Retail industry calls for VAT cut to be extended to struggling sector July 8, 2020 Retail industry experts have expressed shock and disappointment that the chancellor’s decision to cut VAT for hospitality firms did not extend to the struggling sector. Rishi Sunak today announced plans to slash VAT for hospitality and tourism businesses from 20 per cent to five per cent. The retail sector welcomed the support announced for employment [...]
Date night discount: Government to split the bill on dining out in August July 8, 2020 The government has announced plans to cover half the bill for dining out in August to encourage consumers to support the hospitality sector after the coronavirus lockdown. Chancellor Rishi Sunak today announced the Eat Out to Help Out scheme, which will provide a 50 per cent discount for sit down meals in cafes, restaurants and [...]
Boohoo launches independent review of supply chain after Leicester factory claims July 8, 2020 Fast fashion retailer Boohoo suffered a further share price drop this morning after it launched an independent review of its UK supply chain following allegations of poor working practices and underpayment of workers at a clothing factory in Leicester. Boohoo this morning said it was “shocked and appalled” over the allegations that the Jaswal Fashions [...]
McDonald’s breakfast menu returns to all but 28 of its restaurants tomorrow July 7, 2020 McDonald’s will bring back its breakfast menu tomorrow to all but 28 of its open restaurants across the UK and Ireland. Last week the fast food chain announced the gradual roll out of its breakfast menu and walk-in takeaway service to more restaurants. The breakfast menu will continue to be a limited menu for now, [...]
River Island to axe 250 head office roles July 7, 2020 River Island is reportedly preparing to slash 250 head office roles as the retailer seeks to cut costs after sales plummeted due to the coronavirus pandemic. The high street brand is the latest retailer to make job cuts after stores were forced to close across the UK during the coronavirus lockdown. River Island will reportedly [...]
All Saints creditors approve restructuring plan July 7, 2020 High street retailer All Saints will switch to turnover-based rents after the company’s creditors gave the green light to its restructuring plan. All Saints launched a company voluntary arrangement (CVA) in June after the coronavirus pandemic forced it to close stores around the world causing sales to dive. The agreement will allow All Saints to [...]
Pandemic sees Plus500 revenue surge in lockdown July 7, 2020 Contracts for difference firm Plus500 had a record number of active customers in the first half of 2020, leading to an almost fourfold increase in revenue. The trading update also revealed that Plus500 has hired David Zruia will be the company’s permanent chief executive after holding the role on an interim basis since April. The Israel-based [...]
Return of hospitality fails to drive retail footfall on opening weekend July 7, 2020 The reopening of pubs and restaurants at the weekend failed to spark a surge in retail footfall, according to the latest data. As pubs and restaurants reopened in England on so-called Super Saturday, footfall at shops increased 9.2 per cent compared to the previous week. However, this was the smallest week-on-week rise for any day [...]
Boohoo shares continue to fall after Leicester factory worker exploitation claims July 7, 2020 Shares in fast fashion brand Boohoo plunged for the second day in a row following allegations that workers at the retailer’s factory in Leicester were paid illegally low wages. The e-commerce retailer’s shares plummeted more than 13 per cent this morning to 255.5p, after falling more than 18 per cent yesterday. The losses came after [...]
Premier Inn owner Whitbread sees tourist demand as hotels reopen July 7, 2020 Premier Inn owner Whitbread this morning reported good demand for bookings in traditional tourism destinations as it revealed that sales dropped 79.4 per cent in the first quarter of the year. Whitbread said it has reopened more than 270 UK hotels and is preparing to open the majority of its estate by the end of [...]