Sir Philip Green plugs another pensions hole at Arcadia March 5, 2017 Sir Philip Green has finalised plans to tackle yet another pension scheme deficit, this time at his own retail giant Arcadia. Arcadia will double its payments to the company's pensions scheme from £25m a year to £50m, helping to cover a near £200m deficit. The agreement comes just days after the billionaire settled a dispute [...]
Turnaround plan looks set to pay off for Morrisons March 5, 2017 The turnaround at Morrisons supermarkets headed by CEO David Potts looks set to gather speed this week as the company reports its best annual results in six years. The chain is likely to report a 54 per cent rise in pre-tax earnings to £335m on Thursday, according to predictions by banking firm Jefferies. The firm [...]
John Lewis employee bonuses set to take a hit March 5, 2017 Employees of the John Lewis Partnership can expect their annual bonuses to shrink this year. Bonuses are unlikely to be higher than six or seven per cent of income when the company releases full-year results on Thursday, according to sources close to the situation. This is down from to a 10 per cent bonus last year. The [...]
Fat Face adjusts debt as profits come under pressure March 5, 2017 British clothes retailer Fat Face has negotiated easier debt terms after its profits slumped due to the weakened pound. In a full year report posted on Friday, the company's directors confirmed that they had completed a “covenant reset” to an external financing agreement to secure greater “headroom”. They said this was a direct result of [...]
Jack Wills to open first German store in fight against currency pressures March 5, 2017 Varsity-style clothing retailer Jack Wills will open its first mainland Europe store in Germany, as part of a strategy to increase sales in overseas currencies. The company hopes to offset the effect of the weaker sterling by developing a “natural hedge” through new openings abroad. Founder and CEO Peter Williams said: “what we are trying [...]
One in five small businesses could close or sell up after business rates hike February 27, 2017 One in five small businesses could close down or sell their business after changes to business rates shoot up in April. Many small businesses are preparing to reduce staff costs to offset the rate rises, according to a new survey from the Federation of Small Businesses (FSB). More than half of those surveyed (54 per cent) expect [...]
The TaxPayers’ Alliance wants business rates to be reformed February 27, 2017 The TaxPayers' Alliance has suggested that business rates are a “bad tax” and could be replaced altogether. The campaign group proposed several reforms to the current system including automating revaluations annually to avoid so-called “cliff edges” when business rates suddenly jump. Today's recommendations come as a result of the first revaluation of business rates since [...]
Government raises awareness of workers’ rights ahead of minimum wage increase February 27, 2017 The government is preparing for the upcoming increases to the national minimum wage and living wage by kicking off an awareness-raising campaign today. The new initiative aims to increase low-paid workers' understanding of their rights to fair pay, following a poll showing that workers earning less that £15,000 a year were confused about what their [...]
Alarm bells sound for UK business as rising costs and inflation threaten to squeeze margins February 27, 2017 Business groups have renewed calls for government to support companies in the upcoming Budget as firms face a toxic mix of rising inflation, spiralling operating costs and squeezed margins. Inflation is starting to climb and is forecast to reach nearly three per cent by the end of the year. Higher input costs are expected to feed [...]
Uber takes on TfL in High Court over English language requirements February 26, 2017 The car-booking firm Uber joins forces with three of its drivers this week to launch a High Court challenge to English language tests for minicab drivers. Under the proposals, put forward by Transport for London (TfL), private-hire drivers without UK qualifications will have to take a two-hour test to demonstrate their English language skills. Yet [...]
