Morrisons strikes £331 million property deal amid significant debts September 26, 2024 Supermarket group Morrisons has agreed a £331 million property deal as part of efforts to slash its significant debt pile. The private equity-owned retailer said on Thursday that it expects to complete the “ground rent financing” deal around October 2. It said Morrisons will sell 76 properties to an undisclosed business, before these are then [...]
Aybl: Record profit for Castore rival backed by Gymshark co-founder September 26, 2024 Profit at athleisure brand Aybl surged to record levels during its latest financial year after its sales jumped by almost £10m. The Redditch-headquartered company has reported a pre-tax profit of £6.1m for the year to 31 March, 2024, according to newly-filed documents with Companies House. The new total comes after Aybl posted a profit of [...]
‘Turbulent few months’ ahead for retailers as low consumer confidence lingers September 26, 2024 One of the UK’s largest retail bodies has warned that retailers could suffer in the next few months during the run-up to Christmas, due to a lack of consumer confidence in the economy. Confidence slumped in September, with an increasing number of Brits saying they expected the UK economy to get worse over the next [...]
Banned Nike and Sky ads are a ‘warning to retailers’ from the ASA September 25, 2024 The UK’s advertising watchdog has banned ads from Nike and Sky on the grounds that they’re misleading in another sign that the agency has its eyes firmly peeled on the way retailers approach customers online. The ads, the Advertising Standards Agency (ASA) suggested, were designed to lure consumers in and unintentionally spend money. Commercial lawyer [...]
Beaverbrooks: Profit slashed despite record sales for diamond, jewellery and watch seller September 25, 2024 Profit at diamond, jewellery and watch retailer Beaverbrooks has been slashed despite it reporting another year of record sales. The family-owned retailer has posted an operating profit of £10.5m for the year to the end of February 2024, down from the £25.7m it achieved in the prior 12 months. Beaverbrooks said its profit had reduced because [...]
Berghaus: Loss widens after lower sales through JD Sports September 25, 2024 A fall in sales through JD Sports saw outdoor clothes brand Berghaus make a pre-tax loss for the sixth year in a row, it has been revealed. The Sunderland-headquartered business, which is owned by the Pentland Group, has reported a pre-tax loss of £9.1m for 2023, after also making a loss of £3m in 2022, [...]
Bulgari: ‘Stagnant UK economy and the lack of tourists’ force luxury brand into the red September 25, 2024 An uptick in the sale of high-end jewellery and watches failed to stop the UK arm of Bulgari falling into the red during its latest financial year. The London-headquartered division, which is part of the LVMH Group, said that while its overall turnover declined in 2023, it still expects the sale of jewellery and watches [...]
DFS Furniture slumps to a loss in ‘extremely challenging’ environment September 25, 2024 Revenue from continuing operations fell by 9.3 per cent to £987.1m in the year to June.
Dulux: Paint giant to slash 2,000 jobs September 24, 2024 Thousands of jobs are set to be lost after the paint giant behind Dulux revealed plans to scale back its headcount in a bid to cut costs. In a statement issued on Tuesday, AkzoNobel confirmed it plans to complete a raft of redundancies by the end of 2025 to make its operations more efficient. The [...]
Deliveroo partners with Not On The High Street in boost for small retailers September 24, 2024 Deliveroo has partnered with e-commerce distributor Not On The High Street to provide personalised gifts on demand in the latest expansion of the on-demand service’s shopping offering. The partnership, which Deliveroo has said could see gifts on customers’ doorsteps in as little as 25 minutes, will allow users to order from 15 independent small brands [...]