Retail sales dip in November despite discounting December 19, 2019 Retail sales dipped last month as UK shoppers showed signs of “discount fatigue” in the run up to Black Friday and Cyber Monday. The amount spent in the three months to November dropped 0.3 per cent compared to the previous three months. Read more: Are there any signs retailers could be in for a merry [...]
Bet365 boss Denise Coates pockets bumper payout as profit rises December 18, 2019 Bet365’s billionaire founder Denise Coates, the highest paid woman in Britain, paid herself more than £320m last year as the gambling giant increased its profits. Financial filings show that the company’s highest paid director earned £276.6m in the year ended 31 March, along with a half of a £92.5m dividend. Read more: Bet365 boss pockets massive [...]
Pearson CEO to depart as it sells $675m stake in Penguin Random House December 18, 2019 Pearson’s chief executive today announced that he plans to step down in 2020, triggering a search for a successor. John Fallon said he would retire from the role as the education publishing business sold its final stake in Penguin Random House today. Read more: Pearson bags Home Office contract for English language tests He will [...]
String of London restaurants go paperless with City fintech startup Flux December 18, 2019 A number of London hot spots have taken a step towards going paperless, in a tie-up with digital receipts startup Flux. Flux has today signed partnership agreements with Japan Centre, Sakagura and Boparan Restaurant Group, which owns Giraffe, Ed’s Easy Diner and Slim Chickens. The deal means visitors who bank with Monzo or Starling, as [...]
Ofcom to ban firms from selling ‘locked’ mobile phones December 17, 2019 Communications regulator Ofcom has proposed a new set of plans which would prevent phone companies from selling ‘locked’ handsets. BT/EE, Tesco Mobile and Vodafone still sell mobile phones that cannot be used on other networks without being unlocked first, which can cost £10. Read more: MPs say hands-free phones should be banned while driving The [...]
Ocado set to be crowned the FTSE’s most valuable tech giant December 17, 2019 Analysts have said Ocado has the vision to become the “Microsoft of Retail tomorrow” and transition into the FTSE’s most valuable tech giant. Once finalised, the decision by the Competition and Markets Authority (CMA) to de-designate Ocado as a retailer in August will make it the largest listed tech company in the UK by valuation. [...]
Sotheby’s wine business toasts record-breaking year December 17, 2019 Sotheby’s Wine toasted sales of more than $100m (£75.9m) for the second consecutive year in 2019, following a string of record-breaking auctions, as wealthy investors seek alternative asset classes. The auctioneer reported total auction sales of $118m in 2019, an increase of 20 per cent, in a year that saw Sotheby’s in London record its [...]
Department store chain Beales hoists for sale sign December 17, 2019 Department store chain Beales has put itself up for sale in a bid to secure a sustainable future for the company in a challenging retail environment. The Bournemouth-based company has appointed KPMG to conduct a strategic review of the firm, including assessing a potential sale. Read more: Debenhams strengthens board as department store implements rescue [...]
In a spin: Whirlpool recalls 500,000 washing machines over fire danger December 17, 2019 Half a million Whirlpool washing machines must be recalled from British homes over a fire risk, the company admitted today. A door locking system fault with Whirlpool’s Hotpoint and Indesit branded machines creates a fire risk as a result of overheating, the firm said. Read more: MPs blast Whirlpool over its safety attitude The affected [...]
Book closes on bargain retailer amid fierce competition December 17, 2019 The Book People, one of the UK’s largest booksellers, has been forced into administration in the run up to Christmas. PwC has been appointed to manage the insolvency process, Sky News reported. Read more: Amazon’s Deliveroo investment raises competition concerns, watchdog finds The accountancy firm was handling an auction for the bookseller, as its private [...]