Primark owner ABF reveals £284m charge for unsold stock April 21, 2020 Associated British Foods (ABF) has revealed a £248m hit for unsold stock as sales plunge while Primark stores remain shut across Europe. Following the closure of its stores the level of inventory at Primark increased significantly as sales ceased immediately and the inbound supply chain continued for several weeks with goods in transit. An assessment [...]
The City View podcast: M Restaurants CEO Martin Williams on cooking for the NHS April 21, 2020 In this episode, Christian is joined by the CEO of Gaucho and M Restaurants, Martin Williams. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Martin is one of the country’s best known restaurateurs having launched his high-end M Restaurants in London before bringing the Gaucho empire into the fold. He talks [...]
UK pubs face permanent closure without extra support, industry warns April 20, 2020 Thousands of UK pubs could struggle to survive the coronavirus lockdown without additional financial support, the industry has warned after the government indicated that the sector could be among the last to see restrictions lifted. The British Beer & Pub Association (BBPA) has called on the government to announce extra support for the industry amid [...]
Coronavirus: Primark agrees £370m deal with suppliers after backlash April 20, 2020 Primark has agreed to pay an extra £370m to suppliers after the budget retailer was criticised for cancelling orders during the coronavirus lockdown. The high street giant announced this morning that it will now “take all product that was both in production and finished, and planned for handover by 17 April”. Primark had previously committed [...]
UK coronavirus lockdown: Consumers spend more on video games and online shopping April 20, 2020 Britons have been spending more on video games and with Amazon, Apple and Argos during the UK coronavirus lockdown, according to the latest research. Digital bank Starling said its customers spent almost 300 per cent more on Playstation and Nintendo in the week ending 5 April compared to the week to 15 March, before the [...]
Mr Kipling owner Premier Foods boosts sales as shoppers stockpile sweet treats April 20, 2020 Shares in Premier Foods jumped almost 25 per cent in early trading today after the firm said it had experienced a sharp rise in demand during the coronavirus outbreak. The Mr Kipling maker said it expected sales to rise roughly 3.6 per cent year on year in the fourth quarter and 10.5 per cent in [...]
DFS mulls equity issue to soften impact of extended coronavirus lockdown April 20, 2020 DFS has confirmed it is in the process of negotiating additional funding and is preparing a equity issue in order to cushion the blow of the coronavirus pandemic. The sofa retailer said it was negotiating an additional debt facility of £60-70m with its existing lenders, to supplement the existing bank facility of £250m. Alongside this [...]
UK retail parks fare better in lockdown than high streets and shopping centres April 20, 2020 The number of shoppers visiting the UK’s retail destinations plunged by a record amount last month due to coronavirus, however a surge in supermarket demand helped to shield retail parks. UK retail footfall plummeted 44.7 per cent in March due to the mandatory lockdown which restricted movement and forced all non-essential stores to close. In [...]
Coronavirus hits hospitality: Loan scheme leaves restaurants high and dry April 19, 2020 Ranald MacDonald is Managing Director of Boisdale’s Restaurants In newspapers, so I’m told, a cracking story is known as a “marmalade dropper,” so named because it stops you – and indeed your toast – in your tracks. And that’s exactly what Rishi Sunak’s announcement of a £330bn rescue package for British business to get through [...]
Coronavirus: Debenhams and Arcadia in talks with landlords over store closures April 19, 2020 Major high street retailers including Debenhams and Topshop owner Arcadia are negotiating with landlords over whether stores will reopen after the coronavirus lockdown ends. All non-essential retailers were ordered to close when the government implemented restrictions to slow the spread of coronavirus last month. However, some stores will not reopen when the lockdown is relaxed [...]