Black Friday shoppers prepare to spend £2.4bn – here’s what they’re buying November 22, 2018 UK shoppers are set to spend a record £2.44bn on Black Friday tomorrow, with £2.95m being spent every minute as people prepare to do their Christmas shopping early. High streets will attract the majority of the spend despite a tough year of declining sales, as retailers expect to net £1.41bn from brick-and-mortar stores. Digital isn’t [...]
Second major shareholder plans to vote down the Restaurant Group’s Wagamama deal November 22, 2018 A second major investor will oppose the Restaurant Group’s (TRG) £600m acquisition of Wagamama on the grounds of price. The investor – which declined to be named – told City A.M. that the multi-million pound price tag is too expensive. It comes after top 10 shareholder Columbia Threadneedle, which owns 7.7 per cent of TRG, [...]
Vivienne Westwood sales up as luxury brands resist retail troubles November 22, 2018 Luxury fashion label Vivienne Westwood saw a rise in sales last year as high-end designers defy tough conditions for UK retailers. The designer brand’s turnover was £40.8m in 2017, up from £37.5m the year before, though profit remained flat at £1.9m. The company said 2017 was a “challenging year”, with retail conditions putting pressure on [...]
Model train maker Hornby narrows losses as it plans to get back on track November 22, 2018 Model railway maker Hornby today said it will end discounting as it reported a reduction in losses in the six months to the end of September, sending shares up more than five per cent. The figures Hornby’s revenue was down to £13.8m from £17m in the same period last year. Group loss before tax was £3.2m, [...]
Amazon launches Black Friday pop-up in Shoreditch after data leak hits UK customers November 22, 2018 Amazon has today opened a pop-up on London's Shoreditch High Street, just in time for Black Friday weekend. The Home of Black Friday pop-up store has returned to the capital after its debut last year, and is now located near Amazon's headquarters from Thursday 22 November until Sunday 25. The shop will feature hundreds of [...]
Financial Conduct Authority introduces price cap as it cracks down on rent-to-own sector November 22, 2018 Rent-to-own companies will be hit with a price cap as the City watchdog cracks down on the sector. The schemes, which allow customers to purchase household items such as fridges and washing machines on credit, will be subject to a cap limiting the cost of the product and the charge for credit, the Financial Conduct [...]
EU hospitality workers rank UK most desirable place to work November 22, 2018 Hospitality workers from across the EU have ranked the UK as the most desirable place to work, despite concerns about a shrinking workforce after Brexit. Sixteen per cent of workers in the hospitality sector named the UK as their top location, according to a survey of 21,000 employees carried out by Caterer.com. In addition, almost [...]
Glass half empty for retailer Majestic Wine as losses drive shares down November 22, 2018 Majestic Wine’s share price took a 14 per cent hit this morning after it posted half-year losses and predicted its full-year results to be “flat at best” against the year before. The figures The retailer posted a £200,000 loss for the six months to 1 October, down on a £3.1m profit for the same period last year. [...]
Intu granted second deadline extension for Whittaker consortium takeover offer November 22, 2018 Shopping centre giant Intu has again extended the deadline for finalising a takeover offer, the company said today. Intu, which owns the Trafford Centre in Manchester, said a consortium of buyers now has until 5pm on 30 November to announce its firm intention to make an offer on the company. The consortium is made up [...]
Mothercare shares fall as it puts the media in the firing line after losses widen in insolvency battle November 22, 2018 Losses have mounted at embattled childcare retailer Mothercare, which blamed it on critical press coverage of its financial woes as the company undergoes a restructuring process. Group managing director David Wood, who acted as interim chief executive earlier this year, stepped down from his position yesterday. Its share price fell more than 10 per cent as markets [...]