Shop prices dip as desperate retailers discount to attract customers December 2, 2020 Shop prices dipped last month as retailers discounted to encourage consumer spending in the run up to Christmas, which was disrupted by store closures during the second coronavirus lockdown. Prices fell 1.8 per cent in November compared to a 1.2 per cent decline in October, driven by a surge in discounting of non-food products such [...]
MPs call for retail sector support following ‘dark week’ for high street December 2, 2020 MPs have called on business secretary Alok Sharma to announce what support will be given to the high street following a “dark week” for the retail sector, which has seen more than 25,000 jobs put at risk. Darren Jones MP, chair of the Business, Energy and Industrial Strategy (Beis) Committee, asked for detail on the [...]
Sir Philip Green’s wife brings forward £50m payment to Arcadia’s pension pot December 2, 2020 Tina Green, the ultimate owner of collapsed retail chain Arcadia, has announced she will bring forward a £50m payment owed to the company’s pension scheme. Last year Monaco-based Tina Green, who is married to Topshop tycoon Sir Philip Green, agreed to pay £100m into the company’s pension pot as part of a restructuring plan agreed [...]
Italian restaurant chain Prezzo bought by private equity firm Cain International December 2, 2020 Italian restaurant chain Prezzo has been bought by private equity firm Cain International, the companies announced this afternoon. Cain International, which also holds stakes in Competitive Socialising – the owner of Swingers crazy golf – and women’s private members club The Allbright, said Prezzo has outperformed the struggling casual dining sector over the last 12 [...]
Bottoms up: Vodka maker Stock Spirits plans special dividend as lockdown home drinkers boost profit December 2, 2020 Vodka maker Stock Spirits shares are up after it said a lockdown sales surge and profit rise will result in a special dividend for investors
Bonmarche hires administrators in further blow to UK high street December 2, 2020 Budget fashion retailer Bonmarche has fallen into administration for the second time, putting 1,500 jobs at risk, in a further blow for the UK high street after days of grim announcements. RSM Restructuring Advisory has been appointed as administrator to BM Retail Limited, which operates the Bonmarche brand from 225 stores in the UK. No [...]
Leon launches restructuring plan due to steep drop in sales during pandemic December 2, 2020 Healthy fast food chain Leon has launched a restructuring plan to reduce rents following a sharp drop in sales during the pandemic. The company has appointed business advisory firm Quantuma to launch a company voluntary arrangement (CVA) after its stores, which are in city centre and transport hub store locations, suffered a sharp drop in [...]
Tesco to pay back £585m in emergency support with pandemic risks ‘behind us’ December 2, 2020 Tesco this morning said that it would pay back £585m of business rates relief it received to protect it from the impact of the coronavirus pandemic. The supermarket said that paying back the emergency funding was “the right thing to do”, adding that some of the risks from the pandemic were now behind it. In [...]
Ed Miliband calls on Philip Green to plug Arcadia pensions gap December 2, 2020 Shadow Business Secretary Ed Miliband has called on Sir Philip Green to plug the pension deficit at his failed retail firm Arcadia, saying staff “shouldn’t pay the price for his greed.” Speaking to Kay Burley on Sky News this morning, the former Labour leader said that Green “owes a moral responsibility to 12,000 workers who [...]
Tis the season for retailers to rethink the Christmas chaos December 2, 2020 Today, Wednesday 2 December 2020, is likely to be like no other for retail. A month after many retailers were obliged to close at the very moment they would be expecting to enjoy their busiest time of year, and with just three weeks to go before the big day — Christmas — itself, they are [...]