Tesco Metro prepares to slash 4,500 jobs August 5, 2019 Tesco is set to slash around 4,500 jobs across all of its 153 Metro stores, the company announced today as it battles with a tough retail environment. The cutbacks will reduce processes and administrative tasks across the stores, it said. Read more: Ocado and M&S share prices drop as they complete £750m online delivery deal [...]
Philip Day tables bid to avoid Jack Wills administration August 5, 2019 British billionaire Philip Day is taking on rival bidder Mike Ashley to keep struggling retailer Jack Wills out of administration. Day’s Edinburgh Woollen Mill Group’s (EWM) offer for the “preppy” fashion brand would seek to avoid a pre-pack administration, it was revealed as the bidding war between the two retail tycoons entered its final hours. [...]
Spudulike closes all branches after sale collapses August 5, 2019 Fast food chain Spudulike has collapsed and shuttered all its branches, making 298 employees redundant, administrators confirmed today The casual dining group, which specialised in baked potatoes, closed all 37 of its stores on Friday after a prospective buyer pulled out of a deal to purchase the company at the last minute. Read more: Landlords [...]
Ocado and M&S share prices drop as they complete £750m online delivery deal August 5, 2019 Investors battered Ocado and Marks & Spencer’s shares this morning as the supermarkets finalised details of a £1.25bn partnership. M&S’s share price fell 4.5 per cent while Ocado’s share price dropped as much as 4.4 per cent as M&S completed the £750m purchase of a 50 per cent stake in Ocado’s online delivery platform. Read [...]
Stelios urges investors to reject Icamap’s £139m Easyhotel bid August 5, 2019 Easyhotel founder Sir Stelios Haji-Ioannou has called on shareholders to reject a £139m bid for the business, saying it fails to recognise the company’s “true value”. Real estate fund Icamap made the 95p per share bid for the hotel chain this morning alongside developer Ivanhoe Cambridge. Read more: Satellite giant Inmarsat ditches dividend ahead of [...]
Just Eat and Takeaway.com agree terms on £8.3bn merger August 5, 2019 Just Eat and merger partner Takeaway.com have agreed terms on a $10bn (£8.3bn) merger, valuing the former’s shares at 731p. However, that figure falls below the 736p figure shares hit at the close of London Stock Exchange trading last Friday, raising the possibility that a rival bidder could emerge. Read more: Just Eat profits plunge [...]
Events app Fever books $35m in funding round led by Rakuten August 5, 2019 Events platform Fever has secured $35m (£28.8m) in fresh investment following a funding round led by Japanese internet giant Rakuten. Fever, which lists entertainment events in more than a dozen cities worldwide, said the cash injection will fund investment in technology and expansion in new markets. Read more: Onecom bags £100m in funding as it [...]
UK hotel profit soars as Brits holiday at home August 5, 2019 The top 100 UK hotel groups saw profit break the £1bn barrier last year as the weak pound pushed Brits to holiday at home. Profit rose 83 per cent year-on-year from £583m as overseas tourists were also encouraged to visit the UK. Read more: Mandarin Oriental profit slump despite Hyde Park hotel reopening Revenue was [...]
Innovation boosts online retail sales August 5, 2019 Sales at the UK’s largest online retailers have risen 16 per cent to £8.2bn in a year as the popularity of e-commerce-only brands soared. Retailers that only trade online reported a 31 per cent increase in sales, rising to £3.4bn in the year to 30 June from £2.7bn the previous year. Read more: Westfield owner [...]
Mike Ashley’s Sports Direct closes in on Jack Wills deal August 4, 2019 Retail tycoon Mike Ashley’s Sports Direct has emerged as the favourite to buy struggling fashion brand Jack Wills Sports Direct is the preferred bidder for the retailer and a deal could be struck as soon as tomorrow, Sky News reported. Read more: Mike Ashley and Philip Day in battle to buy Jack Wills Sources told [...]