HMRC collects £4.4bn from SMEs through investigation of underpaid VAT September 9, 2019 The taxman collected an extra £4.4bn from small and mid-sized businesses through investigations into the underpayment of VAT last year, up 18 per cent from £3.8bn collected in 2017-18. Over £1.7bn was collected from VAT investigations into small businesses alone last year, according to tax investigation insurance firm PFP. PFP said the growth in the [...]
Retail footfall drops again in August as economy slows September 9, 2019 The number of Britons venturing out to visit shops fell again in August, bringing yet more problems for a retail sector that has suffered a number of casualties this year. Read more: Hot weather fails to heat up retail sales in August Footfall fell by 1.3 per cent in August year on year, compared to [...]
Pubs cash in on bank holiday heatwave but fears grow for restaurant sector September 9, 2019 A sunny spell through the August bank holiday helped London watering holes increase their late-summer sales, according to a closely-followed industry measure. Thirsty punters gravitated to drink-led pubs in the capital, which enjoyed a five per cent like-for-like boost in sales compared to the same period last year. Read more: Wetherspoons toasts no-deal Brexit by [...]
Not in the pink anymore: Jack Wills collapse leaves creditors out of pocket September 8, 2019 Jack Wills owed over £100m to creditors including HSBC and several councils when it collapsed into administration last month. The preppy clothing brand was bought by Mike Ashley’s Sports Direct for £12.8m in August, faces leaving a slew of companies out of pocket. Read more: Jack Wills stores at risk as Sports Direct kicks off [...]
Sainsbury’s planning major changes to struggling bank arm September 8, 2019 Sainsbury’s is plotting a radical overhaul of its loss-making banking arm as it reconsiders its business model in the wake of its failed merger with Asda. Read more: Sainsbury’s partners with Deliveroo on pizza takeaway service The household name is weighing up its options ahead of a meeting with investors in two weeks’ time. The [...]
Thomas Cook in stand-off with pension scheme trustees over £900m rescue deal September 7, 2019 Thomas Cook’s pension scheme trustees are demanding improved terms to back a £900m rescue of the tour operator. The pension scheme is seeking equity in the restructured company, as well as funding guarantees from the new owners and a commitment to continue the existing annual contributions of more than £25m, according to Sky News. Read [...]
Sir Philip Green’s Arcadia reveals huge losses amid CVA controversy September 6, 2019 Arcadia, Sir Philip Green’s high street empire, plunged into huge losses last year before it launched a controversial restructuring drive, new accounts have shown. The group reported an operating loss of £138m for the year ending 1 September 2018, a sharp decline on the £119m operating profit it made the previous year, according to documents [...]
Propping up the bar: Wetherspoons toasts no-deal Brexit by slashing the price of a pint September 6, 2019 Punters in the City looking for a cheap drink this afternoon are in luck, as pub chain Wetherspoons has slashed the price of a pint in a bid by chairman Tim Martin to prove a no-deal Brexit would be sustainable for pubs and retailers. Read more: Glass half empty? Wetherspoon shares fall as sales slow [...]
Beer sales slip at Greene King after last year’s World Cup summer September 6, 2019 Beer sales fell in Greene’ King’s summer quarter, as they suffered in comparison to last year’s World Cup-fuelled boost in drinking, the pub chain revealed today. Read more: Greene King shares surge 50 per cent as Hong Kong’s richest man makes an offer Like-for-like sales sank 4.2 per cent among Greene King’s pub partners for [...]
Hot weather fails to heat up high street retail sales in August September 6, 2019 Bricks and mortar retailers suffered a further blow last month as soaring temperatures failed to heat up high street sales. Like-for-like in store sales dropped 0.1 per cent in August from a base of minus 2.7 per cent in the same month last year as retailers were unable to convert rising footfall into purchases. Read [...]