Charges dropped against former Tesco executive Carl Rogberg in fraud trial January 23, 2019 The case against the third defendant in the Tesco fraud trial Carl Rogberg has been dropped today. Tesco executive Rogberg, 52, a former finance director at the supermarket giant, was charged with fraud, alongside fellow executives Chris Bush and John Scouler after a hole was found in Tesco’s accounts in 2014, wiping £1.5bn from its [...]
Hotel Chocolat tastes success after sales surge over Christmas season January 23, 2019 Hotel Chocolat enjoyed a boom in sales over the festive season, as buyers flocked to the luxury sweet maker in spite of a swathe of challenges facing much of Britain’s retail industry. Total sales for the 13 weeks to the end of December jumped by 15 per cent compared with the same period last year, [...]
Young’s buys rival pub chain Redcomb in £34m deal as it expands in the south east January 23, 2019 Young’s today said it has bought pub chain Redcomb Pubs in a cash-free deal worth £34m. The pub operator said it has acquired Redcomb, which owns 15 pubs in London and the south east, as it looks to expand its presence in the area. Read more: Young's pubs boss Patrick Dardis: "Smithfields is the new Covent [...]
Burberry keeps momentum from China despite trade war fears January 23, 2019 Fashion house Burberry bucked current concerns over a trade war between China and the US today, as Asian demand for its luxury clothing held up over the festive shopping season. The blue-chip firm, which has been embarking on a major turnaround plan to revive its fortunes for more than a year, said that comparable store sales [...]
Surge in travel sales gives WH Smith Christmas treat despite high street slump January 23, 2019 WH Smith posted a rise in sales over the crucial Christmas trading season, after the retailer benefited from a rise in travel sales as it continues to move its focus from high streets to airports and train stations. The figures Total sales were up six per cent in the 20 weeks to 19 January. In [...]
Wetherspoons maintains full-year guidance despite slowing profits due to labour costs January 23, 2019 JD Wetherspoon said its first-half profits will be lower than expected as rising costs took the fizz out of strong sales growth. The pub chain reported a 7.2 per cent rise in like-for-like sales for the 12 weeks to 20 January, with total sales up 8.3 per cent. Read more: Wetherspoons boss Tim Martin defends column [...]
Ebay shares spike as Elliott reveals stake and demands Stubhub spin-off January 22, 2019 Activist investor Elliott Management has revealed it has amassed a stake in Ebay worth roughly $1.4bn (£1.1bn), causing the retailer's share price to spike. In an open letter, Elliott urged Ebay to spin off or sell its ticket-sales franchise Stubhub and its classified ads business. It said Ebay could more than double its market value [...]
Patisserie Valerie enters administration after bank talks fail January 22, 2019 Patisserie Valerie collapsed into administration this evening after discussions with its lenders fell apart following the shock revelation of “significant fraud” at the high street cafe chain. Chairman Luke Johnson had been scrambling to come to an agreement with creditors to secure a cash lifeline after posting an update to the market last week admitting [...]
Dyson to move its company headquarters to Singapore as Asian success rises January 22, 2019 British billionaire James Dyson will be moving the corporate office and tax registration of his vacuum business to Singapore. The firm said the decision was motivated by a desire to be closer to the eponymous brand's fastest-growing markets, and was unrelated to the UK's upcoming exit from the EU or any tax implications. James Dyson has been [...]
Sports Direct and Intu strike deal to save four House of Fraser sites January 22, 2019 Four House of Fraser stores have been brought back from the brink of closure following a deal struck between Sports Direct and shopping centre landlord Intu. Last-minute talks between Mike Ashley’s sportswear firm and Intu Properties has led to department stores in Norwich, Thurrock, Gateshead and Nottingham being saved, having previously been earmarked for closure. More [...]