Coronavirus: CMA investigating holiday firms over refund claims May 21, 2020 The UK’s competition watchdog is investigating package holiday firm’s over their failure to refund customers for cancelled holidays. According to its latest statistics, the Competition and Markets Authority (CMA) has received over 60,000 complaints from customers regarding the coronavirus crisis since 10 March. Of these, it said that 27,000 related to complaints about “unfair practices” [...]
On the Beach to place 20 per cent of share capital in Covid-19 fundraise May 21, 2020 Travel company On the Beach has announced it will place new shares worth up to 20 per cent of its existing share capital to raise additional funding through the coronavirus crisis. The step is the latest that the firm has taken in order to shore up its finances in the face of the crisis, which [...]
Historic department store Macy’s set for $1bn first quarter loss May 21, 2020 Historic US department store Macy’s warned today that it could see first quarter losses of over $1bn (£820m) due to the coronavirus lockdowns. Retail outlets around the world have been battered by the stringent restrictions, which has seen many shops shut their doors for over a month on governmental instruction. In a release, Macy’s said [...]
Clarks cuts 900 jobs and mulls funding options amid coronavirus crisis May 21, 2020 Clarks is preparing to slash 900 corporate roles, the British shoe brand announced today as it confirmed it is in talks with advisers over funding options during the coronavirus crisis. The retailer said it will reduce its global workforce by 900 roles, which will be partially offset by the creation of 200 new jobs. The [...]
Pets at Home revenue tops £1bn but retailer warns on profit as stockpiling dwindles May 21, 2020 Pets at Home full-year revenue topped £1bn for the first time in the year to March but the retailer’s share price fell as it warned that a drop in stockpiling demand could impact future profit. The pet shop chain said it expects first-half pre-tax profit to be sharply lower than last year, as the spike [...]
Premier Inn owner Whitbread taps investors for £1bn May 21, 2020 Premier Inn owner Whitbread will tap investors for £1bn to help it weather the coronavirus crisis while its hotels and restaurants are closed. Whitbread, which also owns Beefeater and pub chain Brewers Fayre, said the rights issue would help strengthen its balance sheet as the firm expects £80m of cash outflows a month while its [...]
Deliveroo expands Majestic Wine partnership during lockdown May 20, 2020 Deliveroo has expanded its partnership with Majestic Wine, adding an extra 50 stores to the app during the coronavirus lockdown. The platform will now provide deliveries from a total of 80 Majestic Wine stores across the UK, and has expanded the range of wine and spirits available to buy, to cater for a surge in [...]
UK supermarkets win ATM business rates legal battle May 20, 2020 UK supermarkets including Tesco, Sainsbury’s and Co-op will not have to pay business rates on ATMs at their stores after winning a long-running legal battle. The Supreme Court judged today that retailers were not liable to pay business rates on ATMs inside or outside stores. The ruling against the Valuation Office Agency will result in [...]
UK inflation: What are people buying during coronavirus lockdown? May 20, 2020 There was further confirmation of the economic impact of the Covid-19 crisis this morning when new figures revealed a slump in inflation. The UK inflation rate tumbled to just 0.8 per cent in April, down from 1.5 per cent the previous month and marking the lowest level since August 2016, according to the Office for [...]
Matalan founder sues PwC over tax haven advice May 20, 2020 The founder of budget fashion retailer Matalan is suing PwC, claiming the accounting giant gave him bad advice on how to avoid paying taxes in the UK when he moved to Monaco. Multimillionare John Hargreaves said PwC had been negligent in its advice on his relocation from England to Monaco, which would have enabled him [...]