Primark profits soar but owner ABF blames poor sugar performance for fall in profits April 24, 2019 Primark delivered an “excellent” 25 per cent profit growth in the six months to March even as owner Associated British Foods (ABF) saw overall income shrink. Read more: A look inside the world's largest Primark The figures ABF witnessed a huge 15 per cent year-on-year drop in statutory profit before tax to £515m after paying a [...]
Debenhams owners to outline plans to shut 20 stores April 23, 2019 Debenhams is poised to outline plans this week to bring forward the closure of 20 of its stores, according to Sky News. The new owners of the department store chain, which include Barclays and hedge fund Silver Point, will launch a company voluntary arrangement (CVA) in the next 48 hours that will allow it to [...]
Fevertree boss Tim Warrillow quadruples pay package in 2018 April 23, 2019 The chief executive of Fevertree more than quadrupled his pay package last year, after the firm reported a surge in profits and revenue despite challenges posed by a new sugar tax. Tim Warrillow’s remuneration hit 3.98m last year, up from 844,000 the year before, the company revealed today. Read more: Fevertree's remarkable turnaround Performance incentives [...]
French supermarket Casino expands Amazon delivery deal April 23, 2019 French supermarket group Casino is set to further its partnership with Amazon, following the success of a delivery deal with its Monoprix brand. Read more: French supermarket Carrefour denies making an offer for rival The retailer will roll out Amazon's high speed delivery service, Prime Now, in cities outside of Paris, making its Monoprix brand products [...]
Majestic Wines looks to sell off UK retail business as online shift continues April 23, 2019 Majestic Wines could sell off its entire UK retail business as it pivots to focus on its online wine seller brand Naked Wines. Read more: British Land sells Sainsbury's superstores for £429m The company’s board has appointed Rothschild bankers to explore a potential sale of its retail and commercial portfolio, which include around 200 stores. City [...]
British Land offloads Sainsbury’s superstores for £429m to cut retail exposure April 23, 2019 British Land has sold a swathe of Sainsbury’s superstores for £429m as it ploughs ahead with a plan to reduce its exposure to retail property. Read more: British Land swings to £42m loss as retail market hits portfolio value The FTSE 100 landlord revealed this morning that it is selling 12 superstores from its joint [...]
Angling Direct shares rise as it reels in record sales in bid to tackle choppy retail waters April 23, 2019 The UK’s largest fishing equipment retailer has opened a new store and reported a record start to the year as it navigates the retail sector’s choppy waters. Angling Direct opened its 27th store in Nottingham over the Easter weekend, the first destination store in the city, with its trading update sending shares up by as [...]
Bottoms up: English and Welsh sparkling wine sales jumped six per cent last year with 4m bottles sold April 23, 2019 UK sales of English and Welsh sparkling wine rose six per cent last year with 4m bottles sold. UK consumers bought more British sparkling wine than they did sparkling wines from Australia, the US and Germany combined in 2018. Italy was the top exporter of sparkling wine to the UK last year with 117m bottles [...]
Easter bounce for the high street while shopping centres struggle April 22, 2019 Embattled retailers received a much-needed Easter boon over the Bank holiday weekend, as sunshine and hot weather encouraged shoppers onto the high street. Read more: Eco-activists plot Heathrow shutdown on Good Friday In a clear contrast to Easter 2018, when stormy weather dashed hopes of a Spring bounce in footfall, this year high street retailers [...]
Central London office space under offer climbs April 22, 2019 Fresh evidence of demand for Central London offices has emerged today, with new data showing a rise in year-on-year commercial space under offer in the City and West End. Read more: IWG shares surge after £320m Japanese franchise deal Roughly 3.7m square feet (sq ft) of office space was under offer during the first three [...]