Supercuts secures rescue deal December 11, 2019 Budget hair salon chain Supercuts has secured a rescue deal, in a move that will save more than 1,000 jobs. Bushell Investment Group, owned by entrepreneur Lee Bushell, supported a management buy-out of the business and assets of Supercuts owner Regis UK. Around 60 sites are expected to close as part of the deal, with [...]
JD Sports shares drop after top investor Pentland slims down stake December 11, 2019 Shares in JD Sports fell as much as nine per cent this morning following reports majority shareholder Pentland has slimmed down its stake in the company. Read more: Competition watchdog ploughs ahead with investigation into JD Sports Pentland, a brand management firm and retailer, is said to have offloaded 24m shares priced at 740p each. [...]
Zara owner Inditex boosts profit as it doubles down on tech December 11, 2019 The owner of Spanish retail giant Zara has posted a sharp rise in profit as increased focus on its online platform helped cut costs. Inditex today reported a 12 per cent rise in net profit to €2.7bn (£2.3bn) in the nine months to the end of October, while revenue was up 7.5 per cent to [...]
Saga appoints ex-Superdry boss Euan Sutherland to CEO role December 11, 2019 Over-50s insurer Saga has found a new chief executive in the former boss of Superdry, Euan Sutherland. Sutherland will start at Saga on 6 January, replacing retiring boss Lance Batchelor, who will leave the business at the end of January. Read more: Saga could sell care operations under Elliott break-up threat Sutherland recently quit the [...]
Booze boom: UK pub numbers grow for the first time in a decade December 11, 2019 The number of UK pubs and bars grew in 2019, sparking hopes of a turnaround in fortunes for Britain’s boozers after a decade of decline. New figures from the Office of National Statistics (ONS) revealed that there was a net gain of 320 pubs this year. Read more: UK restaurants and pubs hope for festive [...]
Chilango launches CVA that could wipe out burrito bond investors December 10, 2019 Around 1,500 bondholders are set to be left with a sour taste in their mouths after Chilango launched a company voluntary arrangement (CVA) that could see their investments rendered virtually worthless. The stricken Mexican chain raised over £5.8m across two mini-bond offerings – dubbed burrito bonds – in 2014 and 2019, with bondholders promised eight [...]
Amazon strengthens dominance of UK e-commerce market December 10, 2019 Online retail giant Amazon increased its dominance of the UK e-commerce market this year, according to the latest research. Amazon boosted its market share from 28.8 per cent in 2018 to 30.1 per cent this year, accounting for $30bn in sales. Read more: Amazon nets Champions League rights The next largest player in the UK, [...]
Insolvency firm Begbies Traynor’s boss says retail carnage expected to continue December 10, 2019 The executive chairman of restructuring and insolvency specialist Begbies Traynor said today that there was no sign of the carnage on the High Street ending as the growth in e-retailing and shaky consumer confidence continued to take their toll. “Headwinds in terms of consumer demand with uncertainty over what the future will hold and structural [...]
Mr Kipling owner Premier Foods makes interim CFO permanent December 10, 2019 Mr Kipling owner Premier Foods has appointed Duncan Leggett as its permanent chief financial officer after he took on the role on an interim basis in August. Leggett, who joined the company in 2011, replaced former finance chief Alistair Murray. Read more: Premier Foods appoints new CEO and chairman The appointment follows a period of [...]
Indian hotel chain Oyo appoints new UK boss December 10, 2019 Oyo has announced Rishabh Gupta as the new head of its operations in the UK as the fast-growing hotel Indian chain seeks to grow its offering in the country. Gupta will take over from current UK head Jeremy Sanders, who is leaving the company to spend more time with his family. Gupta previously led Oyo’s [...]