Mobile shopping startup Rezolve shuns security fears with planned Huawei tie-up January 20, 2020 Mobile shopping firm Rezolve is set to bag a bumper deal with Huawei to embed its technology into the controversial Chinese tech giant’s phones. The new capability is expected to be available from March, when Rezolve will reveal further tie-ups with retailers, restaurants and media partners. The technology allows consumers to make purchases by using [...]
Matalan suffers sales and profit drop in challenging retail environment January 20, 2020 Budget retailer Matalan suffered a drop in sales and profit at the end of last year as it fell victim to the challenges facing the UK high street. The clothing and homeware brand said total revenue dropped to £311.7m in the 13 weeks ended 30 November, from £315.6m the previous year, as consumer confidence and [...]
Online fashion retailer Sosandar beats expectations as sales soar January 20, 2020 Online fashion brand Sosandar said it expects full-year sales to beat market expectations following soaring growth at the end of last year, avoiding the gloom affecting many high street retailers. The Aim-listed retailer said investment in customer acquisition drove revenue up 136 per cent to £3.8m in the three months to 31 December, exceeding the [...]
Reiss owner mulls selling high street retailer January 20, 2020 The private equity owner of high street retailer Reiss is mulling putting the fashion chain up for sale following a period of strong performance. Warburg Pincus has appointed investment bank Rothschild to launch a review of strategic options for the business, which could involve a sales process, Sky News reported. If the US firm decides to [...]
Wetherspoon to slash prices of drinks on Brexit Day January 20, 2020 Pub chain JD Wetherspoon is planning to celebrate Brexit by slashing the prices of a selection of drinks on 31 January as the UK leaves the EU. The offer will reduce prices of drinks from across Europe, including Estrella Galicia, Beck’s and Peroni, by around 60p. The promotion – which will run until 29 February [...]
Fevertree shares sink 20 per cent as it warns on profit January 20, 2020 Fevertree’s shares plunged today as it warned that “subdued” Christmas trading in the UK would knock 2019 profit lower than last year’s total. The tonic maker now expects revenue growth of 9.7 per cent to £260.5m, compared to 2018’s 40 per cent growth rate. That will see sales miss expectations for 2019, leading Fevertree to [...]
Intu shares fall as it enters talks to raise more money January 20, 2020 Intu today confirmed it will seek to raise equity as it works to patch up its shaky balance sheet after a dreadful 2019 for retailers. The commercial real estate giant today insisted it was making “good progress” on improving its balance sheet, hailing a “busy” Christmas and saying footfall was 0.3 per cent up last [...]
Department store chain Beales falls into administration January 20, 2020 Department store chain Beales has entered administration this morning, putting more than 1,000 jobs at risk. The retailer had been in crisis talks with potential buyers in a bid to stave off a collapse, however the company was unable to secure a deal. Professional services firm KPMG has been appointed as administrator, and the firm’s [...]
Gambling companies used schools data on 28m children January 19, 2020 UK betting companies have gained access to a database containing information on roughly 28m children in a huge breach of sensitive government data. The firms have used the trove of data, which contains names, ages and addresses of children aged 14 and above in schools and colleges across England, Wales and Northern Ireland, to boost [...]
Third of retailers issue profit warnings in ‘bruising’ year for UK high street January 19, 2020 A third of retailers issued a profit warning last year following a “bruising” year for the UK high street. For the second year in a row, a third or more of the FTSE retailer sector warned on lower profits over the course of 2019. The number of profit warnings fell from 36 in 2018 to [...]