Mike Ashley’s Frasers Group to take £100m hit on lockdown restrictions February 23, 2021 Frasers Group, the retail empire owned by Sports Direct founder Mike Ashley, announced this morning that it expects to take a £100m hit due to lockdown restrictions. The retailer, which also owns House of Fraser and Jack Wills, said the length of the current lockdown, potential changes to consumer behaviour and the risk of future [...]
Roadmap: Hospitality industry faces financial ruin as sector remains shut until April February 22, 2021 The hospitality industry has reacted with fury as the Prime Minister plans to allow pubs and restaurants to serve outdoors only and not until 12 April. Currently, only 40 per cent of businesses in hospitality have outdoor spaces, meaning most will still face restrictions after April. In response to today’s announcement, UK Hospitality Chief Kate [...]
When will pubs, shops, cinemas and theatres reopen under Boris Johnson’s roadmap? February 22, 2021 The Prime Minister unveiled his roadmap for leaving lockdown this afternoon, promising that it would provide a “one way road to freedom… after a wretched year”. Boris Johnson said England would “start reclaiming our freedoms” in a fortnight’s time, with all legal limits on social contact set to end on 21 June at the earliest. [...]
Can’t knock the hustle: LVHM’s Moet Hennessy takes 50 per cent stake in Jay-Z’s champagne brand February 22, 2021 Luxury goods company LVHM is buying a 50 per cent stake in rap star Jay-Z’s champagne brand, Armand de Brignac. Jay-Z’s champagne brand is high-end, and known for its metallic bottles that cost hundreds of thousands of dollars each. The investment, LVMH and Jay-Z said, is aimed at growing Armand de Brignac through LVMH’s global [...]
Pubs, restaurants and salons beg for more financial help if reopening delayed by months February 22, 2021 Retail, leisure and hospitality businesses have warned the government that current coronavirus financial aid will not be enough to support the industries if they are to remain closed for several more months. The demands were published after it was reported over the weekend that pubs, restaurants, hairdressers and beauticians and non-essential retailers could be waiting [...]
Toby Carvery owner Mitchells & Butlers launches £351m ‘critical’ cash raise after liquidity deteriorates February 22, 2021 Mitchells & Butlers (M&B), the owner of Toby Cavery and All Bar One, this morning launched a “critical” bid to raise £351m after the pub group’s liquidity “deteriorated significantly” during the pandemic. M&B said the open offer, which has been underwritten by majority shareholder Odyzean, will enable the company to reduce its unsecured debt and [...]
Lockdown leaders: Aldi and M&S voted UK’s top in-store supermarkets February 22, 2021 Lockdown leaders: Aldi and M&S voted UK’s top in-store supermarkets
Cake giant Finsbury Food has little cause for celebration as revenue drops sharply February 22, 2021 One of the UK’s biggest cake makers has seen group revenue fall by more than four per cent to £152.9m in the six months leading up to Christmas, the group announced this morning. Finsbury Food Group’s profit before tax also dropped 16.1 per cent to £7.4m as the company felt the effects of coronavirus lockdowns. [...]
Sunday Sitdown: Time Out boss Julio Bruno on the ‘renaissance’ of cities February 21, 2021 While no one could have predicted the outbreak of coronavirus, few companies have been blighted by worse timing than Time Out. In the face of shrinking revenue from its core events listings business, the media group has spent recent years shifting its focus to a new offering of food and culture markets. But when the [...]
Discounter Pepco sets sights on Europe with 400 store openings February 19, 2021 The owner of British discount retailer Poundland has targeted 400 store openings across Europe in the upcoming financial year as it expands its Pepco brand, its boss said on Friday. The group opened 327 new stores in the previous financial year, taking the total to more than 3,000 across 15 countries. Italian confidence Pepco entered [...]