Cruise operator Saga in talks with lenders as debt mounts January 26, 2021 Over 50s holiday and insurance provider Saga revealed this morning that it is in talks with lenders about its debt levels as restrictions on travel during the pandemic continue to have a negative impact on its business. Saga it has “significant liquidity and headroom to the current covenants in short term bank facilities”, but it [...]
PZ Cussons washes pre-pandemic struggles away as soap sales boost profits January 26, 2021 A surge in hand washing products helped PZ Cussons shine as pandemic-led demands boosted its first-half profits. The consumer group’s focus brands grew revenue by 21.9 per cent as overall growth reached 14.6 per cent across the world. Carex led the way with £313m of sales, a 10 per cent increase on the previous year, [...]
Revenue halves at City Pub Group but chain eyes long-term expansion January 26, 2021 City Pub Group this morning announced revenue more than halved last year due to the impact of coronavirus restrictions, but said it is still eyeing long-term expansion plans. The pub chain, which owns 48 venues and four development sites, said sales in the year ended 27 December fell 57 per cent from £60m to £25.7m [...]
GameStop shares up 60 per cent in Reddit-driven tug of war January 25, 2021 Shares of US videogame retailer GameStop were up 60 per cent today, as online traders who appeared to congregate on Reddit continued to cause the stock price to rocket. Shares in GameStop are up 250 per cent so far this year, which has been attributed to short-sellers quickly buying back into the stock to cover [...]
Mercato Metropolitano to open three London street food markets this year January 25, 2021 Street food market operator Mercato Metropolitano is investing £35m in expansion plans, as it prepares to launch new sites in London, Europe and the US despite the impact of the pandemic on the hospitality industry. The firm will open a Canary Wharf site and a second market in Elephant and Castle this summer, followed by [...]
Pubs and restaurants struggle to pay rent due to lockdown restrictions January 25, 2021 Commercial landlords collected just 77 per cent of rent in the final quarter, as retail, leisure and hospitality firms struggled under the pressure of lockdown restrictions. The latest research showed that pub, bar and restaurant tenants paid 23 per cent of rent as sales were decimated by Covid-19 restrictions in the crucial Christmas trading period. [...]
Asos shares jump as retailer confirms exclusive talks to buy Topshop January 25, 2021 Shares in Asos jumped more than five per cent this morning after the online retail platform announced it is in exclusive talks to buy Topshop – the jewel in the crown of Sir Philip Green’s collapsed business empire. Asos said this morning that it is in discussions with Deloitte – Arcadia’s administrator – to buy [...]
Boohoo buys Debenhams brand and website for £55m – but stores set to close January 25, 2021 Online retail giant Boohoo has announced it will buy Debenhams’ brand and website for £55m, but will not rescue the high street chain’s stores or jobs. The deal – announced this morning – means Debenhams’ remaining 118 department stores will close down and could result in up to 12,000 job losses. Boohoo said the acquisition [...]
UK high street set for comeback after lockdown eased due to ‘pent up demand’, experts say January 25, 2021 The UK high street is set to bounce back after lockdown as the lifting of Covid-19 restrictions is expected to release a wave of pent up demand for in-person shopping experiences, retail experts have said. Data showed that footfall jumped dramatically in the first weeks after the first and second national coronavirus lockdowns, with shoppers [...]
Dr Martens to announce cornerstone investors in £3.5bn London listing January 24, 2021 Iconic footwear brand Dr Martens will launch a £3.5bn London listing tomorrow, with the retailer’s top management set to pocket multimillion-pound payouts. Dr Martens is expected to announce tomorrow that it has secured cornerstone investors when it publishes the prospectus for a share sale ahead of the initial public offering (IPO) next month, The Sunday [...]