Footfall still 54 per cent down on 2019 levels after shops reopen for business June 22, 2020 The first week of trading since the coronavirus lockdown for many retailers saw footfall rise dramatically – but it remained 54 per cent down on the same week in 2019. Footfall to all retail destinations across the UK increased by 45 per cent compared to the previous week, as so-called non-essential shops were allowed to reopen [...]
Startup Checkout.com triples valuation to $5.5bn in Series B funding round June 22, 2020 London fintech startup Checkout.com has tripled its valuation to $5.5bn following a $150m Series B funding round. The online international payments business, which powers the likes of Grab, Revolut, and Klarna, said the steep increase in value reflected a growing demand for its cross-border online payment product. Checkout.com’s online transaction numbers had already increased by [...]
Britain still top dog in Europe for financial services investment June 22, 2020 Britain remains by far and away the most attractive country in Europe for financial services investment, despite foreign direct investment (FDI) projects falling by more than 10 per cent in 2019. According to EY research, the UK recorded more than double the number of projects of any other European country, with 99 recorded last year. [...]
‘Bleak outlook’ for pubs and restaurants’ pandemic recovery as trade body urges relaxation of two-metre rule June 22, 2020 Pubs and restaurants across the UK will only be trading at just over half of last year’s levels by the end of 2020, according to predictions from a survey of hospitality businesses. The research, undertaken by trade body UK Hospitality, painted a gloomy picture for the industry’s prospects of a recovery, with levels of trade [...]
JD Sports-owned Go Outdoors on brink of administration, with 2,400 jobs on the line June 21, 2020 Go Outdoors is said to be teetering on the brink of collapse, after the JD Sports-owned retailer was reported to be calling in administrators. JD Sports has lined up Deloitte as administrator to the company, which employs about 2,400 people across 67 stores, according to reports. Go Outdoors, which sells bikes, tents and waterproof clothes, [...]
Saudi Arabian sovereign wealth fund ‘builds stake in BT’ June 21, 2020 Saudia Arabia is thought to be buying up a stake in BT, as the kingdom looks to take positions in blue chip companies at a knock-down price during the pandemic. The $325bn (£263bn) Saudi sovereign wealth fund, has reportedly been building a stake in BT on the open markets in recent weeks, with the company [...]
JD Sports appeals CMA block on £90m Footasylum buyout June 19, 2020 JD Sports is to appeal a decision by the competition regulator to block its £90m buyout of Footasylum. The Competition and Markets Authority (CMA) decided to put a halt to the deal last month, ruling that it would lead to a “substantially” lessening of competition nationally. However, JD Sports said the probe had relied on [...]
Government extends anti-eviction measures for businesses June 19, 2020 Commercial landlords will be unable to evict struggling companies until the end of September, after the government extended anti-eviction measures. The move comes as part of the government’s support package for companies hit by the coronavirus pandemic. The suspension of the forfeiture of evictions will come as a relief in particular to pubs, cafes and [...]
Wood Group profits to fall by a fifth amid ‘unparalleled challenges’ for market June 19, 2020 Wood Group has predicted that first half profits will tumble by nearly one-fifth, amid the “unique and unparalleled challenges” presented by the coronavirus pandemic. The engineering giant said that the slump in oil prices led to delays in order intake. It added that first half revenues would be down about 11 per cent on the [...]
Now hiring: DPD bets big on online delivery market with 6,000 new workers and £200m spending spree June 18, 2020 Delivery giant DPD is hiring 6,000 new workers in order to keep up with demand from “the biggest boom in online retailing in the UK’s history” as a result of the coronavirus lockdown. The firm said it would also put £200m extra cash into its network, as part of an “unprecedented investment in our infrastructure [...]
