24-hour blaze at Ocado’s flagship robotics centre burns sales growth February 6, 2019 A major fire at one of Ocado’s key robotic distribution centres is expected to dent sales growth after worsening overnight, with several hundred firefighters being called to the scene in a bid to put out the flames. Ocado's share price slumped eight per cent in morning trading, after the firm released a statement saying that the blaze, [...]
Watchdog takes action to end ‘misleading’ online hotel booking practices February 6, 2019 A watchdog is taking action against several hotel booking sites including Expedia and Trivago to tackle hidden charges and other “misleading” activities. Expedia, Booking.com, Agoda, Hotels.com, Ebookers and Trivago have agreed to end “misleading” practices such as hidden charges and “pressure selling”, in what the Competition and Markets Authority (CMA) is calling a victory for [...]
Barratt Developments builds profit in strong first half February 6, 2019 The UK’s largest housebuilder Barratt Developments boosted its profit before tax 19 per cent in the first half of its financial year. Barratt said its profit before tax stood at £408m in the six months to 31 January, with revenue growing seven per cent to £2.13bn and total completions rising four per cent to 7,622 [...]
Food waste startup Too Good To Go gobbles up €6m from investors February 5, 2019 Danish leftover food startup Too Good To Go has grabbed €6m (£5.3m) from some of its existing investors, as it prepares to expand into four new countries in 2019. The firm, which enables users to collect leftover dishes from restaurants and stores at discounted prices, has partnered with 1,500 retailers in London to date, including [...]
Apple turnover: Former Burberry chief to leave executive role at iPhone maker February 5, 2019 Former Burberry chief executive Angela Ahrendts is to leave her role as Apple's head of retail in April, after five years at the company. Having led Apple's retail and online stores, Ahrendts will now be chasing “new personal and professional pursuits”. It was revealed last month that Ahrendts received a total pay packet of $5m (£3.9m) from Apple in [...]
Unilever swallows healthy food startup Graze February 5, 2019 Retail giant Unilever has agreed a deal to buy UK healthy snacks firm Graze at a reported valuation of £150m. Founded in 2008, the brand had raised just £2m from London investors Octopus Ventures and Draper Esprit before being acquired by US buyout group Carlyle in 2012. The bidding war for Graze had garnered interest from [...]
UK economy set for much-needed spending boost thanks to Chinese tourists February 5, 2019 The UK economy is set to receive an international spending boost as tourists from outside the EU continue to splash out in spite of Brexit worries. International spend will increase four per cent year-on-year over the next 90 days, according to forecasts from tourism shopping firm Global Blue. Read more: China's success will depend on the [...]
Major HMV stores in London to be axed following chain’s sale February 5, 2019 HMV is set to shut its flagship London stores in Westfield and Oxford Street as part of a swathe of closures following a rescue deal with Sunrise Records. The Shepherds Bush outlet is one of 27 stores in line for closure after Canadian music entrepreneur Doug Putman confirmed he had bought the retailer this morning. [...]
Cost-cutting overhaul lifts jewellery maker Pandora’s share price February 5, 2019 Jewellery maker Pandora’s share price soared in early morning trading today, as investors welcomed a radical cost-cutting plan put forward by the embattled fashion group. The Danish jeweller saw the value of its shares climb 14 per cent this morning after the retailer revealed plans to save 1.2bn Danish crowns (£141.1m) in a bid to [...]
Ocado boss Tim Steiner refuses to comment on M&S tie-up reports February 5, 2019 Ocado chief executive Tim Steiner today refused to be drawn on reports of a potential tie-up with Marks & Spencer after reporting a revenue boost in the firm’s full-year results. “We’re in the business of talking to retailers; we’re constantly talking to different retailers all around the world about opportunities we may have with them,” Steiner [...]