JD Sports’ merger with Footasylum edges nearer after appeal November 13, 2020 The competition watchdog’s decision to block a merger between JD Sports and Footasylum has been overturned following an appeal. The Competition Appeals Tribunal said today that the Competition and Markets Authority had acted “irrationally” when it ruled in May that the tie-up would lead to a “substantially” lessening of competition nationally. The tribunal ruled that [...]
Caffe Nero seeks rescue deal due to second coronavirus lockdown November 13, 2020 Caffe Nero has launched a restructuring plan to reduce costs due to the impact of the coronavirus pandemic on the coffee chain’s branches in city centre and transport hub locations. The high street cafe chain has appointed KPMG to advise on a Company Voluntary Arrangement following the introduction of a second coronavirus lockdown. City A.M. [...]
Tesco apologises to customers over Christmas delivery booking delays November 13, 2020 Tesco has been forced to apologise to customers facing delays trying to book a delivery slot for Christmas shopping following a surge in demand. The supermarket said this morning that it had placed shoppers in a “virtual waiting room” to help it manage the influx of customers trying to secure a home delivery for the [...]
Edinburgh Woollen Mill administrators hail ‘strong performance’ November 13, 2020 The firm managing the administration of Edinburgh Woollen Mill today hailed a “strong performance” for the first half of the year. FRP Advisory said that revenue had risen 14 per cent year-on-year to £35.4m, while earnings had increased seven per cent to £9.7m. It said that it had achieved the growth even though the number [...]
Parthe-nope: Travel corridors opened to eight countries but Greece removed November 12, 2020 A raft of new countries have been added to the UK’s travel corridor list, meaning people will not have to self isolate upon returning from them. Iceland, Chile, Cambodia, Qatar, Bahrain, the UAE, Laos, and Turks and Caicos have all been added to the quarantine free travel list. Those arriving from the countries from Saturday [...]
First lockdown cost food and drink industry £751m a week in lost sales, research shows November 12, 2020 The first UK-wide national lockdown cost the food and drink industry £751m a week in lost revenue, according to the latest research. Out-of-home food consumption fell 36 per cent in the first half of 2020, as the closure of restaurants and cafes and the shift to remote working forced Brits to eat more meals at [...]
Carlyle invests $250m in third-party reseller Pharmapacks November 12, 2020 Private equity giant Carlyle has invested $250m in US e-commerce firm Pharmapacks, one of Amazon’s largest third-party resellers. Launched initially as a pharmacy shop in 2010, Pharmapacks has grown into an online retailer focused on health, personal care and beauty products. The investment, which values Pharmapacks at approximately $1.1bn, came from Carlyle Partners VII, a [...]
Over 90 per cent of summer holidays cancelled despite travel corridors November 12, 2020 Over 90 per cent of holidays in July and August were cancelled this year due to the coronavirus pandemic, despite the opening of travel corridors. New figures from travel industry association ABTA have brought to light the full extent of the damage done to the sector by coroanvirus. As a result of the slew of [...]
Young’s swings to a loss in ‘toughest period’ of 189-year history November 12, 2020 Pub chain Young’s swung to a loss in what it called one of the “toughest years” in its 189 years of trading, but said it has the resilience to survive the coronavirus crisis. The company this morning said it has the resources and funds to “see through the very worst that this pandemic can throw [...]
Discounter B&M worth more than Sainsbury’s as profits soar over Covid-19 lockdown November 12, 2020 High street discounter B&M has reported a 95% rise in first-half core earnings as its low prices and out-of-town stores chimed with consumers during the Covid-19 pandemic.