Hammerson’s losses widen as retail CVAs dent rents February 25, 2020 Retail landlord Hammerson today warned it will cut its 2020 dividend almost in half as losses mounted in 2019 after another tough year for retailers in which many renegotiated their rents. The figures The real estate giant sank to a £573.8m loss for its latest financial year, up from a £173.3m loss in 2018. While [...]
Hotel Chocolat sales boosted by roll-out of new stores February 25, 2020 Shares in Hotel Chocolat are up nearly 10 per cent as its new locations helped deliver a double-digit rise in sales for the first half of the year. The figures Hotel Chocolat reported a 14 per cent increase in revenue to £91.7m, up from £80.7m in the comparable period a year before. Underlying Ebitda rose [...]
Ted Baker set to sell London HQ amid accounting crisis February 24, 2020 Beleaguered clothes retailer Ted Baker is close to selling its “Ugly Brown Building” headquarters in London in a move that could bolster its balance sheet amid an accounting crisis. Ted Baker is in talks with the British Airways’ pension scheme, which owns a nearby building, to sell a big stake in the office in north [...]
Frankie & Benny’s owner The Restaurant Group to outline site closure plans February 24, 2020 The Restaurant Group – which owns Chiquito, Frankie & Benny’s and Wagamama – is set to announce site closures as it publishes its full-year results this week. Chief executive Andy Hornby – who joined the casual dining company in August – is expected to announce which underperforming sites will be closed. Out-of-town retail park locations, [...]
Burberry shares fall as spread of coronavirus spooks investors February 24, 2020 Shares in luxury goods giant Burberry have fallen a further six per cent this morning as the spread of coronavirus in Europe spooked investors. The British brand has seen its share price drop in recent weeks as the virus took hold in China, one of Burberry’s major markets. Earlier this month Burberry was forced to close [...]
New product launches boost Finsbury Food sales February 24, 2020 Cake manufacturer Finsbury Food reported a jump in sales in its interim results driven by new product launches as the company targets growing consumer trends. The figures Group revenue increased 4.7 per cent to £159.4m, with UK bakery sales jumping 5.8 per cent. Profit before tax was up 17.9 per cent to £8.8m in the [...]
Coronavirus: Primark owner ABF warns of long-term supply issues February 24, 2020 Primark’s owner today said it was considering ramping up production from suppliers outside of China in a bid to avoid a hit from the coronavirus outbreak. Associated British Foods (ABF) expects Primark will drive higher operating profit and sales for the six months to the end of February compared to the same period a year [...]
Coronavirus: Consumers prepare to cancel holidays over virus fears February 24, 2020 A third of British consumers are prepared to cancel holiday plans if the coronavirus persists. New research from Retail Economics shows that 31 per cent of consumers are prepared to cancel travel plans. It puts £17.2bn of holiday spending on hold as people await clarity over the virus. A disparity in the perception over the [...]
FSB calls for small business exemptions to immigration fees February 24, 2020 The government’s new immigration rules can work for small businesses if hiring costs are kept down and the system is easy to navigate, according to a new report. The new points-based immigration system, to be implemented from 2021, will require EU immigration applicants to speak English, have a job offer in the UK and to [...]
Hedge funds bet against Ladbrokes owner GVC February 23, 2020 Hedge fund tycoon Ken Griffin is building a bet against Ladbrokes owner GVC as it battles a potential increase in regulation. Griffin, the founder of hedge fund Citadel, has taken an £80m bet against the bookmaker, as other traders also increased their positions, according to the Sunday Times. It has made GVC the FTSE 250 [...]