Experts slam business rates appeals system February 6, 2020 Property experts today said the business rate appeals system is a “time bomb” as the backlog of claims and challenges spiked. Businesses could be waiting years for their challenges to be addressed due to the backlog of appeals, experts said. Data from HM Revenue and Customs’ Valuation Office Agency (VOA) showed that in the 33 [...]
Estee Lauder cuts profit forecast amid coronavirus outbreak February 6, 2020 Cosmetics giant Estee Lauder has slashed its profit forecast for the year, citing the recent Coronavirus in epidemic, one of its key markets. The beauty brand said it expects adjusted earnings of $5.60 to $5.70 per share in 2020, down from a previous estimate of $5.85 to $5.93. Analysts were expecting earnings to reach $5.94 [...]
Landlord row forces House of Fraser to close another store February 6, 2020 Sports Direct boss Mike Ashley has been forced to close another House of Fraser store after being served notice by the landlord. The branch in Dundrum, near Dublin, will close within the next three months after the property’s landlord agreed a deal with Brown Thomas and Primark. Ashley warned in December that it was likely [...]
Nintendo warns coronavirus will dent console production February 6, 2020 Japanese games giant Nintendo has warned today that the coronavirus outbreak meant “unavoidable” delays to the production and shipping of its Switch console to Japan. The virus has now killed 563 people and infected more than 28,000 in China. Beijing has put the country on lockdown in a bid to contain the spread, limiting its [...]
Compass hails revenue rise but warns of currency hit February 6, 2020 Catering company Compass saw organic revenue rise 5.3 per cent for the last three months of 2019 as it landed new US contracts and held onto customers. Organic revenue climbed 7.5 per cent in North America, particularly thanks to appetite among the business, healthcare and education sectors. In Europe organic revenue was flat, however, which [...]
M&S appoints strategy and transformation director February 5, 2020 Marks & Spencer has appointed a new chief strategy and transformation director as the retailer seeks to improve the performance of its key clothing and home division. Former Dixons Carphone UK and Ireland boss Katie Bickerstaffe, currently a non-executive director at the high street chain, will take up the new role on 27 April. Bickerstaffe, [...]
Nightmare: Casper Sleep slashes IPO valuation again February 5, 2020 Casper Sleep slashed the valuation it is seeking in its initial public offering again today, as the money-losing online mattress retailer tries to lure investors in a tepid market for start-up IPOs following Wework’s debacle last year. The price cut underscores the recent mismatch between the valuations start-ups are able to achieve in private fundraising [...]
Retail bosses call for £6bn corporation tax hike to fund business rates cut February 5, 2020 Retail bosses are preparing to urge the Treasury to increase corporation tax in order to cut business rates by £6bn in a bid to save the UK’s struggling high streets. The recommendation to the government will be made in a report by a sub-committee of the Retail Sector Council, due to be shared in the [...]
Poundland-owner Pepco’s boss says sale ‘almost inevitable’ February 5, 2020 The chief executive of Poundland-owner Pepco Group said it is “almost inevitable” the company will be sold, as the retailer updated the market on its strong Christmas trading last year. Pepco Group boss Andy Bond said it is likely that its owner Steinhoff will sell the firm, adding he is “genuinely open minded” on the [...]
CMA opens probe into Flutter’s £10bn Stars Group betting merger February 5, 2020 The UK’s competition watchdog is set to open an investigation into a planned £10bn gambling merger between Flutter and the Stars Group. The Competition and Markets Authority (CMA) will probe whether the tie-up between Paddy power and Betfair owner Flutter and Toronto-based Stars will hurt competition. The CMA is considering whether it is or may [...]