Next CEO backs Lords battle against National Insurance tax rise January 29, 2025 The chief executive of retail giant Next has backed an attempt in the House of Lords to change the planned change to employer’s National Insurance Contributions (NICs). Lord Wolfson has supported amendments to the bill which have been tabled by Baroness Noakes. In Labour’s Budget last Autumn, Chancellor Rachel Reeves said that the government would [...]
The Famous Grouse sale to billionaire’s empire on the rocks January 29, 2025 A deal which saw whisky giant The Famous Grouse sold to one of the UK’s richest men is to be investigated by the Competition and Markets Authority (CMA). Drinks business Edrington sold the brand, which been owned by its 1887 Company, to William Grant & Sons in September last year for an undisclosed sum. William Grant & [...]
Morrisons sales surge as customer loyalty pays off January 29, 2025 Eating into the market share of its rivals and growing its loyalty card scheme helped sales surge at supermarket giant Morrisons during its latest financial year. The Yorkshire-headquartered chain has reported a revenue of £15.2bn for the 12 months to 27 October, 2024, up from £14.7bn. Its group like-for-like sales also increased from 1.8 per [...]
Virgin Wines: ‘A decent Christmas was needed and delivered’ January 29, 2025 Virgin Wines delivered a strong Christmas trading performance and outperformed the wider market, although revenue remained flat year on year. Revenue increased by 6.7 per cent year-on year during the six weeks to 27 December, 2024, the company told markets this morning. Sales rose nine per cent in December 2024 versus December 2023, reaching the highest level since the Covid-19 lockdowns, [...]
Naked Wines: Losses shrink but wine seller still has a way to go January 29, 2025 Naked Wines has begun to stem its losses after a tough few years for the wine merchant, although the firm’s sales continues to shrink. The company told the London Stock Exchange this morning that its revenue fell by 10.2 per cent year on year in the 13 weeks ended 30 December, or 8.9 per cent [...]
Stella McCartney buys back LVMH stake in her eponymous fashion brand January 28, 2025 Stella McCartney has bought back LVMH’s 49 per cent stake in her fashion brand, which the luxury giant has held for five years. McCartney will continue to advise LVMH chief Bernard Arnault and the group’s executive team on sustainability issues as global ambassador on sustainability. “This new chapter for Stella McCartney reflects her desire to [...]
Jollyes: Pets at Home rival to lower 3,000 prices and open new stores January 28, 2025 Pet superstore chain Jollyes has revealed plans to lower thousands of prices and open new stores across the UK. The retailer, which is a major rival to Pets at Home, has also announced a range of new benefits for its employees in a bid to attract new talent. The news comes almost a year after [...]
Morrisons joins Sainsbury’s and Asda in major job cuts after Budget January 24, 2025 Morrisons has become the latest UK supermarket giant to announce a major round of job cuts in the wake of the government’s Budget in October. The Bradford-headquartered chain has confirmed plans to axe more than 200 roles from its retail people team. The move forms part of a wider drive to significantly cut costs and [...]
Sainsbury’s to axe 3,000 jobs and close all in-store cafes January 23, 2025 Supermarket giant Sainsbury’s has confirmed plans to axe more than 3,000 roles as it prepares to close all its remaining in-store cafes. The major overhaul will cut two per cent of its current workforce, which stands at 148,000. The move will also make around 20 per cent of senior management roles at Sainsbury’s redundant. The [...]
Crafter’s Companion: Huge debts revealed at firm rescued by Dragons’ Den star Sara Davies January 23, 2025 Crafter’s Companion, the company started by Dragons’ Den star Sara Davies while at university, owed almost £20m when it collapsed into administration earlier this month before being rescued, it has been revealed. The company appointed Interpath to oversee the process on 7 January in a move which has led to its Barlborough store closing and [...]