Marks and Spencer will shut seven stores for the final time as part of a wider restructuring May 4, 2019 Marks and Spencer will shut down seven more stores today as part of its long-term plan to close 100 by 2022. It will bring the total number of stores closed to 47 as the high street retailer adapts to consumer's changing habits. The department store chain is ending its association with town centres across the UK and [...]
Thomas Cook angles for fresh ‘£400m’ financing ahead of interim results May 3, 2019 Thomas Cook has confirmed it is in discussions to lock down debt funding which is reportedly worth up to £400m from its lenders, as it gears up to release financial results which could shed light on the package holiday firm’s torrid year so far. The company is in advanced negotiations with its syndicate of banks [...]
China weakness hurts Intercontinental Hotels Group revenue May 3, 2019 The Intercontinental Hotels Group has revealed a decline in hotel occupancy rates as it continues its aggressive expansion plans. The firm, which owns Holiday Inn, Crowne Plaza and Kimpton Hotels, said it had added 12,000 new rooms in the three months to end of March, with another 24,000 to come soon. Read more: Legoland owner [...]
Shares fall at shopping centre owner Intu as it warns on rental profit May 3, 2019 Shopping centre developer Intu's share price fell 6.7 per cent this morning as it warned 2019 losses may be worse than expected this morning as the troubled property firm battles with a challenging retail environment. Read more: Intu sells major stake in Derby shopping centre to cut debt The company, which welcomed former finance boss [...]
Legoland owner Merlin set to meet market expectations despite quiet winter May 3, 2019 Entertainment company Merlin has reported that it is set to meet analysts expectations in its financial results, despite the seasonally quiet period. Merlin, which owns Legoland and Madam Tussaud among other attractions, said that trading had been in line with the guidelines set out in February. Read more: Intu warns on profit after insolvency procedures pile [...]
More than 150 MPs set to demand Asda backs down over ‘unscrupulous’ staff pay proposals May 2, 2019 More than 150 MPs have added their name to a campaign calling on Asda to drop controversial new pay proposals for its workers, heaping further pressure on the supermarket chain just a week after its planned merger with Sainsbury’s was blocked. Politicians have signed a letter written by Labour MP Siobhain McDonagh that accuses Asda of leaving thousands of [...]
Coca-Cola bottler sees strong first quarter growth May 2, 2019 Coca-Cola HBC AG – the world's third-largest bottler of the drink – today announced solid first quarter performance for 2019, as well as a special dividend for investors. Overall sales revenue rose 4.7 per cent to €1.41 bn (£1.21 bn) in the first three months of the year compared to the same period in 2018, [...]
Fans queue all night for release of Ikea rug designed by Louis Vuitton’s Virgil Abloh May 2, 2019 Queues stretched around the block this morning as fans of a major international company known for its slim design lined up to get their hands on its most recent product. The shop? Ikea. The item? A rug. The new carpet is a collaboration with Off White, run by Louis Vuitton men’s artistic director Virgil Abloh. [...]
Here’s why Boohoo shares are climbing higher May 2, 2019 | City Talk By Graeme Evans from interactive investor. Stock markets are struggling on boohoo's results day, but the retailer is defying the gloom. Fast fashion is back in vogue on the London market, with well-received results from Boohoo adding to euphoria over a spectacular 2019 for shares in AIM-listed rival ASOS (LSE:ASC). Their recent turnaround follows an [...]
Paddy Power Betfair share price falls as online sales slump May 2, 2019 Paddy Power Betfair reported a 17 per cent increase in revenue in the first quarter, driven by growth in Australia and the US despite a slump in online revenue. Shares in the betting company fell 4.7 per cent to 6,450p this morning, however, as online revenue declined one per cent, excluding gaming platform Adjarabet, due to [...]