Ocado investor Royal London to oppose executive pay report May 5, 2020 Ocado investor Royal London is preparing to vote against the online supermarket’s executive pay report at its annual meeting tomorrow, branding boss Tim Steiner’s £58.7m payout “excessive”. Steiner’s remuneration package included a £54.1m Growth Incentive Plan award, linked to the company’s share price growth between 2014 and 2019. The scheme paid out £87.5m to Ocado [...]
Recipe box firm Hello Fresh hikes full-year guidance amid coronavirus lockdown boom May 5, 2020 Recipe box firm Hello Fresh has hiked its full-year guidance following a surge in demand in the first quarter of the year as customers ordered deliveries during the coronavirus pandemic. Expected group revenue growth is expected to be between 40 per cent to 55 per cent, from a previous estimate of 22 per cent to [...]
McDonald’s to reopen 15 UK restaurants amid lockdown – with one big difference May 5, 2020 McDonalds has announced which 15 restaurants it plans to open for delivery this month, including four branches in London. The fast food giant announced this morning that it will reopen its Tooting, Dalston, Harrow and Welling restaurants on 13 May. However, in order to comply with social distancing measures, McDonald’s will offer a limited menu [...]
Victoria’s Secret owner L Brands calls off £422m sale to private equity firm Sycamore May 5, 2020 Victoria’s Secret owner L Brands has called off a £422m sale of a majority stake in the lingerie business to private equity firm Sycamore, after the coronavirus crisis sparked a legal battle between the two firms. L Brands said it would focus on navigating the “extremely challenging business environment” rather than “engaging in costly and [...]
J Crew files for bankruptcy as coronavirus derails turnaround plan May 4, 2020 J Crew has filed for bankruptcy after the coronavirus pandemic forced it to close stores and derailed the retailer’s turnaround plans. Under the terms of the filing, the New York-based clothing brand’s main creditors will take control of the business in exchange for wiping out $1.65bn of debt. Anchorage Capital Group, Blackstone, GSO Capital Partners [...]
Tate & Lyle suffers slump in demand during coronavirus lockdown May 4, 2020 Tate & Lyle suffered a drop in demand for its products last month due to the closure of restaurants, cinemas and bars. The company said bulk sweetener volume in the US was 26 per cent lower due to reduced out-of-home consumption during coronavirus lockdowns. Meanwhile industrial starch volume was nine per cent lower as demand [...]
Hotel Chocolat secures £25m coronavirus loan as disruption expected until end of 2020 May 4, 2020 Hotel Chocolat announced this morning it has secured a £25m coronavirus large business interruption loan (CLBIL) as it warned that the pandemic could continue to impact trading throughout the rest of 2020. The high street retailer said it had agreed a £35m revolving credit facility with Lloyds Bank, replacing its previous £10m overdraft facility. The [...]
Robot waiters, half the tables, and crossed fingers: How restaurants will reopen after UK lockdown ends May 2, 2020 Robot waiters, staff in masks and two metres between each table. This is what dining out could look like when the UK coronavirus lockdown is eased. At least, for the restaurants that manage to survive. Official government guidance on reopening has been limited so far. However, that could change soon as the Prime Minister said [...]
McDonald’s to reopen for delivery this month May 1, 2020 McDonald’s will reopen some UK restaurants for delivery this month after trialling social distancing measures. The fast food giant will open 15 stores on 13 May, offering a limited menu for delivery only, after successful social distancing trials this week. McDonald’s UK and Ireland chief executive Paul Pomroy said the restaurants selected to reopen will [...]
Greggs shares sink as it cancels plan to reopen stores amid lockdown May 1, 2020 Shares in high street bakery chain Greggs dropped today after it postponed its reopening plans over fears of attracting crowds. The bakery chain’s share price fell 4.73 per cent to 1,750p this morning after last night’s announcement that it will now carry out social distancing trials behind closed doors. Greggs had previously planned to reopen [...]