Travis Perkins revenue down two thirds due to coronavirus April 28, 2020 Building materials supplier Travis Perkins suffered a sharp drop in revenue in April after it closed its branches in response to the UK’s coronavirus lockdown. Total revenue in the first three weeks of the month was about one third of the same period last year due to the coronavirus pandemic. The company shut all of [...]
Coronavirus pandemic ‘worse than financial crisis’ for UK retail sector April 28, 2020 The impact of the coronavirus pandemic on the high street has been worse than the aftermath of the financial crisis, experts said as UK retail health plunged to record lows. The retail health index by KPMG and Ipsos fell three points to 71 in the first quarter of the year – a new record low. [...]
Guinness owner Diageo to raise $2.5bn through bond offering April 28, 2020 Guinness owner Diageo plans to raise $2.5bn through a bond offering, weeks after it was forced to scrap its share buyback scheme due to the coronavirus pandemic. The drinks giant, which also owns Smirnoff vodka and Johnnie Walker whisky, said the bond offering consisted of $750m 1.375 per cent fixed rate notes due 2025, $1bn [...]
Marks & Spencer scraps 2021 dividend and warns of prolonged coronavirus disruption April 28, 2020 Marks & Spencer (M&S) has cancelled next year’s dividend in order to save £210m as the retailer warned of prolonged disruption to trading. The high street giant said it was preparing a “never the same again” programme to make permanent changes to ways of working, which will be unveiled when the company publishes its full-year [...]
Shoppers spend extra £524m at UK supermarkets in April April 28, 2020 Shoppers spent an extra £524m at UK supermarkets during the coronavirus lockdown compared to April last year. Grocery sales soared 9.1 per cent in the 12 weeks to 19 April, which were £524m higher in the past four weeks than they were in April 2019. Households made a record low 14 trips to UK supermarkets [...]
UK events industry calls for access to government support amid business collapse fears April 27, 2020 The UK events industry has urged the government to provide clarification on the financial support available for the sector, amid concerns that thousands of businesses could collapse over the next three months. Chancellor Rishi Sunak confirmed in the House of Commons last month that event hire firms are eligible for the business rates holiday and [...]
John Lewis could permanently close some stores when coronavirus lockdown ends April 27, 2020 John Lewis is reportedly considering permanently closing some department stores after the UK’s coronavirus lockdown restrictions are lifted. All John Lewis department stores closed last month after the government ordered all non-essential retailers to shut during the coronavirus lockdown. However, some of the less viable John Lewis stores could remain shut after the lockdown restrictions [...]
Coronavirus: Greggs to start reopening branches for takeaway and delivery April 27, 2020 High street bakery chain Greggs is preparing to reopen to provide a takeaway service during the coronavirus lockdown. All of the cafe chain’s stores are currently closed due to the UK’s coronavirus lockdown. However, the government restrictions allow cafes and restaurants to remain open for takeaway and delivery services. The company said it will trial [...]
Holiday Inn owner IHG secures £600m coronavirus loan April 27, 2020 Holiday Inn owner Intercontinental Hotels (IHG) has secured a £600m loan under the government’s coronavirus financial support scheme, the company announced this morning. IHG’s share price jumped 4.85 per cent this morning after the hotel operator said it now had $2bn in liquidity, after it also amended its credit facility to include a waiver of [...]
Coronavirus: Adidas forecasts 40 per cent drop in sales in second quarter April 27, 2020 Sportswear giant Adidas expects sales to plummet 40 per cent in the second quarter due to the impact of coronavirus lockdowns around the world. The German brand reported a 19 per cent decline in sales in the first quarter, but this morning said it forecast lower sales over the second quarter of the year. Coronavirus [...]