The Week Ahead: ITV, Rolls Royce, Morrison, ECB and UK GDP data March 8, 2021 It’s Monday morning. City A.M. looks ahead at what this week has in store. China Trade for February This morning – The Chinese economy finished 2020 on a strong note, its surplus hitting a record high in December. Exports rose by 18.1 per cent, slightly down from November’s 21.1 per cent but still better than expected, [...]
Footwear retailer Shoe Zone suspends dividend until 2025 March 8, 2021 Footwear retailer Shoe Zone this morning said it has suspended its dividend until it is able to pay off its £12m in debt, which it does not expect to be until 2025 at the earliest. The firm – which had been debt free for 15 years – said borrowing had rocketed during the coronavirus pandemic. [...]
Deliveroo transactions surge to £4.1bn ahead of London listing March 8, 2021 The value of transactions made through Deliveroo almost doubled last year due to a surge in demand for takeaway food during the pandemic, the food delivery firm said this morning ahead of its London listing. The firm’s gross transaction value – the total amount of cash it processes on its platform – grew 64 per [...]
Domino’s exits Swedish market to focus on core UK and Ireland business March 8, 2021 Domino’s has disposed of its Swedish business as it progresses with its strategy to exit international markets in order to focus on its core UK and Ireland operations. The pizza chain announced this morning it has sold its entire shareholding in PPS Foods – also known as Domino’s Sweden, to minority shareholder Eyja fjárfestingafélag. Domino’s [...]
Deliveroo offers share hungry investors access to £50m ahead of IPO March 7, 2021 Deliveroo will make £50m of shares available to its customers in its forthcoming IPO as part of a community offer. From tomorrow, any Deliveroo customer who has placed an order with the takeaway service will be able to register their interest in applying for shares in any future floatation via their app. This means that [...]
Kwasi Kwarteng: Social distancing in retail and hospitality could stay the year March 6, 2021 Business minister Kwasi Kwarteng believes social distancing in the retail and hospitality sectors could remain in some capacity for the rest of the year. Last month Boris Johnson announced almost all Covid-19 restrictions could be lifted by June 21, so long as the battle against the coronavirus continues to go to plan. Despite the planned [...]
Caffè Nero staff fiddled dates on food to avoid excessive waste March 6, 2021 Staff at Caffè Nero have been changing dates on muffins, cakes and scones to help sales and avoid waste. An investigation by The Times found both current and former staff were aware of the practice, with some confirming they had changed dates. Six former and present staff told The Times they had changed dates, 17 [...]
Morrisons forecast to report £300m Covid-related costs in full-year results March 5, 2021 Morrisons is expected to report coronavirus-related costs of almost £300m in its full-year results next week due to the impact of the third Covid-19 lockdown. In a note to investors, analysts at Shore Capital Markets estimated that the current national lockdown will have elevated operating costs around absenteeism and temporary workers, as well as mounting [...]
Ex-government minister Justine Greening joins On the Beach board March 5, 2021 Former government minister Justine Greening has joined the board of online travel agent On the Beach. Greening, who was the Conservative MP for Putney, Roehampton and Southfields between 2005 and 2019, has been appointed as a non-executive director with immediate effect. On the Beach said her experience in Westminster will help it navigate the “major” [...]
Screenshot: Will nightclubs really reopen in June? March 5, 2021 This week: **Media Moment of the Week: Telly’s still got welly **Will nightclubs really reopen on 21 June? **The BBC turns back time Media Moment of the Week: Telly’s still got welly In the age of Silicon Valley streaming giants and relentless references to “content” and “eyeballs”, it’s easy to forget that TV can, sometimes, [...]