Boohoo suffers coronavirus sales hit after bumper year April 22, 2020 Boohoo Group today posted a huge surge in revenue and profit for the full year but warned the outbreak of coronavirus had hit growth in March. The figures Boohoo’s revenue rose 44 per cent to £1.2bn in the year to the end of February 2020. Pre-tax profit jumped 54 per cent to £92.2m. Net cash [...]
Fever Tree sales remain strong as drinkers stockpiled for lockdown April 22, 2020 Fever Tree has enjoyed strong sales in its key markets as consumers increase the frequency and size of orders during the coronavirus lockdown. The tonic retailer said its “off-trade channel” which accounts for 55 per cent of group sales was characterised by a period of strong sales in the initial weeks of the crisis. As [...]
Furloughed hospitality workers could lose ‘up to 40 per cent’ of wages April 21, 2020 Businesses are seeking legal advice over the government’s job retention scheme amidst fears that millions of furloughed hospitality workers could be denied large chunks of their wages. The scheme – which sees the government pays 80 per cent of wages up to £2,500 a month to furloughed workers – was rolled out yesterday, with 185,000 [...]
Cath Kidston closes all stores as part of rescue deal April 21, 2020 Cath Kidston will permanently close all 60 of its stores in the UK under a rescue deal with its Hong Kong-based owner Baring Private Equity Asia (BPEA). The fashion label confirmed that parts of its business had been transferred by administrators following an independent sale process to CK Acquisitions, a company owned by BPEA. Under [...]
Full-year sales at John Lewis stores could fall 35 per cent April 21, 2020 Full-year sales at John Lewis could fall around 35 per cent, around double the current level, as the department store faces a significant drop in demand due to the coronavirus pandemic. The department store said a 35 per cent drop would be the worst case scenario, assuming a significant drop between April and June, and [...]
Coronavirus: Joules secures £15m credit boost as crisis hits high street April 21, 2020 Joules today said it has added £15m to its revolving credit facility as the fashion retailer battles a sharp decline in sales caused by the coronavirus crisis. The credit boost, agreed with Barclays, follows a share placing earlier this month that raised £15m. Joules has already taken a number of measures to mitigate the impact [...]
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 [...]