DEBATE: Is the Tesco boss right to call for slashed business rates and an online tax to save the high street? May 15, 2019 Is the Tesco boss right to call for slashed business rates and an online tax to save the high street? Robert Palmer, executive director of Tax Justice UK, says YES. Tesco’s Dave Lewis is right: the way we tax high street shops and online firms isn’t working. The tax system benefits companies like Amazon and Google, [...]
B&Q owner Kingfisher sales tick upwards ahead of CEO’s departure May 15, 2019 B&Q owner Kingfisher saw sales edge higher in its latest quarter thanks to warmer weather and a weaker corresponding period last year. Read more: B&Q owner Kingfisher plans foreign market exit as French sales drag UK and Ireland sales rose 5.4 per cent in the three months to the end of April compared to the same [...]
Richer Sounds founder hands staff 60 per cent stake May 14, 2019 Employees of Richer Sounds will receive a £3.5m windfall after the entertainment retailer’s founder handed over a 60 per cent stake in the company. Read more: John Lewis considers cutting staff bonus amid profit warning Julian Richer, who founded the company as a teenager in 1978, has placed the shares into an employee ownership trust [...]
Botanical drinks startup with top City backers set for crowdfunding May 14, 2019 A botanical drinks startup which counts high-profile City veterans and celebrities among its backers is set to launch a £1m crowdfunding in its latest expansion drive. David Spencer-Percival, the serial entrepreneur who runs No.1 Rosemary Water, told City A.M. he is looking to lure in fresh capital amid a global product drive and the launch of [...]
Shattered: Pottery maker Portmeirion Group shares plunge 25 per cent after profit warning May 14, 2019 Shares in pottery maker Portmeirion Group collapsed this morning after the firm issued a profit warning. Read more: Renishaw shares dive after second profit warning Shares fell more than 25 per cent to 910p as the country garden-themed pottery company told investors that sales were down 10 per cent for the first four months of [...]
Pub operator Ei Group’s profits rise thanks to drinks sales boost May 14, 2019 Pub chain Ei Group has posted a modest rise in pre-tax profit for the half year thanks to continued growth in drinks sales. Ei, which is the largest owner and operator of pubs in the UK, posted pre-tax profits of £59m in the six months to the end of March, up from £57m in the [...]
Premier Foods swings to a £43m loss as it launches plant-based food range May 14, 2019 Mr Kipling maker Premier Foods is planning to tap into the success of rivals' vegan products with its own range set to launch this year, as it hopes to turn around falling profits. The figures The Hertfordshire-based company said that a £20.9m profit before tax was wiped out in the year ending in March, showing [...]
Puffed up: Greggs upgrades outlook as sales rise on vegan sausage roll success May 14, 2019 Greggs’ results have puffed up so far this year, it said today, upgrading its outlook for the year. The high street baker said it expects “materially higher sales” in 2019 than previous estimates as the launch of a vegan sausage roll lit a fire under the business. Read more: Subway launches vegan sub after Greggs' [...]
JP Morgan downgrades shopping centre landlord Intu May 13, 2019 Investor concerns over beleaguered retail landlord Intu showed no sign of fading today as shares slumped a further five per cent. Read more: Shares fall at shopping centre owner Intu as it warns on rental profit The shopping centre owner was one of the leading fallers on the London Stock Exchange this morning after an analyst [...]
Tough to swallow: Brewing giant AB InBev slapped with €200m fine over import restrictions May 13, 2019 The world’s largest brewer has been slapped with a €200m (£172m) antitrust fine from the EU today for restricting cross-border sales of beer. AB InBev was handed the penalty by the European Commission, which said the firm abused its dominant position on the Belgian beer market by hindering cheaper imports of its Jupiler beer from [...]