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. [...]
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 [...]
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 [...]
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 [...]
Fuller’s pubs chief executive Simon Emeny joins WH Smith board February 26, 2019 The chief executive of Fuller's pubs has joined the board of WH Smith to sit as a non-executive director, the high street retailer announced this morning. Simon Emeny, group chief executive of London brewery Fuller, Smith and Turner, will be joined by Greensill Capital chairman and former Citibank chief executive Maurice Thompson. Read more: Surge [...]
Harrods eyes online growth with new partnership February 26, 2019 For generations it has been known for its world famous Knightsbridge department store. But now Harrods is looking to lure in shoppers through its website too, as it becomes the latest high luxury brand taking actions to adapt to the growing consumer shift away from the high street and onto the internet. High end retail [...]
MPs ratchet up the pressure on Sir Philip Green after Karren Brady resignation February 25, 2019 Sir Philip Green’s retail empire is facing the renewed scrutiny of politicians this afternoon after Baroness Karren Brady resigned from her role as chair of Arcadia. Brady, who had vowed weeks ago to stay in her post out of "a real sense of duty", has stepped down as non-executive chairman of Taveta, the holding company [...]
Laura Ashley shares soar despite denial of takeover reports February 25, 2019 Shares in Laura Ashley soared more than 20 per cent this morning after the retailer dismissed reports that that entrepreneur Michael Flacks could be weighing up a bid for the embattled firm. Shares were up 23 per cent to 3.99p this morning, despite Laura Ashley chairman Andrew Khoo’s insistence that the textile design company has [...]