The Works activist investor hits back at retailer’s ‘absurd’ claims August 13, 2026 The activist investor seeking to gain a seat on the board at The Works has hit back at the discount retailer’s “absurd” claims the move would undermine its growth plans. Kelso, an activist investor, has criticised the AIM-listed retailer for urging shareholders to block its attempt to install retired private equity partner Graeme Coulthard as [...]
Mike Ashley’s Frasers snaps up Harvey Nichols August 13, 2026 Mike Ashley’s Frasers Group has bought Harvey Nichols, plucking the struggling luxury department store from the jaws of insolvency. The group, which also owns Sports Direct and Flannels, has acquired each of the chain’s stores, excluding the site in Dublin, from FTI Consulting through a pre-pack administration process. Frasers’ acquisition of Harvey Nichols marks the [...]
Labour’s ‘chaotic’ zero-hour crackdown could cost firms £3bn per year August 12, 2026 Labour’s ‘chaotic’ crackdown on zero-hour contracts could cost businesses nearly £3bn every year, though firms have warned the real cost could spiral even higher. The cost of the new rules, which include offering guaranteed-hour contracts to flexible employees and paying workers for cancelled shifts, has been revealed in a government impact assessment. The reforms could [...]
As it happened: FTSE 100 falls as Iran and US clash over Strait of Hormuz; Oil stockpiles ‘rapidly depleting’ August 12, 2026 Welcome back to City AM liveblog. Oil prices broke above $89 per barrel on Wednesday morning, notching the sixth consecutive sessions amid mixed signals around a potential deal between the US and Iran. The regime in Iran has said that the United States must end the war before they loosen their grip on the Strait of [...]
Brits think supermarkets are profiteering – despite slowing food inflation August 12, 2026 The majority of Brits think that supermarkets are profiteering from rising food prices caused by the Iran war despite the Chancellor John Healey recently admitting there was little evidence of the practice, new polling has revealed. Some 70 per cent of UK voters believe that supermarkets are making “excessive” profits from food inflation, according to [...]
John Lewis’ new boss faces a battle to boost online sales August 12, 2026 Another cloud appeared in an already gloomy sky for John Lewis on Monday, when its managing director, Peter Ruis, announced his surprise departure. Just days before, an internal interview with the group’s chair, Jason Tarry, was leaked to the press, in which he warned of a “really tough” period for the firm. Ruis’s decision to [...]
Burnham to crack down on vape and betting shops August 11, 2026 Andy Burnham is set to unveil a crackdown on vape and betting shops in a bid to boost British high streets, which the Prime Minister says have been “hollowed out” in recent decades. Burnham will on Tuesday set out plans to scrap the Blair-era “aim to permit” rule, which requires councils to accept planning applications [...]
John Lewis boss quits after warnings of ‘really tough’ trading August 10, 2026 The boss of John Lewis’ department stores has quit after less than three years in charge, days after the group’s chair warned of “really tough” trading at the retail giant. Peter Ruis has said he will step down as managing director of John Lewis at the start of September, less than three years after he [...]
Harvey Nichols will collapse without rescue deal, directors warn August 10, 2026 Harvey Nichols will collapse into administration if a rescue buyer is not found, directors of the luxury department store chain have warned. The retail empire will “cease trading” if it fails to agree a sale and no additional funding is found, the group’s directors cautioned in its latest accounts. Harvey Nichols could find a buyer [...]
As it happened: Intel, Arm shares slide; Oil climbs higher August 10, 2026 Welcome back to the City AM liveblog. Oil is starting the new week higher and making its third consecutive session for gains after optimism for a peace deal between the US and Iran stalled over the weekend and uncertainty around the Strait of Hormuz persisted. Donald Trump has said the US is “low-keying it” with Iran, [...]