Government urged to increase support for retail firms after EU State Aid rule changes December 18, 2020 The government has been urged to increase the financial support available to retail and hospitality businesses after the European Commission confirmed that the UK is able to apply a revised state aid framework. The EU said earlier this week that the UK can implement the revised Covid-19 State Aid Temporary Framework, which increased the limit [...]
Costcutter snapped up by Bestway after strong year of sales December 18, 2020 Wholesaler Bestway has bought Costcutter from Bibby Line for an undisclosed sum in a significant move in independent retail. Under the deal Costcutter will become part of Bestway Wholesale’s retail division and operate as normal. “The acquisition of CSG by Bestway Wholesale enables us to further build on our solid foundations in Independent Retail, allowing [...]
Landlords approve Leon’s rescue plan to save 670 jobs December 18, 2020 Healthy fast food chain Leon has secured backing from its landlords to implement a rescue plan which will save 670 jobs. The company announced this evening that 90 per cent of creditors approved the company voluntary arrangement proposals, which will allow Leon to switch to turnover-rents during the coronavirus pandemic. Leon’s branches, which are predominantly [...]
Next mulls bid for Sir Philip Green’s collapsed retail empire Arcadia December 18, 2020 Next is reportedly weighing up a bid for Sir Philip Green’s collapsed retail empire Arcadia with US investment firm Davidson Kempner Capital Management. The high street retailer is holding detailed discussions with Davidson Kempner about a combined offer for Arcadia, the owner of Topshop, Dorothy Perkins and Miss Selfridge, after it fell into administration last [...]
Tesco completes £8bn Malaysia and Thailand business sale prompting £5bn shareholder windfall December 18, 2020 Tesco has completed the £8bn sale of its Thailand and Malaysia businesses and is gearing up to pay a £5bn special dividend to shareholders. The supermarket announced this morning that the division’s have been acquired by C.P. Retail Development Company, which is backed by Charoen Pokphand Group, CP All Public Company and Charoen Pokphand Foods. [...]
Hammerson seeks secondary Irish listing amid Brexit worries December 18, 2020 European shopping centre owner, Hammerson has sought admission to Dublin's stock exchange to maintain access to the European market.
Wagamama owner The Restaurant Group slams current Covid tier system December 18, 2020 Wagamama owner The Restaurant Group has warned that the current coronavirus tiering system in England will have a significant negative impact on the firm and the wider hospitality industry. Shares in Restaurant Group, which also owns Frankie & Benny’s, dipped more than four per cent this morning after it announced that more than 60 per [...]
Franco Manca owner on a bargain hunt despite revenue hit December 18, 2020 Restaurant group Fulham Shore is on a bargain hunt for expansion sites despite a 44 per cent fall in revenues in the six months to September. The group, which operates more than fifty Franco Manca pizza restaurants and 19 The Real Greek outlets, saw revenues fall from £36m in 2019 to £19.9m as lockdowns took [...]
Retail sales dip in November as lockdowns bite December 18, 2020 Retail sales remained above their pre-pandemic levels in November despite a month-on-month fall, new figures reveal. The closely watched retail sales figures from the Office for National Statistics show a 3.8 per cent drop in November compared to October, with many stores particularly in England forced to close for much of the month. Online retailing [...]
Nation of beer drinkers: Brits spend extra £2.1bn on booze in lockdown December 18, 2020 Booze-drinking Brits spent an extra £2.1bn on alcoholic beverages this year as they stocked up on lager, wine and spirits while pubs were closed during lockdown. Despite its name, Corona was one of the lager brands to toast the largest growth, with sales up £68m compared to last year. Lager was the fastest growing drink [...]