Number of UK firms in ‘significant financial distress’ hits record high January 27, 2020 The number of UK businesses in significant financial distress has risen to almost 500,000, hitting the highest level since records began 16 years ago. The latest research showed that the number of firms facing significant difficulties has soared 81 per cent since 2016, reaching 494,000 in the fourth quarter of last year. Recently formed companies [...]
Almost 10,000 retail jobs lost in first three weeks of 2020 January 27, 2020 Almost 10,000 retail jobs have already been lost in the first three weeks of 2020, following a string of store closures and restructurings. New research published today showed that 9,940 jobs have been cut following store closures at high street chains. Supermarkets including Sainsbury’s and Morrisons have also announced plans to axe back office and [...]
UK consumer confidence lifts at end of 2019 January 27, 2020 UK consumer confidence rose at the end of last year, signalling a more optimistic start to the new year. Consumer confidence in the fourth quarter rose 0.5 per cent to minus 8.7 per cent compared to the previous quarter and 2018. Sentiment on the overall state of the economy jumped 27 percentage points on the [...]
Festive cheer for Reiss ahead of potential sales process January 27, 2020 Fashion brand Reiss has bucked the UK high street trend to report strong sales figures over the Christmas period, as the firm’s private equity owner mulls a potential sale of the business. The retailer, which has 82 standalone stores, said total like-for-like sales increased 18 per cent in the seven weeks to 18 January, while [...]
Jobs at risk as Iceland launches review of management structure January 26, 2020 Frozen food retailer Iceland has launched a review of its management structure, in a move that could see some roles axed. The supermarket said it will review the structure to ensure it is running the “business as efficiently and economically as possible”. The review is ongoing and no final decisions have been made, although no [...]
Mike Ashley in talks to sell Newcastle United for £340m January 26, 2020 Retail tycoon Mike Ashley is in talks to sell Newcastle United football club to a consortium including Saudi Arabia’s sovereign wealth fund for £340m. The billionaire owner of Sports Direct – recently renamed Frasers Group – bought Newcastle United in 2007 but is now in talks with a group led by British financier Amanda Staveley [...]
Wetherspoons limits parents to two alcoholic drinks January 24, 2020 Wetherspoons pubs have told parents to stick to two drinks if they have their children with them. The pub chain said it is a staff guideline and applies to pubs across the country to deter “unruly behaviour”. The rule was first publicised by the Robert Pocock pub in Gravesend, Kent last Sunday. A poster at [...]
Tesco ditches plastic wrap on multipack tins January 24, 2020 Tesco is set to remove all plastic wrapping from its multipack tins in a bid to cut down on waste, a step it says will remove 350 tonnes of plastic per year from the environment. The supermarket giant has teamed up with brands including Heinz and Green giant to replace single-use plastic wrap on multipacks [...]
Marston’s toasts ‘strong’ Christmas after challenging 2019 January 24, 2020 Pub group Marston’s raised a glass to a “strong” Christmas this morning as impressive growth over the holiday helped offset a sluggish start to December. In a trading update the firm said that sales growth for the four months to January 18 saw a one per cent increase, but this rose to 4.5 per cent [...]
New London hotel drives revenue up for Park Plaza owner PPHE January 23, 2020 Park Plaza hotel operator PPHE reported a jump in revenue following the opening of a new London venue. Like-for-like group room revenue for the year grew 6.3 per cent to £249m, from £234m the previous year, while reported room revenue was up 5.9 per cent to £250m. The FTSE 250 real estate group said revenue [...]