Reforming business rates – is Land Value Tax really a viable alternative? March 9, 2020 | City Talk The Business Rates system has long been considered by businesses as outdated and in need of reform. It imposes its tax burden whether the business is “in the red or the black”, i.e. profitable or not. Also, whilst purported to be a tax on business collected by means of property, it has a distinct bias [...]
Amazon to sell check-out free store tech to other retailers March 9, 2020 Amazon has launched a new business to sell its check-out free store technology to other retailers. The tech giant launched a website this morning inviting customers to inquire about the service. Amazon, which uses similar technology in its own chain of convenience stores, said it has already signed several deals. The ‘Just Walk Out’ technology [...]
Coronavirus: Supermarkets call for competition laws to be waived March 9, 2020 The bosses of the UK’s biggest supermarkets are expected to warn the government that the outbreak of coronavirus could require competition law to be paused to allow them to collaborate. During a phone call with environment secretary George Eustice at least one of the big four grocers will reportedly call for the suspension of the [...]
Lord Ashcroft’s Devonshire Club at risk of closure as coronavirus stalls takeover March 9, 2020 An exclusive private members’ club co-owned by Tory peer Lord Ashcroft is fighting for survival after a planned takeover deal collapsed due to the coronavirus outbreak. The Devonshire Club, close to Liverpool Street station in the City, had agreed terms with an unnamed buyer, with the deal set to complete this week. However, the firm [...]
Reiss reports record results after product investment March 9, 2020 British fashion brand Reiss bucked the retail trend to report record-breaking results this morning. Earnings before interest, tax depreciation and amortisation soared 51.6 per cent to £29.3m in the 52 weeks to 1 February. The retailer said improved product quality has translated into more full-price sales, boosting profit. Full-year like-for-like sales jumped, driven by a [...]
Tesco sells Thai and Malaysian businesses for £8.2bn March 9, 2020 Tesco has sold its Thai and Malaysian businesses to CP Group for £8.2bn, the supermarket giant announced this morning. Following the deal Tesco will return £5bn to shareholders and make a £2.5bn pension contribution. The disposal of the two Asian units, which were operated under the Lotus brand, will simplify the group’s structure and allow [...]
Retail woes continue as high street footfall drops eight per cent March 9, 2020 The fragility of the British high street was laid bare last month as severe and ongoing rain led to a drop in high street footfall. February saw a drop in footfall of 7.8 per cent as shoppers stayed away from high streets, according to the latest figures by Springboard. However shopping centres and retail parks [...]
British fashion giant Stella McCartney swings to £11m loss March 8, 2020 British fashion label Stella McCartney swung to an £11m pre-tax loss in 2018 as the fashion house’s costs skyrocketed. Expenses incurred by the eponymous owner Stella McCartney’s decision to buy out luxury giant Kering’s 50 per cent stake in her company, along with flat-lining sales at £42.6m pushed the brand into the red. The disappointing [...]
Coronavirus: Tesco rations essential food and household items March 8, 2020 Tesco has begun rationing essential food and household items as shoppers stockpile amid the coronavirus outbreak. Customers are limited to buying no more than five of each of the rationed goods, including antibacterial gels, wipes and sprays, dried pasta and UHT milk. The rules apply both in store and online. Waitrose has also reportedly introduced [...]
Lord Ashcroft’s Devonshire Club set to appoint administrators March 8, 2020 A luxury private members’ club co-owned by Tory peer Lord Ashcroft could be on the brink of insolvency after launching a hunt for administrators. The Devonshire Club, close to Liverpool Street station in the City, has filed notice with the High Court of its intention to appoint an administrator. It has also hired insolvency experts [...]