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 [...]
Debenhams strengthens board as department store implements rescue plan December 10, 2019 Beleaguered department store Debenhams has appointed the former boss of Argos as a non-executive director in order to strengthen its board as it implements a turnaround plan. John Walden, who was chief executive of Home Retail Group until it sold Argos to Sainsbury’s in 2016 and is currently chairman of Naked Wines, has been appointed [...]
Wetherspoon’s boss Tim Martin says he is concerned about Labour’s plans for the economy December 10, 2019 Wetherspoon’s boss Tim Martin said today that he is concerned about the Labour Party’s plans for the economy. “I’m worried by [Jeremy] Corbyn and [John] McDonnell’s plans. Wetherspoon has thrived in a free market economy under Conservative and Labour governments and the current Labour leadership prefers state ownership and control,” he told City A.M. A [...]
Turtle Bay’s profit dives in challenging casual dining market December 10, 2019 Caribbean-style restaurant chain Turtle Bay suffered a sharp drop in profit in its last trading period, following a pattern seen across the UK’s casual dining sector. Profit fell from £4.43m last year to £1.39m in the year ended 2 March, as the company grappled with economic uncertainty and rising costs. Read more: Chilango confirms plans [...]
Where Co-op will open 30 new stores before Christmas December 10, 2019 Co-op is aiming to open 30 new stores in the run-up to Christmas, as it invests £25m in sites at transport hubs, residential blocks and key city locations. The new stores are expected to create up to 500 jobs, bringing some festive cheer to the UK retail industry following a challenging year for the high [...]
Domino’s chair steps down after activist fund grabs slice of company December 10, 2019 The chair of Domino’s Pizza is set to step down before the end of the year, following the appointment of an aggressive US hedge fund to the board of the company. The company said today that Stephen Hemsley had decided to step down from the board with effect from 29 December. Senior independent director Ian [...]
Just Eat rejects increased Prosus takeover bid December 10, 2019 Food delivery platform Just Eat has rejected an increased takeover bid from Prosus, saying the offer still “significantly undervalues” the company. In a statement this morning Just Eat said the revised terms of 740p per share, up from 710p per share and which values the delivery platform at £5.1bn, “fails to reflect appropriately the quality” [...]
Ted Baker share price crashes as bosses quit after profit drop December 10, 2019 Ted Baker’s share price plummeted to a 16-year low this morning after two executives quit, plunging the stricken retailer further into crisis as it slashed its profit forecast and suspended its dividend. Shares dropped as much as 35 per cent in morning trading following the departure of chief executive Lindsay Page and executive chairman David [...]