Hostel company Safestay boosted revenue last year as it reveals plans to restart business May 29, 2020 Hostel company Safestay said today it boosted revenue in 2019 as it laid out plans to reopen its hostels as the coronavirus crisis begins to abate. Safestay said revenue for the year to 31 December increased 26 per cent to £18.4m with like-for-like sales up seven per cent. The company posted a loss before tax [...]
Paddy Power owner Flutter raises £812m in share placing May 29, 2020 Paddy Power owner Flutter today said it has raised £812m in a share placing that will see Rupert Murdoch’s Fox Corporation boost its holding in the gambling giant. Flutter, which also owns Betfair and Poker Stars, said it placed more than 8m new shares at £101 each, marking a 4.7 per cent discount on last [...]
B&M gets lockdown sales boost as customers turn to DIY May 29, 2020 Discount chain B&M today reported a sharp rise in sales as customers stockpiled groceries and DIY equipment during the coronavirus lockdown. In the first eight weeks of the new financial year the retailer posted a 22.7 per cent rise in life-for-like revenue, as surging demand for gardening and DIY products offset a decline in customer [...]
Consumer confidence among millennials jumps during lockdown May 28, 2020 Consumer confidence among millennials has jumped during the UK coronavirus lockdown, according to the latest research. Sentiment in the 25 to 34 age group has risen from minus seven in April to 16 this month, a survey tracking expectations of future disposable income and shopping behaviour showed. The age group has overtaken the 18 to [...]
Monsoon Accessorize teeters on brink of administration May 28, 2020 Fashion retailer Monsoon Accessorize is preparing to appoint administrators, putting up to 3,500 jobs at risk, as the coronavirus crisis continues to pile pressure on the already struggling UK high street. Monsoon Accessorize is expected to file a notice of intention to appoint administrators in the next few days, Sky News reported. FRP Advisory, which [...]
McColl’s hires ex-Casual Dining Group finance chief May 28, 2020 Convenience store chain McColl’s has hired former Casual Dining Group finance chief Giles David, the retailer announced this morning. David will join the company as chief financial officer on 1 June, after leaving Casual Dining Group, which owns Bella Italia, Las Iguanas and Cafe Rouge, last year. McColl’s also announced this morning that chief commercial [...]
Debenhams cuts ‘hundreds’ of head office and store jobs May 28, 2020 Embattled retailer Debenhams is preparing to cut “hundreds” of jobs, with both head office and in-store roles set to go. Debenhams, which is set to reopen most of its branches on 15 June, will cut some in-store roles due to reduced opening hours and the continued closure of services such as cafes, City A.M. understands. [...]
Harrods to open Westfield outlet shop to ease pressure on Knightsbridge store May 28, 2020 Harrods is preparing to open a new London outlet to host its summer sale and create more space at its Knightsbridge flagship store. The Harrods Outlet at Westfield Shepherd’s Bush will open in July and offer discounted stock from the existing season that the retailer was unable to sell when stores closed during the UK [...]
Cineworld shares soar as it secures $110m cash boost for July reopening May 28, 2020 Shares in Cineworld jumped almost 25 per cent this morning after the chain said it had secured $110m (£90m) from lenders and hoped to reopen cinemas by July. The UK cinema operator said it had secured the cash through an increase in its revolving credit facility. It has also been granted approval to apply for [...]
Boohoo buys remaining stake in Pretty Little Thing May 28, 2020 Fast fashion retailer Boohoo has today bought the remaining 34 per cent stake in Pretty Little Thing after facing conflict of interest criticisms from a short-seller. The deal is for an initial consideration of £269.8m, with a further £54m of consideration “contingent on Boohoo’s share price averaging 491p per share over a six month period [...]