Jamie Oliver takes payday hit as restaurant collapse eats into profits January 3, 2021 Jamie Oliver has suffered a decline in profit from his business ventures as the collapse of his restaurant chain continues to take its toll. Pre-tax profits at the celebrity chef’s group of companies dropped to £7.1m in 2019, down nine per cent on the previous year. Turnover dropped just over five per cent to £38.8m, [...]
Loungewear sales up 1,303 per cent as lockdown changes consumer habits December 30, 2020 Loungewear and leggings sales spiked by 1,303 per cent in 2020 according to new data from John Lewis. The department store’s annual look at consumer habits shows lockdown’s impact on customers’ baskets. As well as sitting room fashion, sales of chess sets (a 121 per cent increase on 2019), TVs (45 per cent) and paint [...]
The Priory goes Private (Equity): UK rehab clinics sold in £1bn deal December 30, 2020 The Priory Group, operators of the UK’s best-known rehab clinics, has been bought by private equity outfit Waterland. Acadia, the American owners of the Group, confirmed the offload before US markets opened. Read more: 2021 set to see an M&A boom It will merge the two businesses and create what Waterland say will be “Europe’s [...]
How you can support your favourite bars and restaurants into 2021 December 30, 2020 January is generally a slow month for the hospitality sector as it is, largely due to those who have overindulged during the festive period wishing to take a break and partaking in the equally dreadful ‘Dry January’ or ‘Veganuary’. However, owing to ever-shifting and ever-stricter lockdown restrictions, we may not have had ample opportunity to [...]
Wonks expect retail to see a brighter 2021 December 30, 2020 Retailers can expect to see sales growth of as much as 3 per cent in 2021, according to a new expert report. Pent-up savings and demand, more confident consumers and a successful vaccine rollout will all bring a boost, says the KPMG/Ipsos Retail Think Tank. Read more: Where did it all go wrong for Topshop? [...]
The Hut Group ramps up growth plans with £300m takeover spree December 29, 2020 The Hut Group has forked out more than £300m to acquire three companies as the online fashion and beauty retailer pursues an aggressive growth plan after its stock market float. The Manchester-based ecommerce group today said it will snap up skincare brand Dermstore from US retail giant Target for $350m (£259m). It has also acquired [...]
Wine drinkers toast Brexit deal as French clarets, German rieslings and UK sparkling wine escape regulatory burdens December 27, 2020 Wine drinkers will have reason to celebrate at least one aspect of the Brexit deal, industry insiders say, after it emerged it will cut red tape for wine exporters and importers. Insiders had feared that the UK’s departure would entail an additional, costly regulation – in the form of the VI-1 certificate – after the [...]
Footfall collapses on Boxing Day as retailers count the cost of restrictions December 27, 2020 Retailers across the country saw one of their busiest days of the year end with a whimper rather than a bang as Covid-19 restrictions saw High Street footfall collapse. Across the country, retail footfall fell by 60 per cent, according to market watcher Springboard. Read more: Retailers hope for a digital boost but the end [...]
Brits to splash out £2.7bn across Britain as virtual sales kick off December 26, 2020 Retailers are expected to enjoy a bumper Boxing Day as Brits head to online and physical sales. New data from Barclaycard suggests Brits could spend as much as £2.7bn across the January sales. Read more: Free ports and smart investment are the Brexit prize, says Gove But data from the West End’s leading retailers paints [...]
Premier Inn owner Whitbread asks landlords for 50 per cent rent cut December 23, 2020 Premier Inn owner Whitbread has asked its landlords for a rent cut of 50 per cent, as the ongoing coronavirus pandemic restrictions continue to affect trade. Whitbread sent a letter to its landlords, urging them to “share some of the pain of lockdown,” according to reports. Whitbread, which also owns Beefeater and Brewers Fayre brands, [...]