Retail tycoon Philip Day secures deal to save Edinburgh Woollen Mill’s future January 12, 2021 Billionaire businessman Philip Day has reportedly secured a deal with overseas investors to rescue retailers Edinburgh Woollen Mill, Ponden Home and Bonmarche, in a move that could save around 2,500 jobs. Day is expected to use his secured creditor status to acquire the brands’ assets from administrators to then sell them on to Middle Eastern [...]
Exclusive: Ted Baker uses unpaid leave to pressure staff to return to the office January 12, 2021 Exclusive: Ted Baker uses unpaid leave to pressure staff to return to the office
Moonpig confirms £1bn London listing after pandemic sales boom January 12, 2021 Online greeting card platform Moonpig has confirmed its intention to float on the London Stock Exchange, targeting a valuation of more than £1bn. The private equity-owned company, which trades as Moonpig in the UK and as Greetz in the Netherlands, has enjoyed a boom in sales during the pandemic, in contrast to its high street [...]
Games Workshop repays business rates support as profits surge in pandemic January 12, 2021 Games Workshop, the owner of Warhammer, this morning announced it would repay business rates support as it reported a surge in profit in the second half after consumer demand soared during the pandemic. The London-listed firm said profit before tax was £91.6m in the six months to 29 November, compared to £58.6m in 2019, and [...]
Hut Group outperforms expectations as questions are raised about boss’s income January 12, 2021 The Hut Group (THG) had a good Q4 2020, enjoying revenue growth of 51 per cent year-on-year, outperforming previous guidance of 40-45 per cent. THG, which owns a range of online beauty and nutrition brands like MyProtein and Lookfantastic, delivered Q4 2020 group revenue of £558.7m, versus £370.0m in Q4 2019. Revenue was boosted by [...]
DIY firm Kingfisher sales jump on online boom January 12, 2021 Home improvement firm Kingfisher said that a boom in online sales had seen fourth quarter sales rise 16.9 per cent. In a trading update, the London-listed firm said that it was comfortable with the top end of current estimates for profit of £667m-£742m this year. It added that e-commerce sales had increased by 150 per [...]
Very.co.uk enjoys record-breaking Christmas period January 12, 2021 Very.co.uk increased sales by 25 per cent year-on-year in the seven weeks leading up to Christmas, recording its best ever figures over the holiday period. Home and electrical goods were the standout categories for the online retailer, up 46 per cent and 45 per cent respectively. Among the top selling items were bedding and soft [...]
Deliveroo to roll out to 100 new towns and cities in 2021 January 12, 2021 Deliveroo will expand its service to 100 new towns and cities across the UK in 2021, following increased demand for business in 2020. The towns and cities earmarked for expansion include Yeovil, Bangor (Northern Ireland), East Kilbride, King’s Lynn, Scarborough, Llanelli and Exmouth. The move will mean the takeaway delivery app is available to 4 [...]
Retail sales suffer worst year on record as lockdowns bite January 12, 2021 UK retail sales suffered their worst year on record in 2020 as Covid-19 lockdown measures decimated customer numbers. In-store sales of non-food items — which includes all non-essential retailers — dropped by almost a quarter last year compared to 2019. For 2020 overall, total sales declined 0.3 per cent on the previous year, marking the [...]
Marks & Spencer buys Jaeger out of administration January 11, 2021 Marks & Spencer today confirmed it has bought fashion brand Jaeger, which collapsed into administration last year. The retailer has agreed to take over the Jaeger brand, and is finalising terms to buy up stock and marketing assets. The deal will not include any stores, and it is unclear whether any jobs will be saved. [...]