London tops list of The World’s 50 Best Bars… But who won? November 6, 2020 Today of all days, as the UK enters its second lockdown, seems like a strange time to celebrate the world’s finest bars. But Londoners were today given a reminder of exactly what we’re missing, with the capital being crowned the undisputed champion of the drinking world in the new list of the 50 best bars [...]
New boss at Pizza Express as slice taken out of debt pile November 6, 2020 Pizza Express has appointed a new chairman and chief executive, Allan Leighton and David Campbell respectively, and reduced its debt pile by £400m after completing its recapitalisation. The new capital structure has reduced debt by more than £400million, from £735million to £319million, and includes the immediate injection of £40million of new capital. The business also [...]
Bakery giant Hovis sold to private equity firm Endless November 6, 2020 Bakery brand Hovis has been acquired by Endless, a UK based mid-market private equity firm, for an undisclosed sum. The company confirmed this morning that the terms of the agreement have been approved by both the Gores Group and Premier Foods, Hovis’ current owners. The acquisition enables Hovis to focus on further tapping into growing [...]
Luxury hotel group Mandarin Oriental warns of ‘significant’ full-year loss November 5, 2020 Luxury hotel group Mandarin Oriental today warned that it will report a “significant” loss for the full year after demand for city centre accommodation crashed during the coronavirus pandemic. The firm, which counts a five-star Knightsbridge hotel among its portfolio, said business levels remain low in most locations due to Covid-19 restrictions. Manderin Oriental this [...]
Superdry pins hopes on Black Friday sales during lockdown November 5, 2020 Superdry is cutting prices and targeting strong online Black Friday sales while its stores are closed during the coronavirus lockdown in England. The fashion retailer, which today reported that total revenue declined 23.3 per cent in the first half of the year, said it is focused on boosting ecommerce sales on Black Friday. It has [...]
Drinkers and shoppers flock to high streets to toast last night before lockdown November 5, 2020 Drinkers and shoppers flocked to pubs and high streets yesterday ahead of the introduction of a new nationwide coronavirus lockdown in England. The latest footfall data showed that high street visitor numbers surged 23.5 per cent on Wednesday compared to the previous week as consumers squeezed in a final pint or shopping trip before restrictions [...]
Ex-BHS owner Dominic Chappell found guilty of tax evasion November 5, 2020 Businessman Dominic Chappell has been convicted of tax evasion on £2.2m of income he received from his £1 deal to buy the failed retailer. Chappell was convicted by a jury at Southwark Crown Court this afternoon, of all three counts of defrauding the public revenue out of value added tax, corporation tax and income tax [...]
Coronavirus pressure drives down number of permanent jobs November 5, 2020 The number of permanent staff appointments fell in October as rising Covid-19 cases weighed heavily on recruitment plans, with jobs in retail, hotels and catering hit particularly hard. Greater uncertainty drove a marked rise in temporary placements, according to the latest KMPG and REC report on jobs, and overall demand for staff fell. Widespread reports [...]
Boohoo and Nike grilled over supply chain links to slave labour in China November 5, 2020 MPs this morning grilled fashion firms, including Boohoo and Nike, over potential supply chain links to slave labour and exploitation in China. The retailers’ sourcing and sustainability bosses were today called in to give evidence to the Business Select Committee, as part of an investigation into the extent to which the products of forced labour [...]
Sainsbury’s to slash 3,500 jobs and close Argos stores November 5, 2020 Sainsbury's will cut 3,500 jobs and close 420 Argos sites, as the firm posted a £137m loss for the first half of the year.