Mamas & Papas to shutter stores in pre-pack administration deal November 8, 2019 Maternity retailer Mamas & Papas has called in administrators in order to shutter loss-making stores just days after the collapse of rival firm Mothercare. Bluegem Capital, the owner of Mamas & Papas since 2014, has regained control through a pre-pack administration – an insolvency procedure – which has allowed the retailer to close six unprofitable [...]
Games Workshop shares soar as profits beat £55m November 8, 2019 Games Workshop’s share price rocketed in early trading today after the model maker revealed profits and sales are ahead of last year. Trading between September and early November has beaten the company’s performance for the same period last year, with royalties receivable also “significantly ahead”. Read more: General Election announcement hurts October high street sales [...]
Royal Mail seeks injunction to block Christmas strike November 8, 2019 The Royal Mail is seeking an injunction to prevent staff going on strike during the crucial Christmas trading period and the general election next month. The postal service has taken legal action against the Communications Workers Union (CWU), claiming there were “potential irregularities” in a recent ballot for industrial action. Read more: Royal Mail to [...]
General election announcement hurts October high street sales November 8, 2019 High street sales plummeted at the end of October despite a healthy start to the month after the announcement that the UK would head to the polls for a December general election. The first three weeks of the month saw retailers defy poor footfall and challenging weather conditions to boost like-for-like in-store sales. Read more: [...]
Wetherspoon faces backlash over Brexit campaign spending November 7, 2019 Investors have been urged to oppose JD Wetherspoon’s financial report over its failure to get shareholder approval for pro-Brexit spending. Influential shareholder advisory firm Pirc said Wetherspoon had not cleared referendum campaign spending, which included £94,856 on almost 2m pro-leave beer mats ahead of the 2016 vote. Read more: Wetherspoon’s boss Tim Martin slams elite [...]
Ikea shrugs off retail gloom to post sales rise November 7, 2019 Ikea reported an increase in full-year sales as it managed to overcome the challenges facing the UK retail market. Sales in Ikea’s UK business were up eight per cent year on year to £2.1bn, the retailer said in its annual report. Read more: Ikea to face tax repayment order from EU The company reported that [...]
BritBox launches in the UK – but can it challenge Netflix? November 7, 2019 BritBox, the new streaming service from the BBC and ITV, has launched in the UK this morning as broadcasters attempt to muscle in on the lucrative online television market. The platform, which announced this morning that it would also feature content from Channel 4 and Channel 5, is entering a crowded market, with market leaders [...]
Flutter boosts revenue ahead of £11bn Stars merger November 7, 2019 Gambling operator Flutter Entertainment boosted revenue 10 per cent in the third quarter ahead of its £11bn merger with Stars Group. Flutter – previously Paddy Power Betfair -said revenue in the quarter to 30 September rose 10 per cent to £533m. The company also upped its profit guidance for its US business after revenue grew [...]
Auto Trader revs up profit despite car market challenges November 7, 2019 Auto Trader – the UK’s largest new and used cars marketplace – reported a jump in revenue and profit in the first half of the year despite the challenges facing the UK car industry. The figures Shares in Auto Trader jumped as much as five per cent after the online car dealer reported that revenue [...]
Superdry revenue drops as rescue plan gets underway November 7, 2019 Superdry reported a sharp drop in revenue in the first half of the year as chief executive Julian Dunkerton began his rescue plan to revive the struggling retailer. Revenue declined 11.3 per cent to £367.8m in the six months to 26 October reflecting the beginning of an “expected year of reset”. Read more: Investors back [...]