Business rate appeals dip as industry warns of ‘complicated’ process February 28, 2019 Frustrations over business rates were underlined this morning, with industry experts warning that new figures show the current process for appealing against property taxes is too complicated. Government data released today shows that there were roughly 65,000 appeals to dispute business rates between 1 April 2017, when a new system was introduced, and 31 December 2018, slumping [...]
Top financial PR firm cuts ties with Sir Philip Green amid conduct allegations February 27, 2019 Sir Philip Green’s financial PR firm is set to jump ship tomorrow in the latest corporate blow to the embattled mogul, just days after Baroness Karren Brady quit as chair of his retail empire. City A.M. understands that Green’s communications consultancy Maitland/AMO is ending its relations with the scandal-hit tycoon tomorrow evening amid mounting public [...]
Sainsbury’s shares crash as Asda merger torpedoed February 27, 2019 | City Talk A strongly worded report from the regulator appears to have torpedoed this supermarket mega merger. What a difference a day makes. Until this morning, Sainsbury's (LSE:SBRY) was the best-performing supermarket stock over the past 12 months by some margin. Now, after the regulator's report on its proposed merger with Asda, it's the worst! After months [...]
Soft drinks maker Nichols boosts profits and payout as Vimto sales grow in 110th year February 27, 2019 Soft drinks maker Nichols boosted profits and hiked investor payout as Vimto proves popular in its 110th year. The figures Pre-tax profit grew four per cent to £31.8m for the full year compared with 2017, while group revenue rose seven per cent to £142m. Read more: Vimto adds some fizz to owner Nichols The final dividend for [...]
Poundland launches red and blue passport covers before Brexit February 27, 2019 There is no love lost between Leavers and Remainers over Brexit, but the two sides could come to blows in the aisles of Poundland as the retailer releases red and blue passport covers. The Brexit-inspired passport covers mean fierce Brexiters or lamenting Remainers can cling to the preferred colour of their choice even after blue [...]
Marks & Spencer investors suffer dividend blow as retailer nets food delivery service in £750m Ocado venture February 27, 2019 Shareholders hammered Marks & Spencer’s shares this morning as it became clear the retailer plans to hit up investors to fund a £750m food delivery venture with Ocado. M&S’s stock dropped 9.2 per cent to 303p as it confirmed plans to raise £600m through a rights issue as well as knocking down shareholders’ dividend. The [...]
Under-fire Ted Baker issues profit warning as shares plunge February 27, 2019 Ted Baker warned investors of a £10m hit to profits for its full year this morning, blaming a series of unexpected blows to its bottom line. Profit before tax for the year to the end of January is now expected to fall in the region of £63m, sending shares crashing 13 per cent to 1,734p. [...]
Employer confidence slips amid lack of Brexit clarity February 26, 2019 Confidence among UK employers has plunged to "an all-time low", according to a new survey that brings to light the current concerns among businesses in the run-up to Britain’s departure from the EU. Employers’ confidence in the prospects for the UK economy fell by six percentage points last month to a net -20, marking the lowest [...]
Shop workers facing highest risk of redundancy of any sector February 26, 2019 Britain's title as "a nation of shopkeepers" is under greater threat than ever before, according to a new study that shows a dramatic shrinking of the sector’s workforce in recent years. Retail employees as a share of Britain’s workers has dived by 12 per cent since 2003, with the embattled sector now suffering a higher rate [...]
Marks & Spencer and Ocado confirm talks over joint retail venture February 26, 2019 Marks & Spencer and Ocado have confirmed they are “in discussions” around a £1.8bn joint venture. Read more: Ocado to develop 20 new warehouses in first stage of US deal with Kroger The tie-up would see M&S pay Ocado between £800m and £900m for a 50 per cent stake in the food delivery service, according [...]