Patisserie Valerie chief executive Paul May resigns as food industry veteran hired to turn embattled cake shop around November 15, 2018 The chief executive of troubled cafe chain Patisserie Valerie has resigned. Paul May has stood down with immediate effect and will be replaced by turnaround specialist Stephen Francis, the former chief executive of pork producer Tulip. Patisserie Valerie chairman Luke Johnson said: "I am delighted to welcome Steve Francis as new chief executive at Patisserie Holdings. "He has [...]
Debenhams shares continue to plunge on supplier woes in the run-up to Christmas November 15, 2018 Shares in embattled department store chain Debenhams have continued to plunge this morning on reports of supplier troubles in the run-up to Christmas. A number of high street suppliers have stopped working with the Debenhams after credit insurers reduced protection for suppliers, trade magazine Drapers reported. Its share price has dropped close to nine per cent this [...]
Retail sales slow in October as consumers hold off buying winter clothes November 15, 2018 Retail sales fell 0.5 per cent last month to six-month low, missing expectations from economists that they would rise by 0.2 per cent. The latest data from the Office for National Statistics (ONS) shows that in the three months to October 2018, retail sales increased by 0.4 per cent compared with the previous three months. This represents a [...]
Meatballs from home? Ikea launches takeaway delivery with Uber Eats November 15, 2018 The popularity of hygge, the Danish concept of cosiness, may be waning, but now Brits are being asked to embrace the even more impossible-to-pronounce fredagsmys, another Scandinavian import. As temperatures drop, Ikea and Uber Eats have teamed up to bring the Swedish furniture chain’s iconic meatballs into people’s homes. They hope Swedish fredagsmys – the [...]
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 [...]