Greggs unveils record 2019 results but says storms slowed sales this year March 3, 2020 Bakery chain Greggs today unveiled record results for 2019, but warned that storms hit its sales last month. The baker said pre-tax profit for the 52 weeks to 28 December was £108.3m, up 31 per cent on the previous year. Total sales grew 13.5 per cent to £1.16bn, with like-for-like sales in company-managed shops up [...]
Watchdog warns consumers over online travel agents March 3, 2020 Travellers can get a better deal by booking directly with hotels rather than through online travel agents, a consumer rights watchdog has found. The investigation found that eight out of 10 hotels were able to offer a better price or other incentives such as free breakfasts or upgrades when customers booked directly over the telephone. [...]
Short-term rentals firm Hostmaker heads for administration March 2, 2020 Hostmaker, a London-based lettings company, has entered administration. The company’s staff are now facing potential redundancy, while Houst — formerly known as Airsorted — is believed to have bought Hostmaker’s client base, according to industry website Shorttermrentalz. The news followed a week after the Sunday Times reported Hostmaker was facing a potential insolvency battle. Sign [...]
Just Eat Takeaway.com launches arbitration proceedings against rival Delivery Hero March 2, 2020 Just Eat Takeaway.com has launched arbitration proceedings against Delivery Hero after the latter upped its stake in the newly merged business which Takeaway said violated a standstill agreement between the pair. Just Eat Takeaway.com was formed last month after UK food delivery service Just Eat merged with Dutch business Takeaway.com. Delivery Hero said last month [...]
Saga halts Titan Travel sale as coronavirus worries weigh March 2, 2020 Over-50s insurer Saga is said to have halted the sale of one of its travel businesses as the coronavirus outbreak sparks chaos across the tourism industry. Advisers to Saga have postponed the auction of Titan, which operates escorted tours, cruises and rail journeys to various destinations around the world. A number of private equity firms [...]
From Russia with kefir: How Biotiful Dairy sold a new drink to the British public March 2, 2020 How do you convince the British public to try a whole new food category, especially when it doesn’t sound very appealing at first glance? That was the challenge facing the Russian-born entrepreneur Natasha Bowes when she decided to try to start selling kefir in the UK. Kefir is a type of fermented milk drink made [...]
Exclusive: Distillers demand cut to spirits duty in March budget March 2, 2020 A coalition of British distillers have written to Rishi Sunak to urge him to stick to his party’s election manifesto and cut spirits duty in this month’s budget. The letter – drawn up by the UK Spirits Alliance and signed by 40 of its members – asks the chancellor to “reduce the excise duty burden” to [...]
New John Lewis boss to launch strategic review March 1, 2020 Struggling department store chain John Lewis is expected to launch a strategic review in a bid to rescue the business as it announces its full-year results later this week. Former Ofcom boss Sharon White, who took over as chairman of John Lewis and Waitrose last month, and newly appointed strategy and commercial development director Nina [...]
Debenhams denies lenders’ support is wavering over debt restructuring March 1, 2020 Debenhams today denied that the commitment of its lenders to a debt for equity swap is wavering, as the beleaguered retailer responded to reports that securing a debt restructuring is dependent on landlords granting steep rent cuts. The high street chain could be forced to close further stores if it is unable to negotiate lower [...]
Asda: Private equity firms race to buy majority stake March 1, 2020 Private equity firms are vying to buy a majority stake in Asda after its US owner Walmart decided to offload the supermarket following the competition watchdog’s decision to block its merger with Sainsbury’s. US buyout firm Lone Star has reportedly made an offer for a stake in the grocer, with private equity firms Apollo and [...]