Supermarket chain Iceland takes a hit as insurers freeze out suppliers October 20, 2019 Suppliers to supermarket chain Iceland are said to have had their insurance cover cut amid concerns about the impact of Brexit on the company’s supply chain. Paris-based insurer Euler Hermes reduced the credit cover it provides to Iceland’s suppliers over the summer, while rival Atradius is also mulling a possible cut, the Sunday Times reported. [...]
Bonmarche collapses due to ‘challenging trading conditions’ putting 3,000 jobs at risk October 19, 2019 Womenswear retailer Bonmarche has collapsed into administration putting 2,887 jobs at risk. The high street brand with a target demographic of women over 50 was placed into administration on Friday by directors following a “sustained period of challenging trading conditions and cash flow pressure”. Read more: WTO gives go-ahead for $7.5bn of US tariffs on EU [...]
Sainsbury’s stops selling fireworks following fears for pets October 18, 2019 Sainsbury’s has become the UK’s first big supermarket to stop selling fireworks across all its stores. The move followed a review of all of the supermarket’s products, Sainsbury’s said. Read more: Leon opts to launch new product range in major UK supermarket It also comes after a petition to ban the public sale of fireworks, [...]
Scotch whisky producers sound alarm as US slaps tariffs on EU goods October 18, 2019 Scottish whisky producers have warned that the US’s new 25 per cent tariffs on imports of single malt Scotch, which have come into force today, are “very bad news for our industry”. Read more: WTO gives go-ahead for $7.5bn of US tariffs on EU goods The Scottish whisky business is just one of many across [...]
Holiday Inn owner Intercontinental Hotels Group hit by Hong Kong protests as revenue falls for quarter October 18, 2019 The owner of Holiday Inn has blamed protests in Hong Kong for a drop in quarterly revenue, as it also suffered from weakness in the US and mainland China. Intercontinental Hotels Group said quarterly revenue per room fell 0.8 per cent, making it the latest company to feel the pinch of weaker global travel. Read [...]
Easyhotel struggles in the face of weakening consumer confidence October 18, 2019 Super-budget hotel firm Easyhotel shares fell this morning as it reported dampening consumer confidence, with no improvement in sight. The London-listed firm said that despite political uncertainty that has blighted the industry in recent months, it had outperformed the UK hotel market over the last year. Read more: Stelios urges investors to reject Icamap’s £139m [...]
Revenue rises at cake-maker Finsbury Foods as it targets vegan market October 18, 2019 British cake-maker Finsbury Foods saw revenue grow in the year to June as the firm embraces new trends such as vegan and healthy products. Shares in the group rose 2.55 per cent soon after the bell, hitting 80.5p. The figures Finsbury Foods’s adjusted profit before tax fell 5.7 per cent to £16.8m in the 12 [...]
Asda offloads pensions in £4bn deal as it eyes stock market float October 17, 2019 Asda owner Walmart is said to have secured a deal to offload £4bn of the UK supermarket’s pension liabilities as it looks to clear the path for a potential stock market listing. Read more: Asda employees stage fresh protests over contract changes Walmart and Asda’s pension trustees have agreed a £3.8bn buy-in with specialist insurance [...]
UK retail sales growth holds steady as Brexit day approaches October 17, 2019 Growth in UK retail sales held steady in the third quarter of the year, official figures have shown, as shoppers remained cautious in the run-up to the October Brexit deadline. Read more: UK unemployment rate rises as Brexit fears hit labour market Britons bought 0.6 per cent more goods in the second quarter than in [...]
Unilever misses estimates amid slowdown in emerging markets October 17, 2019 Consumer goods giant Unilever missed City estimates this morning as tough weather comparatives and a slowdown in several emerging markets dented sales. The Ben and Jerry’s ice cream maker has posted underlying sales growth of €13.3bn (£11.5bn) for the third quarter, marking a 2.9 per cent rise that narrowly came below consensus expectations. Read more: [...]