Accounting watchdog probes Grant Thornton audit of Patisserie Valerie accounts November 21, 2018 The Financial Reporting Council opened a probe into Grant Thornton’s audit of troubled bakery Patisserie Valerie’s accounts today, looking at financial statements between 2015 and 2017. The FRC also said it is investigating former chief financial officer Chris Marsh’s role in preparing and approving parent company Patisserie Holdings’ financial statements. Marsh was suspended by the [...]
DEBATE: As discounts get out-of-control, is there a case for retailers to ignore Black Friday altogether? November 21, 2018 As discounts get out-of-control, is there a case for retailers to ignore Black Friday altogether? Michelle Ovens, director of Small Business Saturday, says YES. Black Friday started off as a day when consumers could enjoy making great purchases, but now it has just become a day for deep discounting – and that is incredibly damaging to small [...]
Restaurant Group shareholders voice anger over £600m Wagamama price tag November 20, 2018 Nervous investors have raised concerns over the price of the Restaurant Group’s (TRG) proposed £600m acquisition of Wagamama as a major shareholder announced its intention to vote against the deal. Columbia Threadneedle, which owns 7.7 per cent of TRG, will oppose the proposal at a shareholder vote next week, it announced today. Frankie and Benny’s owner [...]
Toys R Us owners KKR and Bain Capital to pay $20m to laid-off employees November 20, 2018 Two former owners of Toys R Us have agreed to pay $20m (£15.6m) to employees who lost their jobs following its collapse. KKR and Bain Capital have set up a severance fund in the US after the $6.9bn toy store chain filed for bankruptcy last year and confirmed it would close all 800 US stores [...]
Weekly sales slump at John Lewis ahead of crucial Christmas period November 20, 2018 John Lewis Partnership has suffered its second consecutive week of tumbling sales, in a downturn that the retailer will be hoping to reverse as it enters Black Friday and the Christmas shopping season. Britain’s largest department store chain said today that total sales in the week to 17 November had plunged 6.8 per cent year-on-year, [...]
John Lewis, Sainsbury’s, or M&S? Whose Christmas ad was best this year November 20, 2018 So this is Christmas. And what have you done? Another year over, and the festive ads just begun. Yes, ’tis the season for brands to splash the cash on fancy holiday-themed adverts in hope of attracting that sweet Christmas shopping revenue. Retailer John Lewis has been the reigning champion of the season for the past [...]
Twitter picks a man named John Lewis as the star of its new Christmas advert November 20, 2018 Every year, a man named John Lewis in Virginia receives over 50,000 tweets intended for UK department store John Lewis and Partners. This year, he's been made the star of Twitter's Christmas advert. Lewis secured the Twitter username @JohnLewis in 2007, and has become known for his witty responses to people who confuse him for [...]
Shares jump as caterer Compass points north despite pressures from UK business November 20, 2018 Shares in Compass Group have jumped up this morning after the company showed good revenue and profits for the full year. The figures The caterer’s underlying revenues rose 5.5 per cent to £23.24bn in the 12 months to October, it said. Meanwhile a 2.3 per cent rise profit before tax jumped to 7.3 per cent [...]
Big Yellow storage targets ‘aggressive’ expansion with new London stores announced November 20, 2018 Self storage company Big Yellow reported an increase in revenue today following investment in new capacity as the group targets “aggressive” expansion. Revenue for the six months to the end of September was £62.2m, a boost of seven per cent, while adjusted profit before tax rose nine per cent to £33.3m. However, statutory profit before tax [...]
British home electricals retailer AO shares slide as it gears up for Brexit November 20, 2018 UK online electronics retailer AO World has scraped back some of its losses in the first six months of this year, targeting European profitability despite market challenges. The company's share price tumbled almost 15 per cent in early trading this morning. The figures Overall revenue across the UK and Europe rose almost 10 per cent [...]