Heineken cuts 8,000 jobs in sobering company restructure February 10, 2021 Dutch brewer Heineken said it was cutting around 8,000 jobs following a review of its operations launched in October. The cuts will lead to a total restructuring charge of around €420m and savings on personnel expenses of around €350m. The brewer, which also owns brands Sol, Desperados and Amstel, has been hit hard by the [...]
Greene King pubs boss pleads for reopening date as industry wrote off 2020 with £7.8bn sales hit February 10, 2021 The boss of FTSE-listed pubs giant Greene King is among brewers asking the UK government for reopening dates and a way out of restrictions that have left a £7.8bn hole in industry sales.
JD Sports eyes EU warehouse as boss warns Brexit ‘worse than feared’ February 9, 2021 JD Sports is set to open an EU-based distribution centre to cope with increased Brexit red tape and tariffs. The decision could see up to 1,000 jobs moved to the continent amid concerns over delays in shipping goods and red tape just a month after post-Brexit trade rules came into effect. Chairman Peter Cowgill told [...]
Arcadia staff gear up for legal action against Philip Green’s retail empire February 9, 2021 Dozens of ex-Arcadia staff have vowed to take legal action against the retail consortium, after it became clear their jobs would not be saved when the Arcadia brands were sold. Arcadia fell into administration in December, becoming the biggest high street casualty of the Covid-19 pandemic. Earlier this week online fashion giant Boohoo announced it [...]
Ocado sales jump in pandemic but investment in international business slows earnings growth February 9, 2021 Online supermarket Ocado reported a jump in revenue due to a surge in demand for home food delivery services in the pandemic, but said investment in its international technology business offset growth. Group revenue increased 32.7 per cent to £2.33bn, up from £1.76bn last year, driven by 35.3 per cent growth in its retail revenue [...]
Joules buys digital retailer for up to £12.5m in bid to expand in booming homeware market February 9, 2021 Joules has bought digital homeware retailer The Garden Trading Company for up to £12.5m, as it seeks to expand further into the thriving interiors market. Garden Trading sells its own home, garden and outdoor product designs through its direct-to-consumer platform and through 1,000 stockists across the UK. Joules said the acquisition will strengthen its position [...]
Notonthehighstreet.com bought by Boston private equity firm February 9, 2021 Online marketplace notonthehighstreet has been bought by Great Hill Partners, a Boston-based private equity business. Great Hill Partners will become a majority shareholder in the business, with existing investors Burda Principal Investment and Industry Ventures also remaining as shareholders. Notonthehighstreet did well throughout the coronavirus pandemic, boosting revenue by 50 per cent in the last [...]
Back to basics: Three ‘Rs’ can revive the High Street February 9, 2021 The news this week that Asos has bought Topshop, Topman and Miss Selfridge from the failed Arcadia group is the latest evidence of the rapidly increasing dominance of younger online retailers over the traditional bricks-and-mortar fashion stores. The deal comes hot on the heels of Boohoo agreeing to pay £55m for the Debenhams brand last week. And [...]
Cain International mulling insolvency process for Italian chain Prezzo – report February 8, 2021 The private equity firm which bought Italian chain Prezzo in December is reportedly mulling putting the restaurant group through an insolvency process. Sky News reported that Cain International was considering a number of options, including pre-pack administration, as uncertainty over the future of the casual dining sector goes on. The firm, which also owns Swingers [...]
Window shoppers flock back to Central London as footfall jumps on lockdown fatigue February 8, 2021 Window shoppers flock back to Central London as footfall jumps on lockdown fatigue