Huel: No rush for IPO as meal replacement drinks biz passes £100m revenue March 30, 2022 The CEO of start-up Huel has said its £1.50 meal replacement drinks offer struggling households affordable nutrition as inflation skyrockets. “We feel we can support [people in the cost of living crunch,] given our products start at £1.50 a meal,” CEO James McMaster told CityA.M. Households are facing sharp grocery bill increases this spring, as [...]
John Menzies gives green light for takeover by Kuwait suitor March 30, 2022 Aviation services firm John Menzies has accepted a cash offer from Kuwait suitor Agility after previous offers were rejected. Under terms of the acquisition, each Menzies shareholder will be entitled to receive 608 pence in cash per Menzies share. Shares in the company were boosted more than three per cent on Wednesday morning. Agility will [...]
Shepherd Neame anticipates hit to margins amid soaring inflation as brewer returns to profit March 30, 2022 Brewer and pub operator Shepherd Neame has said it anticipates a hit to margins from inflationary pressures in the coming months. “Our business is in good shape and has traded well following the lifting of all restrictions. However, the current economic uncertainties are putting inflationary pressure on the sector which will impact margins,” Jonathan Neame, [...]
Shop price inflation hits highest rate in more than decade amid cost of living crunch March 30, 2022 Shop price annual inflation has hit the highest rate since September 2011 as Brits face a cost of living crunch. According to data from the British Retail Consortium (BRC) and NielsenIQ, the metric hit 2.1 per cent in March. This was an increase from 1.8 per cent in February. Shoppers have flocked to discount retailers [...]
Decathlon suspends activities in Russia after boycott calls March 29, 2022 Decathlon’s French tycoon owners have suspended activities in Russia after criticism following the invasion of Ukraine. The Mulliez family, who own Decathlon alongside DIY retailer Leroy Merlin and food firm Auchan, has faced boycott calls this week. “In strict compliance with international sanctions, Decathlon notes that the supply conditions are no longer met to continue [...]
Average mortgage hits £235k as cost of living crunch threatens home ownership plans for many March 29, 2022 The total value of mortgages lent rocketed last month as buyers face more affordability roadblocks to home ownership. Some 70,933 mortgages were given the green light in February, compared to 73,841 in January, according to the Bank of England’s monthly money and credit figures. However, the total value lent rose (from £16.6bn to £16.7bn), meaning [...]
Government readies to name and shame rogue landlords on social media March 29, 2022 The government is preparing to name and shame landlords on social media for breaching housing regulations. Under draft legislation published on Tuesday, social housing landlords who do not offer adequate homes will be made examples of on the gov.uk website and its social media channels. Dodgy landlords will be identified if they fail to meet [...]
Handbag maker Mulberry anticipates higher than expected revenue and profit March 29, 2022 Luxury fashion brand Mulberry has said its group revenue for the year will exceed current expectations thanks to healthy sales. In a trading update for its financial year ending 2 April, the retailer said a “robust sales trend” marked in the first half of its 2022 financial year has continued. Group revenue and profit for [...]
Shoppers turn to Aldi and Lidl as grocery price inflation exceeds 5 per cent March 29, 2022 Grocery price inflation has reached 5.2 per cent over the latest four weeks, as households brace for a cost of living crunch this spring. The rate of price hikes has hit the highest level since April 2012, according to Kantar’s index published on Tuesday morning. Shoppers are turning to discount retailers and own brand products [...]
Irn Bru maker A.G. Barr profit races past pre-Covid levels with soft drinks boom March 29, 2022 Irn Bru maker A.G. Barr has reported profit surging well ahead of pre-Covid levels, with all brands now in growth. The drinks maker said profit before tax was £41.5m for the year to 30 January 2022, up on £37.4m for the two year comparative. Roger White, chief executive, said: “We have accelerated our revenue growth [...]
