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 [...]
Pets at Home share price jumps after posting Christmas sales bounce January 22, 2019 Pets at Home’s share price has jumped more than 11 per cent this afternoon after the firm looked to reassure investors that its restructuring was on track, although it warned of potential stockpiling ahead of Britain’s departure from the EU. The figures In a trading update for the 12 week period from 12 October [...]
Coffee to go: Starbucks set to trial London deliveries after US roll-out January 22, 2019 Starbucks will begin trialling a coffee-to-your-door service in London at the end of the month as it looks to tap into the $95bn (£73.7bn) global market for online food delivery. The company has teamed up with food delivery app Uber Eats in a bid to corner the market in the capital by offering delivery from a [...]
Dixons Carphone enjoys gaming boost but signals more trouble in mobile market January 22, 2019 Dixons Carphone retained its full-year profit guidance this morning as a surge in gaming and super-size TV sales over the crucial Christmas trading period helped counter a persistent slump in demand for postpaid mobile phones. Buoyed by foreign demand from markets such as Sweden, Denmark and Greece, the FTSE 250 kept its profit guidance of roughly [...]
The power of free markets can liberate Britain’s high streets January 22, 2019 Change is sweeping across retail, affecting the way we all shop, spend, and interact in our town centres. Most analysts agree that there is currently too much retail space, often in the wrong locations, and that, while our high streets of the future will remain commercial centres, they will look radically different to what we [...]
House of Fraser suffers 60 per cent sales drop in run-up to Christmas January 21, 2019 House of Fraser has reportedly suffered a dive in sales over the crucial Christmas trading season, in a fresh sign of the woes facing the beleaguered department store chain. Year-on-year sales plunged 60 per cent in the 12 weeks to 18 December, according to Kantar Worldpanel figures reported in The Sunday Telegraph. It is the [...]
Retailer Casino to sell 26 stores to Fortress in €501m deal to ease debt woes January 21, 2019 French supermarket giant Groupe Casino is to offload 26 stores in a deal worth more than half a billion euros, as it looks to reduce the size of its debt burden. US-based Fortress Investment Group has agreed to buy a mix of hypermarkets and traditional supermarkets for €501m (£443m), Casino said this morning. The latest [...]
Mountain Warehouse on track for bumper year of profits as Christmas and Black Friday sales climb January 21, 2019 Outdoor clothing retailer Mountain Warehouse said this morning that it was on course for record full-year profits after reporting a bumper Black Friday and Christmas trading performance. The firm defied the swathe of poor trading results among its retail peers today after saying that sales jumped nearly 12 per cent to £84.7m in the 13 weeks to [...]