Tossed owner Zest Food seeks rent cuts in restructuring plan November 20, 2019 Zest Food, the owner of healthy eating brand Tossed, is the latest casual dining chain to seek a company voluntary arrangement (CVA) restructuring plan. The company is asking landlords to agree to a combination of zero rent and rent reduction arrangements as part of the rescue plan. Read more: UK’s top restaurants swing to £93m [...]
B&Q owner Kingfisher’s new CEO blasts ‘disappointing’ like-for-like sales slump November 20, 2019 B&Q owner Kingfisher saw like-for-like sales sink 3.7 per cent over its third quarter, as its new chief executive admitted he has “much to do” to improve the business. Sales sank 3.1 per cent to £2.96bn over the quarter to the end of October, with the UK seeing a one per cent decline in like [...]
All Bar One owner Mitchells & Butlers cheers rise in profit amid food and drink demand November 20, 2019 All Bar One owner Mitchells & Butlers has toasted a rise in full-year profit as rising appetite for its food and drinks offset fears of a slowdown in the casual dining sector. Shares in the firm jumped seven per cent in early morning trading. Read more: UK retail sales unexpectedly fall as economy slows The [...]
Fevertree cuts forecast as slowdown takes fizz out of UK sales November 20, 2019 Drinks supplier Fevertree has cut its full-year revenue forecast amid “challenging comparators” and a slowdown in UK consumer spending in the second half. The mixer specialist cut its revenue expectations to between £266m and £268m for the full-year, representing year-on-year growth of 12 to 13 per cent. Read more: Fevertree shares go flat as poor [...]
Shoppers plan to spend more on high streets this Christmas November 20, 2019 The Christmas trading period could deliver some much-needed festive cheer for retailers after a challenging 12 months as a new research reveals that shoppers plan to spend more this year. Most UK shoppers – 87 per cent – are planning to spend the same or more than last year, while 57 per cent said political [...]
Founder of fashion delivery firm Clipper tables £300m takeover bid November 19, 2019 The founder of Clipper Logistics, which provides delivery services for online retailers such as Asos and John Lewis, is said to be preparing a £300m bid to take the company private. Read more: Asos to boost Black Friday offers after poor trading last year Steve Parkin, who founded Clipper in 1992, has approached fellow board [...]
Lidl brings hourly pay rate in line with living wage November 19, 2019 More than 19,000 Lidl employees across the UK are set to get a pay rise as the supermarket brings its hourly rate in line with the living wage. Entry-level pay will rise from £9 to £9.30 per hour in stores outside of London and from £10.55 to £10.75 per hour within the M25 to meet [...]
Moss Bros appoints ex-Ted Baker finance chief as CFO November 19, 2019 Suit retailer Moss Bros has appointed former Ted Baker interim chief financial officer Bill Adams as its new finance chief. Adams, who was interim finance chief at Ted Baker before Rachel Osborne joined the company last week, will takeover from Tony Bennett in February. Previously, Adams was finance director at Argos and Homebase. Read more: [...]
Pub operator Ei Group reports earnings drop ahead of Stonegate deal November 19, 2019 Ei Group, the pub operator being bought by Slug and Lettuce owner Stonegate, reported that earnings dropped this year after the disposal of 354 venues. The figures Revenue was up 4.17 per cent from £695m to £724m, in the 12 months to 30 September. Read more: Competition watchdog to examine £1.3bn tie-up between Stonegate and [...]
Fox tries to trademark “OK, Boomer” for a new television show November 19, 2019 Fox has become the latest firm to attempt to trademark the phrase “OK, Boomer”, a way of mocking older generations for being out of touch. The US network filed an application for its use for a television show on 11 November, which was shared on Twitter by American trademark attorney Joshua Gerben. Read more: Trump [...]