AO World closes loss-making operations in the Netherlands November 19, 2019 Online white goods retailer AO World has announced the closure of its business in the Netherlands, as the group reported an operating loss of £10.6m for the first half. Chief executive John Roberts said the closure of the retailer’s Dutch operations was part of its “relentless focus to accelerate profitability in Europe” and would allow [...]
Cosmetics giant Coty takes $600m stake in Kylie Jenner’s beauty business November 18, 2019 Cosmetics giant Coty, which owns Rimmel London and Bourjois, has taken a $600m (£462.7m) majority stake in reality TV star Kylie Jenner’s beauty brand. Coty will take responsibility for the development of new Kylie Cosmetics and Kylie Skin products, and act as a licensee for skincare, fragrances and nail products. Read more: Debate: Is Kylie [...]
Luxury jewellers Boodles reports profits ‘back on track’ November 18, 2019 Luxury jewellery retailer Boodles reported sales growth following a strong Christmas trading period last year and a 220th anniversary collaboration with Swiss watchmaker Patek Philippe. The family-owned jewellers reported turnover of £77.1m for the year ended 28 February, up 8.9 per cent from £70.8m in 2018. Read more: Diamond in a rough year: Petra sell [...]
Gourmet Burger Kitchen widens losses after £16m restructuring hit November 18, 2019 Casual dining chain Gourmet Burger Kitchen (GBK) suffered widening losses last year after taking a £15.7m hit on its restaurant closure programme. The burger restaurant completed a company voluntary arrangement (CVA) during the period, which saw it shutter 24 sites, contributing to a pre-tax loss of £24.3m in the year ended 24 February, compared to [...]
Sage to sell payments arm to US Bancorp subsidiary November 18, 2019 UK software firm Sage Group is set to sell its payments arm Sage Pay for around £230m to Elavon, a payments firm and unit of US Bancorp. Read more: Sage kicks off sale of payments processing business Sage Pay is a major provider of payment services in both the UK and Ireland. Announcing the deal, [...]
John Lewis, Ikea, or Aldi — which 2019 Christmas advert is the winner? November 18, 2019 From clumsy dragons to evil sprouts, here’s our review of the festive adverts from some of the UK’s biggest retailers. M&S Food: This Is Not Just Food… This Is M&S Christmas Food The premise of this entire advert hinges on presenters Paddy McGuinness and Emma Willis, who swan around a Christmas market for 1.30 minutes as [...]
Zizzi owner Azzurri shrinks losses despite sector challenges November 18, 2019 Azzurri, the owner of casual dining restaurants Ask Italian and Zizzi, reported shrinking losses this year despite the challenges facing the sector in the UK. Azzurri reported a loss before tax of £16.3m in the 12 months to 30 June, compared to a loss of £23.4m last year, and said it remained confident despite “ongoing [...]
UK’s top restaurants swing to £93m loss November 18, 2019 The UK’s top 100 restaurants swung to a loss this year as they struggled to stay afloat under the increasing pressure of rising overheads and falling sales, which are taking their toll on the casual dining sector. The industry has plunged to a £93m loss in the last 12 months, in a year that has [...]
Mike Ashley demands landlords link rent to sales November 17, 2019 Retail tycoon Mike Ashley, the founder of Sports Direct, has demanded that new rent deals are tied to sales across his high street empire. Ashley has reportedly asked landlords to agree to turnover rents, where up to 15 per cent of the rent payable is linked to in-store sales. Read more: Sports Direct ends two [...]
Fuller’s takes a hit on sale of brewery business November 15, 2019 UK pub chain Fuller, Smith & Turner warned this morning that the costs associated with the sale of its brewery business to Japanese beer giant Asahi have been higher than expected. Shares in the company fell 5.69 per cent to 990.24p after it said profit for the full year ended 28 March is expected to [...]