Fortnum & Mason hires former John Lewis and Matches Fashion exec as new CEO November 3, 2020 Fortnum & Mason has appointed a former John Lewis and Matches Fashion executive as its new boss. Tom Athron will join the Piccadilly department store on 1 December, to replace current chief executive Ewan Venters who will step down in January 2021. Athron was most recently the chief operating officer of luxury fashion website Matches [...]
Online shopping boom could cause Christmas chaos, Post Office warns November 3, 2020 A boom in online shopping and parcel deliveries could cause Christmas chaos this festive season, the Post Office said as it warned the public to send their gifts earlier than usual to avoid a last-minute rush. More than a fifth of Brits have already decided to send presents through the post rather than give them [...]
Primark owner profit slumps as pandemic batters sale November 3, 2020 Primark owner Associated British Foods (ABF) has posted a sharp decline in profit for the full year as store closures during the coronavirus lockdown decimated sales. The figures ABF posted revenue of £13.9bn in the year to 12 September, down 12 per cent on 2019. Statutory pre-tax profit slumped 42 per cent to £686m. Basic [...]
Lockdown extension in December would be ‘disastrous’ for retail sector, experts warn November 2, 2020 An extension of lockdown restrictions into December would be “disastrous” for the struggling retail sector, which will have already missed out on sales at the beginning of the crucial Christmas trading period. In a note to clients this morning, broker Peel Hunt said listed retailers had balance sheets strong enough to handle the November lockdown, [...]
Billions of dollars at stake in White House race betting market as one punter places £1m bet on Biden win November 2, 2020 The 2020 US election is shaping up to be the biggest betting market event of all time, with one player placing a record-breaking £1m bet on a victory for Democratic challenger Joe Biden, betting companies say.
Pubs urge government to reverse ban on takeaway pints during lockdown November 2, 2020 Pubs have called on the government to reverse its decision to ban hospitality venues from selling takeaway pints during the second coronavirus lockdown, saying the move could cause more businesses to collapse. On Saturday the Prime Minister announced that all hospitality venues in England will be ordered to close to dine-in customers on Thursday in [...]
Sadiq Khan pushes for extension on business rates holiday for retail, leisure and hospitality businesses November 2, 2020 London mayor Sadiq Khan has written to the housing secretary Robert Jenrick to request an extension to the business rates holiday for retail, leisure and hospitality businesses, which was due to end in March 2021. In a joint letter with the Chair of London Councils, Khan requested an extension to the rates holiday, which was [...]
Ocado to make $300m in acquisitions as digital grocer bumps forecasts November 2, 2020 Digital grocer Ocado has announced two acquisitions worth nearly $300m (£232m) and bumped up its full year earnings forecast, it announced this morning. The retail darling said that it had continued to see strong sales growth during the third quarter as people stuck to digital shopping amid to the coronavirus pandemic. Shares in Ocado rose [...]
GVC warns that new lockdown could cost it £43m November 2, 2020 Gambling giant GVC has warned that it will lose £43m if all of its betting shops have to close due to the new coronavirus lockdown. The Ladbrokes and Coral owner said that its forecasts took into account new government support schemes. Under the new restrictions announced on Saturday, GVC will have to close all its [...]
Primark warns of £375m sales hit due to second lockdown November 2, 2020 The owner of Primark has warned it will suffer a sales hit of £375m as it prepares to shutter stores across England due to new lockdown measures. In a market update this morning, Associated British Foods (ABF) said 19 per cent of its selling space is currently closed due to Covid-19 restrictions in the Republic [...]