Plumbing giant Ferguson posts rising sales after ‘navigating supply chain pressures’ March 15, 2022 Plumbing and heating products distributor Ferguson has posted soaring sales with price inflation driven by finished goods. Adjusted net sales rose 31.8 per cent, results for the three months ended 31 January 2022 revealed on Tuesday. Adjusted EBITDA also shot up 65.7 per cent in the period, with the firm anticipating “solid revenue growth” in [...]
Sofa chain DFS takes hit to profit after Covid hammers supply chain March 15, 2022 Profit at DFS has dipped as the sofa maker pointed to Covid-related supply chain challenges. Profit before tax stood at £21.6m, in comparison to £72.1m the prior year, a 70 per cent loss. However, profit was up 35.8 per cent compared to the furniture maker’s pre-pandemic comparator of £15.9m. The pandemic had squeezed DFS’ supply [...]
BrewDog hired private investigators as brewer says ‘false allegations’ made about boss James Watt March 14, 2022 Brewdog CEO James Watt hired private investigators to secure information on individuals he claimed were contributing to a “criminal campaign” of smears. The Guardian reported that investigators were hired to approach people to obtain evidence about other individuals. BrewDog said Watt had been “subjected to a two-year criminal campaign of online harassment, defamation, fraud, blackmail [...]
Bounce and Flight Club owner raises $35m to expand experiential bar estate in US and UK March 14, 2022 The company behind Bounce and Flight Club has announced a growth capital raise of more than $35m to support its expanding portfolio. State of Play Hospitality said the raise was funded by both existing and new investment partners, including US-based Bregal Partners. The company, which specialises in experiential bar concepts, said the fund will be [...]
Housebuilder shares boosted by fresh cladding estimate March 14, 2022 Housebuilders saw their share prices lifted on Monday after optimism that the bill foisted on developers for cladding remediations would be much lower than initially forecast. It had been thought that property firms would have to pay £4bn to rectify unsafe cladding on 11-18metre tower blocks. However, the potential bill was estimated to be closer [...]
First Gap shop opens in Next’s Oxford St shop in retailer’s return to UK high street March 14, 2022 The first Gap-branded shop within a Next store has opened on Oxford St, after the two firms entered a joint venture franchise. The fashion retailers have joined forces with Next managing Gap’s e-commerce business plus Gap-branded “shop-in-shops” at Next stores. The opening marks Gap’s physical return to the UK high street after the US retailer [...]
Office for National Statistics throws men’s suits out of inflation calculation basket and adds meat-free sausages March 14, 2022 The Office for National Statistics (ONS) has added meat-free sausages, sports bras and anti-bac wipes to the basket of goods its statisticians use to calculate price hikes. In its annual shake up of the basket, the ONS added 19 items to its Consumer Prices Index and threw out 15 items. Products to be added include [...]
Chicken boss warns food prices could rise 15 per cent this year amid war in Ukraine March 14, 2022 A food industry leader has warned prices could rise up to 15 per cent this year as a result of Russia’s invasion of Ukraine. 2 Sisters CEO Ronald Kers told the BBC’s Today programme it had already been forced to pay 50 per cent more for the chicken it receives from farms. Russia and Ukraine [...]
The Office Group and Fora to merge in deal that would see 3.1m sq ft of office space March 14, 2022 The Office Group and Fora have announced plans for a merger, in a bid to become the “premier flexible workspace company in the UK and Europe.” The deal is subject to regulatory approval but the combined group would comprise 72 premier locations totalling 3.1 million sq. ft. A combined portfolio would cover London and Cambridge, [...]
FTSE Russell to delete Russian firms from indexes including Evraz March 14, 2022 London Stock Exchange subsidiary FTSE Russell has said it intends to delete several Russian firms from its indexes. Companies to be deleted include Evraz, the FTSE 100 steel giant, of which former Chelsea owner and billionaire oligarch Roman Abramovich owns a 29 per cent stake. Other firms include Polymetal, the FTSE 100 precious metals mining [...]
