Sales growth slows at Greggs as it warns of increased Brexit costs October 1, 2019 Sales growth at bakery chain Greggs slowed in the third quarter as it warned of tough comparatives and increased input costs because of Brexit. Greggs today posted a sales increase of 12.4 per cent for the 13 weeks to 28 September. Read more: Greggs upgrades outlook as sales rise on vegan sausage roll success Like-for-like [...]
Sainsbury’s heir to the throne quits to join media powerhouse WPP October 1, 2019 Sainsbury’s has confirmed the CEO of Argos is quitting the retail space to join advertising giant WPP as its new chief financial officer, sparking speculation that boss Mike Coupe is in for the long haul. John Rogers, widely tipped as Coupe’s long-term successor, will leave the retailer on 31 October after almost 15 years at [...]
FRC watchdog probes EY audit of Thomas Cook accounts October 1, 2019 The UK’s financial watchdog has launched an investigation into EY’s audit of Thomas Cook’s last set of financial results. The Financial Reporting Council (FRC) has started its probe into EY’s audit of the collapsed tour operator’s financial year ending 30 September 2018. Read more: DEBATE: Is Thomas Cook’s boss right to defend his high pay? [...]
Historic Belfast shipyard Harland and Wolff rescued by Infrastrata in £6m deal October 1, 2019 The Belfast shipyard that built the Titanic has been rescued in a £6m deal by UK listed infrastructure company Infrastrata. Infrastrata has agreed to buy Harland and Wolff Heavy Industries and Harland and Wolff Group for a total consideration of £6m. The company said that the 79 employees who did not opt for voluntary redundancy [...]
Credit Suisse operating chief resigns after botched spying investigation October 1, 2019 A top executive at Credit Suisse has resigned today following a botched spying scandal that has rocked the world of Swiss banking. Chief operating officer Pierre-Olivier Bouee has stepped down after an internal probe found that he alone initiated surveillance of the bank’s former head of wealth management. Read more: Activists circling Metro Bank Tidjane [...]
Boris Johnson denies plan for post-Brexit ‘customs clearance sites’ in Ireland October 1, 2019 Boris Johnson has denied reports his government has proposed “customs clearance sites” as a way of getting around the Irish backstop to clinch a Brexit deal. Speaking to the BBC this morning, the Prime Minister rubbished reports which surfaced overnight as “a needless distortion.” Read more: City minister warns against turning away from EU rules [...]
Competition watchdog ploughs ahead with investigation into JD Sports’ Footasylum takeover October 1, 2019 Britain’s competition watchdog has decided to plough ahead with an investigation into JD Sports’ £90m takeover of Footasylum. The Competition and Markets Authority (CMA) has referred the deal to an in-depth probe amid concerns that it could potentially result in higher prices and less competition. Read more: CMA warns that JD Sports deal with Footasylum [...]
UK house prices: Brexit drags back September growth October 1, 2019 Annual he owth in UK house prices fell back to 0.2 per cent in September, according to Nationwide data released today. The drop in growth came as September’s house valuations slipped 0.2 per cent against August’s. That left the average UK house price at £215,352 last month, a drop from £216,096 in August. Annual growth [...]
The Beano’s message for brands: Think more ‘kid’ October 1, 2019 Once the epicentre of hacks, liquid lunches, and anonymous sources, Fleet Street now finds itself home to international Emmy-nominated content makers, creatives, and digital gurus. In fact, Beano’s London HQ has been based in Fleet Street since 2016. As well as taking the famous (and infamous) Dennis and Gnasher global in our new animation – [...]
How business rates reform can thwart the retail apocalypse October 1, 2019 When businesses like Thomas Cook fail to adapt, they are smited by new technologies with leaner business models and more efficient practices. This is Joseph Schumpeter’s creative destruction in action. Yet there is something profoundly bleak about boarded-up shops or “clearance sales” posters in the windows of once thriving businesses – particularly as the demise of [...]