Grocers see more than £1bn wiped off value after Tesco profit warning April 14, 2022 Supermarkets had a total of more than £1bn chipped off their market value on Wednesday, after a warning over inflationary pressures from Tesco. Grocers including Ocado and Sainsbury’s suffered poor performances on Wednesday, after Tesco warned that profit could be hammered by rising costs and shifts in shoppers’ behaviour. Ocado took a hit on the [...]
Dunelm warns of ‘significant headwinds’ but maintains profit guidance April 14, 2022 Dunelm’s boss warned of increasing financial pressures on shoppers but said the company’s variety of products would help it continue to grow. In an update on the London Stock Exchange, the homeware retailer said it hit £399m in total sales in its third quarter. This was up 69 per cent on the year prior, when [...]
Fortress and TDR Capital among potential future bidders for £600m holiday chain Butlins April 13, 2022 Seaside resort chain Butlins could be subject to a fierce bidding war with Sky News reporting that some big names in leisure are mulling takeover bids. According to the news organisation, suitors looking at snapping up Butlins include Fortress Investment Group, the owner of Punch Taverns. Another high-profile bid could be launched by TDR Capital, [...]
Price of average UK home skyrockets to £276.7k as cost of living crunch clouds home ownership dreams April 13, 2022 The average price tag of a home in the UK hit £276,755 in February, according to government figures. Rising house prices come as Brits have been forced to tighten household purse strings amid historic levels of inflation. The annual price change for a property in the UK was 10.9 per cent. The average price of [...]
Housebuilders agree to pay £5bn bill to fix unsafe homes April 13, 2022 Housebuilders have agreed to contribute £5bn to address unsafe homes, the government has announced. Developers will contribute at least £2bn to fix building safety defects, such as dangerous cladding, on their own buildings from the past three decades. Some £3bn will also be paid by the industry through an expansion to the Building Safety Levy, [...]
PZ Cussons boss: ‘Most challenging external environment many of us have seen’ April 13, 2022 Imperial Leather owner PZ Cussons has seen revenue growth boosted in the third quarter, despite Brits buying less hand sanitiser now. In a trading update on Wednesday morning, the personal healthcare giant said its third quarter like-for-like revenue growth was 8.5 per cent. The FTSE 250 firm, which owns brands including Carex and St Tropez, [...]
Ted Baker: US private equity firm Sycamore will join formal sales process for fashion chain April 13, 2022 Ted Baker has given confirmation that New York-based suitor Sycamore will take part in a formal sales process. The retailer had previously rejected a number of bids from the US private equity firm, claiming their proposals had significantly undervalued the high street fashion chain. The announcement does not mean that Sycamore will certainly throw its [...]
Tesco profit surges but bosses warn of sky-high inflation side effects April 13, 2022 Tesco has rebounded from the pandemic with a 65 per cent boost in operating profit, climbing to £2.56bn for the full-year.
Inflation reaches 7 per cent as Brits fear cost of living crisis April 13, 2022 The Consumer Prices Index (CPI) rose seven per cent in the year to March, with Brits braced for sky-high price hikes across essential bills this spring. According to figures published by the Office for National Statistics (ONS) today, the largest contributions to the increase came from motor fuels, with no large offsetting downward contributions. The [...]
Punch Taverns founder: Hospitality will be ‘almost completely uninvestable’ should Covid restrictions return April 12, 2022 Pizza Express guru Hugh Osmond has said the hospitality industry will be “almost completely uninvestable” if it is put in a position where the government can completely shut it down in future virus outbreaks. The Punch Taverns founder is part of a coalition, with Night Time Industry Association boss Michael Kill and Greater Manchester night [...]
