CMA clears Paddy Power owner Flutter’s £10bn gambling merger March 31, 2020 A gambling mega-merger between Paddy Power owner Flutter and Sky Bet owner Stars got the green light today from the UK’s competition watchdog. The Competition and Markets Authority (CMA) cleared Flutter’s £10bn purchase of Stars after opening an investigation into the tie-up at the start of February. The CMA found punters would not receive less [...]
How vertical farming can future-proof our food supply chain to withstand crises March 31, 2020 The spread of Covid-19 across the globe has brought to light many new challenges, from insufficiencies in healthcare to the stability of the global economy. Equally as important, but less talked about, is whether our global food supply chain is able to withstand the impact of pandemics — now and in the future. It is [...]
Ocado orders coronavirus testing kits for staff March 30, 2020 Ocado has purchased coronavirus testing kits for its frontline workers, who will also receive a 10 per cent bonus during the pandemic. Employees working on the frontline of the food delivery operation, such as drivers, personal shoppers, drivers, engineers, and site managers will get a bonus on all hours worked from 23 March. The online [...]
Arcadia cancels supplier orders amid coronavirus crisis March 30, 2020 Sir Philip Green’s Arcadia has cancelled all orders from its suppliers and extended its payment terms as it seeks to conserve cash during the coronavirus pandemic. Arcadia, which owns high street giants Topshop, Dorothy Perkins and Burtons, has written to its supply chain to say all orders have been cancelled and payment terms will be [...]
Hedge funds circle Paddy Power owner Flutter Entertainment March 30, 2020 Hedge funds and institutions are circling Paddy Power owner Flutter Entertainment, whose market value has fallen by a quarter in the past month due to its sports betting exposure. The suspension of sports fixtures across the globe has sent shockwaves through the gambling sector in recent weeks, with Flutter Entertainment plummeting as much as 35 [...]
Thousands of jobs at risk as Carluccio’s and Brighthouse collapse under coronavirus pressure March 30, 2020 Italian restaurant chain Carluccio’s and rent-to-own retailer Brighthouse both appointed administrators this morning, putting thousands of jobs at risk. Carluccio’s has appointed FRP Advisory as administrator after forced restaurant closures following the outbreak of coronavirus, and ongoing pressures in the hospitality sector, led to it running out of cash. FRP said it will use the [...]
Coronavirus: Police accused of ‘overzealous’ crackdown on Easter eggs March 30, 2020 Convenience stores selling Easter eggs have faced a crackdown from “overzealous” enforcement of the government’s coronavirus lockdown, according to the sector’s trade body. Newsagents and off-licences have been allowed to stay open during the lockdown as the government has deemed them to be essential retailers, along with supermarkets and pharmacies. Any shops deemed non-essential are [...]
Coronavirus: Retail landlord Hammerson suffers drop in rent payments March 30, 2020 Retail landlord Hammerson received 37 per cent of the rent it was owed in the second quarter as its tenants suffered a drop in sales and forced closures due to the coronavirus pandemic. The shopping centre owner this morning said adjusted for rent deferred, switched to monthly payment and waived, it had received 57 per [...]
Ted Baker appoints new chief executive amid coronavirus crisis March 30, 2020 Embattled fashion chain Ted Baker has appointed a new chief executive as the retailer battles the challenges caused by the outbreak of coronavirus. Acting chief executive Rachel Osborne will take on the role on a permanent basis, the company announced this morning. The former Debenhams finance chief took the reins in December when Lindsay Page [...]
Mothercare franchising deal with Boots delayed by coronavirus March 30, 2020 Mothercare said today that the start of a franchising deal with Boots has been delayed by the coronavirus pandemic. In an update to the stock exchange this morning, Mothercare said its global franchise partners “are facing considerable challenges” related to the outbreak, adding that it will “not be immune to the effect of widespread store [...]