Travelodge eyes expansion with 100 new hotels as turnaround delivers higher sales March 18, 2019 One of the UK’s largest budget hotel groups hailed its own turnaround plan this morning after posting a rise in revenues and plans for 100 new site openings seven years after being on the brink of collapse. Travelodge, which has lured more customers into its value hotels amid an economic slowdown, posted sales of £693m [...]
Domino’s Pizza hits back at reports it misled the City over franchisee row March 18, 2019 Domino’s Pizza published a statement today hitting back at allegations that it had misled the City over the state of its relationship with its franchisees. Domino’s said it “strongly refutes the reported allegations” and said it “has been clear and transparent that it has been in commercial discussions with franchisees, which are continuing.” The Sunday [...]
JD Sports buys Footasylum in £90m deal weeks after saying it would not bid for the firm March 18, 2019 JD Sports will buy footwear retailer Footasylum for £90m, the companies announced this morning a month after JD increased its stake to 19 per cent. The 82.5p per share offer values Footasylum at a considerable mark-up to its 46.5p closing price on Friday. Shreas soared 75 per cent to 81.5p this morning. Read more: Footasylum shares [...]
Labour MP Tom Watson calls McDonald’s prize promotion ‘grotesque’ March 17, 2019 A McDonald’s promotion has been criticised by a Labour MP as a “danger to public health” for encouraging customers to buy more fast food to try to win prizes such as burgers, milkshakes and fries. Labour’s deputy leader Tom Watson called the Monopoly promotion at McDonald’s, which begins again on Wednesday, a “grotesque marketing strategy” and [...]
Domino’s Pizza franchisees demand meeting with top boss over profit structure March 17, 2019 Domino's Pizza store owners have upped their onslaught against the food chain's top UK executives, alleging an ongoing row between the two sides is far from over. The Domino's Franchisee Association wrote to the FTSE 250 group last week to warn that suggestions of a resolution in the near future were "extremely misleading", according to the [...]
Junk food ads set to be banned on TV and online before 9pm watershed in government crackdown March 17, 2019 Junk food advertisements could be banned from appearing on TV and online before 9pm, as the government today launched a consultation on measures to tackle the UK's growing obesity rate. Currently, ads for foods that are high in fat, salt or sugar are forbidden during broadcasts of TV programmes specifically aimed at children. The consultation by [...]
UK’s biggest travel booking app Trainline considers £1bn flotation March 16, 2019 Rail ticket booking platform, Trainline, is moving toward a £1bn stock market listing that could take place within the next few months. The company is looking at an initial public offering as its preferred option after being approached by private equity firms, according to Sky News. Read more: Patisserie Valerie overstated financial position by £94m, [...]
Patisserie Valerie overstated financial position by £94m, auditors say March 16, 2019 The amount of money missing from Patissserie Valerie's consolidated accounts has grown to more than double a previous estimate to a total of £94m, according to a new report by its administrators, KPMG. The company fell into administration in January and was found to have overstated its financial position by £30m while also failing to disclose £10m of overdrafts. Read [...]
Sir Philip Green set to axe jobs and stores in vast Arcadia restructure March 15, 2019 Sir Philip Green is set to close vast numbers of Top Shop, Dorothy Perkins and Miss Selfridge in a huge restructure of his Arcadia retail empire, it is reported. Read more: Philip Green closes 210 Arcadia stores over two years The high street billionaire is preparing a company voluntary arrangement (CVA) that could result in [...]
Profits fall at The Restaurant Group after £559m Wagamama merger March 15, 2019 The Restaurant Group has posted a drop in profits for last year as well as warning of falling like-for-like sales, but said its controversial takeover of Wagamama will prove “transformative”. Read more: Like-for-like sales fall at The Restaurant Group despite Wagamama boost The figures Adjusted profit before tax slipped eight per cent year on year [...]