Major UK retailers suffer plunging in-store profit margins October 23, 2019 Major UK retailers have suffered plunging store-based profit margins as operating costs soar in an increasingly challenging market. Store-based profit margins for the top 150 UK retailers have more than halved in less than a decade, dropping from 8.8 per cent in 2009/10 to 4.1 per cent in 2017/18. Read more: UK retail sales flat [...]
British flight ban to Sharm el-Sheikh lifted, as airlines eye resort for summer 2020 October 22, 2019 British holidaymakers could soon have the chance to return to the popular Egyptian resort Sharm el-Sheikh, after the government lifted a ban imposed in 2015. Flights to the resort town were suspended after 224 people were killed by the bombing of a Russian airliner, which was linked to the so-called Islamic State group (Isis). Read [...]
Number of companies entering administration leaps by a third in the third quarter October 22, 2019 The number of companies entering administration jumped by more than a third during the third quarter of the year, analysis published today showed. A study of notices in the London Gazette by accountancy firm KPMG showed a total of 417 companies went into administration between July and September 2019, compared with 310 in the previous [...]
Bidding war on the cards as Just Eat rejects £4.9bn hostile bid from Prosus October 22, 2019 Just Eat could find itself at the centre of a bidding war after rejecting a hostile £4.9bn bid from investment firm Prosus that threatens to disrupt its merger with Takeaway.com. The firm’s share price leapt 24 per cent to 732.8p despite the rejection in favour of its £8.3bn tie-up with the Dutch Takeaway.com as a [...]
Profit sinks at Premier Inn owner Whitbread as Brexit uncertainty hits hotel demand October 22, 2019 Profit slipped at Premier Inn owner Whitbread in its latest half-year as the company grappled with a weak UK travel market after selling coffee chain Costa to Coca-Cola last year. Read more: Whitbread share price tumbles on Barclays downgrade The figures Pre-tax profit fell 7.1 per cent to £220m, down from £237m this time last [...]
Just Eat revenue rises as it hopes for £9bn end-of-year merger with Takeaway.com October 21, 2019 Just Eat’s third quarter revenue rose 25 per cent, it revealed today, as it hopes a £9bn merger with Dutch rival Takeaway.com willbe tied up by the end of the year. Despite this, shares fell five per cent in early trading as analysts were sceptical the deal would get past shareholders at a meeting pencilled [...]
Small firms call for major business rates overhaul Sajid Javid’s November budget October 21, 2019 Small businesses have called on chancellor Sajid Javid to make “radical business rates reform” a key part of the upcoming autumn budget to address the unprecedented slump in confidence among smaller firms. Read more: Remember, remember, 6 November: Sajid Javid sets date for 2019 budget Javid is planning to hold a budget on 6 November, [...]
Leisure spending jumps despite dip in consumer confidence October 21, 2019 Spending in the leisure sector jumped in the third quarter of the year despite a slump in overall consumer confidence driven by ongoing Brexit uncertainty. A boost in disposable income confidence, which was up one point year on year, helped to drive leisure expenditure as consumers favoured experiences over buying material goods. Read more: Consumer [...]
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 [...]