Thomas Cook shares plunge on fresh funding talks as it nears Fosun tie-up August 12, 2019 Thomas Cook shares plummeted this morning as investors digested the news the tour operator is in advanced discussions with bond holders for a £150m cash injection, on top of the £750m rescue deal it is already working on with lead investor Fosun, which would nearly wipe out shareholders. The company’s market value dropped 17 per [...]
Vacancy rates hit worst level in over four years August 12, 2019 The decline of the British high street has deepened this summer with vacancy rates hitting a four-year high and sluggish footfall underlining a torrid selling season for retailers. Empty store fronts climbed to their highest level since January 2015 in July, following a turbulent 12 months during which some of Britain’s most iconic retailers permanently closed [...]
Luxury car imports jump as super-rich look to swerve Brexit costs August 12, 2019 The number of luxury car imports has risen sharply over the last year, as wealthy individuals rush to bring high-end motors to the UK ahead of a potential no-deal Brexit. A total of 3,830 cars were imported in the last financial year, up 16 per cent on the previous 12 months, according to law firm [...]
Hot weather helps pubs and restaurants post modest monthly sales growth August 12, 2019 British pubs and restaurant groups enjoyed increased sales in July, as eateries showed signs of recovering from poor trading last summer. Restaurant groups posted a 3.8 per cent increase in like-for-like sales compared to last July, when hot weather and the football World Cup took their toll on business. Read more: Restaurants eat into retailers’ [...]
Physical entertainment sales slump amid shift to streaming August 12, 2019 The physical entertainment market declined by almost a fifth over the last quarter, as the growing popularity of streaming services continues to impact traditional formats. Sales of CDs, DVDs and video games dropped 19 per cent in the 12 weeks to the end of June, as a reduction in shopper numbers was compounded by a [...]
Cathay Pacific ‘sacks staff involved in Hong Kong protests’ after regulator pressure August 11, 2019 Hong Kong’s flag carrier airline Cathay Pacific has reportedly sacked two airport employees and suspended a pilot in relation to ongoing anti-government protests in the city. The operator took the decision after telling staff on Saturday it would bar any “overly radical” employees from crewing flights to the mainland and said it had removed a [...]
Squashed: Britvic looks to cut final salary pensions August 11, 2019 Drinks producer Britvic is planning to slash the money it pays out to 6,000 members of its final salary pension scheme. The FTSE 250 firm, which produces Robinsons soft drinks, is looking for court approval to stop measuring inflation according to the retail prices index (RPI), and instead switch to the consumer prices index (CPI). [...]
Office set to close up to half its 100 UK stores August 9, 2019 Shoe retailer Office is planning to close up to half of UK stores at it reckons with the decline of business on the high street. The footwear chain is working on plans to close dozens of its 100 stores as their leases expire during the next few years, according to a report by Sky News. [...]
UK travel company On The Beach share price slumps after profit warning August 9, 2019 Shares in UK travel company On The Beach have tumbled by over 16 per cent this morning after it warned its profits this year will be lower than expected. It said the tumbling pound and Brexit uncertainty are hurting its business model. Read more: Thomas Cook: How did it end up like this? As a [...]
Betting cap and US expansion costs hurt William Hill August 9, 2019 William Hill has posted a pre-tax loss for the first half of the year, as the introduction of a regulatory cap on fixed-odds betting terminals and the cost of expanding in the US took a toll. The figures The gambling group reported a pre-tax loss of £63.5m for the first half. Net revenue was up [...]