West End classic Angus Steakhouse ‘on brink of administration’ March 9, 2021 West End staple Angus Steakhouse is reportedly on the edge of collapse unless it can secure rent concessions from its landlords. The restaurant chain, which was founded in the 1960s, has hired KPMG in a bid to strike a last-minute deal with landlords, the Telegraph reported. The Big Four auditor has written to letters to [...]
Domestic cruises set to restart from 17 May March 9, 2021 Domestic cruises could restart in the UK along with the lifting of travel restrictions from 17 May, MPs were told today. Maritime minister Robert Courts told the All Party Parliamentary Maritime and Ports Group that such trips could restart along with domestic holidays from that date. A statement from the Department for Transport confirmed that [...]
Pandemic wipes almost £1bn off Covent Garden landlord Capco’s portfolio March 9, 2021 West End landlord Capital & Counties suffered a sharp drop in its property values last year, wiping almost £1bn of its portfolio. Capco, which owns Covent Garden, reported this morning that its total property value last year was £1.9bn, down from £2.8bn in 2019. The total property value of Covent Garden fell 27 per cent [...]
Virgin Games and Monopoly Casino owner Gamesys cashes in on pandemic betting March 9, 2021 The company behind gambling brands Virgin Games and Monopoly Casino today posted a sharp rise in revenue and profit as it cashed in on increased betting during the pandemic. London-listed Gamesys posted revenue of £727.7m in 2020, an increase of 75 per cent on the previous year. Adjusted net profit surged 86 per cent to [...]
Marks & Spencer unveils plans to replace retail space with offices at Marble Arch store March 9, 2021 Marks & Spencer (M&S) has unveiled plans to redevelop its Marble Arch store, with some retail space set to be replaced by offices. Under proposals announced this afternoon, M&S said the lower levels of the West End store would remain as retail space offering its food and clothing and home ranges. However, the upper floors [...]
Kingfisher shares jump on plans to launch B&Q stores in Saudi Arabia March 9, 2021 Shares in Kingfisher, the owner of B&Q, jumped this morning after it announced plans to expand the DIY chain into the Middle East. Kingfisher said this morning that it has signed a franchise agreement with the Al-Futtaim Group, with the first Middle East stores to launch in Saudi Arabia. It marks a progression in the [...]
Oprah-backed Oatly to open first UK factory with 200 new jobs March 9, 2021 Oatly, the plant-based milk alternative backed by Oprah Winfrey, Jay-Z and Starbucks founder Howard Schultz, has announced plans for its first UK factory, which it said will create at least 200 jobs. The factory, in Peterborough, is expected to launch in the first quarter of 2023 and will produce 300m litres of the vegan milk [...]
DFS Furniture enjoys lockdown cushion as online sales soar March 9, 2021 DFS Furniture’s revenue soared to £572.6m in the final six months of last year as consumer demand for new home furnishings jumped in lockdown. Revenue increased 17.3 per cent compared to 2019, despite the closure of non-essential retail during Covid lockdowns, boosted by a 66.2 per cent surge in online sales. Shares in the furniture [...]
WH Smith reduces cash burn after beating lockdown trading expectations March 9, 2021 WH Smith said this morning reduced its monthly cash burn forecasts, saying its trading performance had beaten its expectations during lockdown. The firm reported to stronger than forecast revenue across its high street stores and “significant” online growth. The newsagent chain said revenue in its high street business in January 2021 reached 74 per cent [...]
Domino’s to open 200 new stores as pizza chain launches fight back against competitors March 9, 2021 Domino’s is planning to open 200 new stores in a bid to increase sales to £1.9bn, the pizza chain announced this morning. The firm, which reported that sales increased 11.4 per cent to £1.35bn last year, today launched a new strategic plan to beat competitors that have invested in online delivery capability during the pandemic. [...]