Audit watchdog closes investigation into Tesco accounting scandal June 8, 2020 The Financial Reporting Council (FRC) has announced the closure of its remaining investigation into accountants at Tesco, ending a six-year probe linked to an overstatement of profit by the supermarket chain. The FRC said this morning it was closing an investigation into Tesco’s announcement in 2014 that it had overstated profits by £263m, a figure [...]
Morrisons extends faster payment scheme for small suppliers June 8, 2020 Morrisons will continue to make immediate payments to its smaller suppliers for a further three months to support them during the ongoing coronavirus crisis, the grocer announced this morning. The UK’s fourth largest supermarket chain introduced the faster payment scheme in March to help small farms and food producers hit by the closure of the [...]
Domino’s Pizza scolded by the IA over lack of gender diversity June 7, 2020 Domino’s Pizza has come under fire from the City over its lack of diversity on its board, which is due to become male-only by the end of the month. The Investment Association (IA) has issued a so-called red-top on the pizza chain, first reported by the Sunday Telegraph. It represents the strongest warning from the [...]
Labour not supportive of changing Sunday trading laws June 7, 2020 Labour has said it does not support the government’s move to scrap trading laws in England, which will allow super markets to open for more than six hours on Sundays. Shadow foreign secretary Lisa Nandy said she wasn’t convinced the changes would help stimulate the economy and that they would also deprive workers of seeing [...]
Gap reports $932m quarterly loss due to coronavirus closures June 5, 2020 Gap this morning reported a quarterly loss of almost $1bn after the clothing retailer was forced to close its stores during the coronavirus pandemic. The US retail giant reported a net loss of $932m, or $2.51 per share, in the three months to 2 May, including a $484m writedown on store and operating lease assets [...]
More than 800 jobs at risk as Victoria’s Secret UK arm enters administration June 5, 2020 The UK business of lingerie retailer Victoria’s Secret has fallen into administration, putting more than 800 jobs at risk. All of Victoria’s Secret’s 25 UK stores are currently closed due to the coronavirus lockdown, with 785 employees on furlough. Deloitte, which was appointed as administrator today, said no redundancies have been made while it searches [...]
Greggs reveals plans to open 800 stores this month June 5, 2020 High street bakery chain Greggs has revealed plans to open 800 stores across the UK later this month. Chief executive Roger Whiteside announced this morning that the company is preparing to open more branches from 18 June following successful delivery, collection and walk-in trials in North East England. Greggs is in the process of selecting [...]
Revolution Bars taps investors for £15m to cut debt during coronavirus crisis June 5, 2020 Revolution Bars is preparing to tap investors for £15m to slash debt and help it weather the coronavirus crisis while its venues are closed. The chain, which was forced to close its 74 bars when the government imposed a coronavirus lockdown in March, said the proceeds will be used to “achieve an appropriate level of [...]
Coronavirus: How safe is it to order takeaway food in lockdown? June 5, 2020 Restaurants have started pivoting to takeaway services amid the pandemic to stay afloat as normal service will only be able to resume, in some capacity, in July. The government has not ruled out restaurants from offering takeaway services and last month issued guidance. We look at how safe it is to order takeaway food and [...]
The business of running: Trainer sales and fitness apps boom in lockdown June 5, 2020 Running in the UK has been booming for years, with Parkrun events attracting hundreds of thousands each Saturday and amateur athletes comparing their fastest times on new tracking apps. That trend has only accelerated under the coronavirus lockdown, albeit in a more solitary way. As normal life has ground to a halt, huge numbers of [...]