Young’s boosts profits as pub investment pays off November 15, 2018 South London pub chain Young’s reported boosted profit this morning on the back of increased investment in its estate. Revenue was up 8.8 per cent from £144.1m to £156.8m, while profit before tax increased from 22.1m to 26.4m, a jump of 19.4 per cent, the company announced this morning in its interim results. The brewery [...]
Fix the housing crisis and save the high street at the same time November 15, 2018 Two "crises" have dominated the headlines in the last year. The first is the pressure on housing, the challenges of the rental market, and the soaring cost of living, especially in big cities. The second is the so-called “death of the high street”, as shopping habits change and the retail sector struggles to keep up. [...]
Eve Sleep shares skyrocket on fresh fundraising plans November 15, 2018 Shares in mattress maker Eve Sleep have soared almost 24 per cent this morning, after the company provided an update on its business strategy under its new chief executive. Eve Sleep said it will raise approximately £15m of new equity "to fund the company's refocused strategy through to profitability", which will launch prior to the end of [...]
Macy’s raises outlook after delivering strong third quarter results November 14, 2018 Macy’s said it is “gaining momentum and delivering results”, after boosting its sales and profit guidance for the holiday period following solid results born out of the booming US economy. The department store chain says like-for-like sales rise by 3.3 per cent in the third quarter, with income more than doubling from $30m (£23.12) to $62m [...]
Government caves on fixed-odds betting terminal reform in face of parliamentary backlash November 14, 2018 The government has U-turned on delayed changes to fixed-odds betting terminals (FOBTs), bringing forward a widely called-for cap on stakes to April, after the sports minister resigned over the issue. Shares in gambling companies rallied sharply on the news with GVC up 8.1 per cent, Paddy Power Betfair up 7.5 per cent, William Hill up 2.1 [...]
Time to shine a light on how the ticketing industry really works November 14, 2018 Have you ever sat at your computer waiting for event tickets to go on sale, only to find them sold out suspiciously quickly? Or have you ever had an extra ticket that you’ve wanted to transfer to someone or re-sell, but were stopped by restrictive technology or terms and conditions? It’s a common experience for [...]
Sports Direct confirms closures of four more House of Fraser stores around the UK November 14, 2018 Four more House of Fraser branches are set to close under new owner Sports Direct as negotiations with a landlord broke down. House of Fraser said today that its Intu-owned sites in Norwich and Nottingham, as well as shopping centre stores in Lakeside in Essex and Metrocentre in Gateshead, will close in early 2019. The [...]
British Land swings to £42m loss as challenging retail market hits portfolio value November 14, 2018 British Land has swung to a £42m pre-tax loss as its retail portfolio value fell 4.5 per cent due to the “challenging” market. The FTSE 100 property company, which owns shopping centres, supermarkets, high street stores, offices and residential properties, said its retail portfolio fell £307m to £6.3bn in the first half of the year. [...]
Intu requests deadline extension for talks to take the company private November 14, 2018 Shopping centre owner Intu has requested an extension from the Panel on Takeovers and Mergers, saying it needs more time to come to an agreement on taking the firm private. The Manchester Trafford Centre-owner said the extension had been granted, and a consortium of buyers now have until 5pm on 22 November to make a formal offer, previously [...]
New Bond Street named the third-most expensive shopping street in the world November 14, 2018 West End thoroughfare New Bond Street has been named as the world’s third-most expensive shopping street today in a new global survey. Rent on New Bond Street came in at $1,744 (£1,344) per sq ft per year, behind the main street of Hong Kong’s Causeway Bay on $2,671 per sq ft and Upper 5th Avenue [...]