021 Almost 21 pubs and bars have closed each day since the first coronavirus lockdown was imposed last year, according to figures published today. Britain has 7,592 fewer licensed premises than it did before the Covid-19 pandemic struck, with independent pubs and bars hit the hardest by the restrictions on trading. Closures accelerated in January and [...]
Nike scores revenue jump as China and online sales offset US and Europe store closures March 18, 2021 Sportswear giant Nike reported a jump in revenue in the third quarter, despite the impact of coronavirus restrictions on trading in the US and Europe, driven by soaring growth in China and online sales. The US company said this evening that reported revenues were $10.4bn in the three months ended 28 February, up three per [...]
Asda chief exec to step down following grocer’s £6.8bn sale to Issa Brothers March 18, 2021 Roger Burnley, the chief executive and president of Asda, will step down next year after the supermarket has transitioned to its new ownership, following its £6.8bn sale to the Issa Brothers and TDR Capital. A process to replace Burnley, who has held the top job at the supermarket for just over three years, is set [...]
Fever Tree maintains fizz as home sales bubble up March 18, 2021 A very strong performance from its off-trade division prevented mixer maker Fever Tree’s revenues going flat this year, the firm said this morning. With the collapse of its hospitality sales – or “on-trade” – division, which historically accounted for 45 per cent of the firm’s revenues, due to the pandemic, the company may have been [...]