Moss Bros to be taken private in £22.6m deal March 12, 2020 Suit retailer Moss Bros is on the brink of being taken private after the owners of Crew Clothing offered to buy it in a deal worth £22.6m. Brigadier Acquisition Company offered to buy the high street chain for 22p per share, a premium of 60 per cent on yesterday’s closing price. Crew Clothing owner Menoshi [...]
Coronavirus: Cineworld shares crash on debt breach warning March 12, 2020 Cineworld’s shares spiralled today as it warned a worst-case scenario for coronavirus could throw its future into doubt. If a worst-case scenario transpires, Cineworld said it could breach its debt terms as it would be forced to close cinemas for up to three months. Were that to happen, Cineworld would lose up to three months’ [...]
Betway hit with record £11.6m fine by UK gambling regulator March 12, 2020 Online betting firm Betway has been fined a record £11.6m by the gambling regulator over social responsibility and money-laundering failures linked to its treatment of high-spending customers. The Gambling Commission said that Betway had allowed £5.8m to flow through its business which “has been found, or could reasonably be suspected to be, proceeds of crime”. [...]
WH Smith shares plunge on £40m coronavirus profit warning March 12, 2020 Shares in WH Smith fell more than 15 per cent this morning after the retailer warned that it could take a £40m profit hit due to the coronavirus outbreak. The newsagent chain said it expects profit to be down between £30m to £40m in the financial year ending 31 August against previous expectations, while revenue [...]
Intu raises going concern doubts as losses deepen March 12, 2020 Embattled retail landlord Intu raised doubts over its ability to continue as a going concern this morning as it reported a sharp increase in losses last year amid store closures and rent reductions. The figures Shares plunged 16 per cent this morning as the company reported a £2.02bn loss for the year, compared to a [...]
Lookers COO leaves day after ‘suspected fraud’ warning March 12, 2020 Lookers’ chief operating officer has left the business just a month after taking up the role, the car dealership announced today. Cameron Wade left with immediate effect, the dealer said. Lookers’ shares plunged yesterday after it revealed it has identified “potentially fraudulent transactions”. That has delayed the publication of its 2019 results, and prompted the [...]
DEBATE: Will the business rates reform package be effective enough to react to the coronavirus crisis? March 12, 2020 Will the chancellor’s business rates reform package be effective enough to react to the coronavirus crisis? Lauren McEvatt, managing director of Morpeth Consulting and former government adviser, says YES. This business rates package as a whole, when coupled with the decisive action taken by Bank of England on Wednesday morning and considered alongside other support [...]
Budget 2020: Retail and leisure sector reacts to ‘disappointing’ business rates reform March 11, 2020 Business rates have been the key issue for retailers in the run up to today’s budget, made even more crucial by the outbreak of coronavirus. Chancellor Rishi Sunak announced measures to support more small leisure, hospitality and retail businesses with a rateable value of less than £51,000. Business rates for those firms will be scrapped [...]
Budget 2020: Beer duty increase scrapped March 11, 2020 Chancellor Rishi Sunak announced today that he will scrap the planned beer duty increase in a move to protect pubs. He also announced that duty will be frozen on wine and cider, and said that the business rates discount for pubs will increase from £1,000 to £5,000. Sunak said: “I’m also pleased to announced that [...]
Budget 2020: Business rates cut for more small leisure and retail firms March 11, 2020 Small retail, leisure and hospitality businesses will be exempt from paying business rates for one year as part of an emergency budget to protect the economy from the impact of the coronavirus outbreak. All retail, leisure and hospitality businesses with a rateable value of less than £51,000 will be exempt from paying business rates over [...]