Mothercare to appoint administrators for 79 UK stores November 4, 2019 Mothercare has confirmed it is preparing to appoint administrators to its UK retail arm later today in the latest blow to the British high street. The company announced this morning that a notice of intent to appoint administrators to Mothercare UK and Mothercare Business Services has been filed with the court. Read more: Mothercare warns [...]
Marston’s sells off 137 pubs for £45m as it looks to slash debt pile November 4, 2019 Marston’s has offloaded 137 pubs to Admiral Taverns in a deal worth almost £45m. As part of a plan to slash its debt by £200m over the next four years, the British brewery giant has sold a portfolio of pubs that contributed operating profit of £3.7m in the last 12 months. Read more: Pubs cash [...]
Mothercare ‘finalising plans’ to put UK business into administration November 3, 2019 Mothercare is said to be finalising a restructuring plan that could involve putting its British operations into administration this week, in what would be the latest blow to the UK’s struggling retail sector. The company, which now leans heavily on its franchising business abroad, has readied administrators to take over the unit in the coming [...]
Christmas can come too early – or at least the adverts can November 3, 2019 It’s just days since Halloween, but the Christmas advert season is well and truly upon us already. But not everyone is feeling festive yet. Market researcher Kantar Group has revealed that 67 per cent of shoppers think the adverts are too early. Read more: Toxic Tube a health hazard for commuters On the other hand, [...]
Sir Philip Green in talks to secure £300m by Christmas November 3, 2019 Embattled retail magnate Sir Philip Green is in talks with lenders about borrowing more than £300m that he needs by Christmas to pay off a loan secured against his flagship Oxford Street Topshop store. Read more: Sir Philip Green’s Arcadia reveals huge losses amid CVA controversy Among the possible suitors is US private equity company [...]
Asda gives hundreds of employees extra week to sign new contracts before facing sack November 2, 2019 Asda will give employees an extra week to sign new employment contracts before dismissing them with the original deadline set for today. The supermarket said workers who had yet to sign the new so-called Contract 6 would be given a seven-day “cooling-off period” to change their mind before losing their jobs. Read more: Asda rejects [...]
Thomas Cook lives on in name only as Fosun pays £11m for brand November 1, 2019 The Thomas Cook brand will live on, it was confirmed today, as Hong Kong-listed Fosun Tourism Group announced they had bought the brand for £11m. The move, which was widely expected, will see Fosun also acquire subsidiary brands such as boutique hotel chain Casa Cook and beach hotel concept Cook’s Club. Read more: Fosun set [...]
Tesco investigates technical issues affecting Monzo card payments November 1, 2019 Supermarket giant Tesco is investigating a technical issue affecting customers with Monzo debit cards after cardholders complained they were being charged twice for transactions. Monzo customers have complained on Twitter about issues using their cards in Tesco, prompting the supermarket chain to put up signs at some of its stores saying it could not accept [...]
Former Sainsbury’s boss: Halve business rates and raise VAT to save high street November 1, 2019 Jasper King, the former head of supermarket giant Sainsbury’s, has called for business rates to be halved and VAT increased to help high street retailers compete with their online rivals. Speaking to BBC Radio 4’s Today Programme, King said it was unfair that bricks and mortar retailers were forced to pay the rates when their [...]
Fosun set to buy up Thomas Cook name October 31, 2019 Chinese investment conglomerate Fosun looks set to snap up the Thomas Cook brand along with the intellectual property assets of the failed travel company. Read more: Thomas Cook bosses point finger at government as MPs slam high pay Fosun is the frontrunner to purchase the Thomas Cook assets, having pulled ahead of rivals such as [...]