Ocado falls to £215m loss after Andover warehouse fire February 11, 2020 Online supermarket Ocado fell to a £214.5m loss last year, which the company blamed on a huge fire which burned down one of its warehouses in Andover last February. The figures Group revenue rose 9.9 per cent in the year, up from £1.6bn in 2018 to £1.8bn this year. This was largely driven by 10.3 [...]
Marks and Spencer appoints new chief financial officer February 11, 2020 Marks and Spencer has announced the appointment of a new chief financial officer, at a time when the group is trying to revive its fortunes. Eoin Tonge will join from Irish convenience food retailer Greencore in June after his predecessor Humphrey Singer stood down in September last year. Marks and Spencer boss Steve Rowe said: [...]
Nike may have already won the Tokyo Olympics… and that’s OK February 11, 2020 Eliud Kipchoge captured the imagination and admiration of millions when he broke the mythical two-hour barrier for the marathon in Vienna last October. For 26 miles and 385 yards, the Kenyan ran faster than most can sprint, crossing the line in 1 hour 59 minutes 40.2 seconds. Broadcast live on mainstream TV, it was a [...]
Consumer spending bounces in January but high street woes continue February 11, 2020 Brits ramped up their spending in January after a thrifty December, according to new data, in the latest sign that the UK economy may have bounced back at the start of 2020. Consumer spending grew 3.9 per cent in January, data from payment provider Barclaycard showed today, up from the one per cent growth witnessed [...]
Wilkinson Sword owner Edgewell abandons $1.4bn Harry’s merger February 10, 2020 Razor maker Edgewell – the owner of Wilkinson Sword – has abandoned plans for a $1.37bn merger with rival firm Harry’s following opposition from the US Federal Trade Commission (FTC). Earlier this month, the FTC filed a lawsuit to block the deal, saying it could hurt competition in the US. Privately owned Harry’s will pursue [...]
Competition watchdog tells Viagogo and Stubhub to pause merger February 10, 2020 The UK’s competition watchdog has told ticket resale websites Viagogo and Ebay’s Stubhub to pause any integration of the two businesses while it probes their $4.1bn (£3.2bn) merger. In an enforcement order published today, the Competition and Markets Authority (CMA) banned the two firms from taking any action which might “lead to the integration of [...]
The local councils embarking on a shopping centre spending spree February 10, 2020 Bin collections, parking restrictions and filling ever-more-terrifying potholes are what most people associate with local councils. To that list, we might now add retail property speculators. Last year, Councils across the UK doubled down on recent trends and spent some £232.35m buying struggling shopping centres, accounting for some 36 per cent of all shopping centre [...]
Angling Direct chief executive steps down after 17 years February 10, 2020 The boss of Angling Direct, the UK’s largest fishing supplies retailer has stood down with immediate effect, having led the company for 17 years. Darren Bailey, who joined the firm in 2003, will remain on the board as a non-executive director. He has been replaced by fellow board member Andy Torrance. “Both myself and the [...]
Intu shares jump as it confirms talks over £1bn emergency cash raise February 10, 2020 Retail landlord Intu this morning confirmed that it was in talks with a number of investors over its £1bn emergency cash call. The property giant said that it was in “constructive discussions” with shareholders including the Peel Group and Link Real Estate Investment Trust (Link REIT) regarding a proposed equity raise alongside the firm’s full [...]
Stop clinging to the last century and let the high street evolve February 10, 2020 Every January, without fail, the hand-wringing begins. After predictably poor Christmas retail results, everyone wants to know: are we seeing the death of the high street? The gloom doesn’t stop. Last week, the boss of John Lewis was the latest to lament the retail landscape, warning of potential store closures and job losses. Why are [...]