British Land withdraws Monsoon Accessorize legal challenge September 26, 2019 British Land has reportedly withdrawn its legal challenge to Monsoon Accessorize’s restructuring plan, giving the fashion retailer the green light to implement the rescue proposals. The landlord has agreed to abandon a case that could derail the chain’s company voluntary arrangement, Sky News reported. Read more: British Land files legal challenge against Monsoon Accessorize CVA [...]
Debenhams finance chief exits after just 12 months to join Ted Baker September 26, 2019 Debenhams finance chief Rachel Osborne has stepped down in order to join struggling fashion brand Ted Baker. Osborne was appointed chief finance officer at the embattled department store in September last year, and has quit after one year to take on the same role at Ted Baker. Read more: Debenhams wins high court battle to [...]
Shares in Upper Crust owner SSP slump on economic uncertainty warning September 26, 2019 Shares in travel retail operator SSP Group, which owns Upper Crust and Ritazza, slipped five per cent this morning as it warned on the impact of airline capacity cuts and ongoing economic uncertainty. The firm said it expects group revenue to rise despite facing challenges including the grounding of Boeing Max 737 planes and protests [...]
Softbank in talks to invest extra $1bn in Wework September 26, 2019 Softbank is planning to invest an extra $1bn in flexible office space provider Wework, changing a warrant agreement made before the firm delayed its initial public offering (IPO) plans. The Japanese investor originally agreed to pump $1.5bn into the co-working startup, allowing Wework to access the funds next April in return for Class A common [...]
Sofa retailer DFS warns fewer house sales will impact trading September 26, 2019 Furniture retailer DFS this morning warned that weakening consumer confidence and a slump in housing transactions has impacted sofa sales. The figures The company has changed its accounting reference date to 30 June, meaning this morning’s results cover a shortened 48 week period. Read more: DFS warns investors of volatile political threat to sales Profit [...]
Shepherd Neame turnover drops after contract losses September 25, 2019 Turnover at Shepherd Neame fell nearly seven per cent after the pub operator lost contracts with Asahi and Lidl. The brewer, which owns and operates 322 pubs in Kent and the south east, reported that turnover was down 6.9 per cent to £145.8m in the year ended 29 June, compared to £156.6m in 2018. Read [...]
Oasis and Warehouse profit rises as retailer mulls cuts September 25, 2019 Oasis and Warehouse Group reported a return to profit in its latest full-year results as the retailer prepares to cut jobs and contracted hours across its store portfolio. The high street chain said this morning that profit before tax was £1.6m, compared to a loss of £10.1m the previous year. Total sales were up 6.5 [...]
West End landlord Shaftesbury ‘unaffected’ by retail restructurings September 25, 2019 West End landlord Shaftesbury said it has been “largely unaffected” by a recent string of retail and restaurant closures and restructurings. In a trading update this morning the real estate investment trust said it had “limited exposure” to occupier insolvencies. Read more: West End landlord Shaftesbury sued by tycoon shareholder Samuel Tak Lee Tenant insolvencies [...]
Retail sales decline slows in September September 25, 2019 Retail sales fell for the fifth consecutive month in September, however they declined at a slower pace than in August. Sales fell 16 per cent this month, compared to a drop of 49 per cent in August. Retailers said they expect sales volumes to fall by five per cent next month. Orders placed on suppliers [...]
Mortgage approvals grow despite Brexit uncertainty September 25, 2019 The number of mortgages approved by banks grew last month despite the ongoing uncertainty surrounding Brexit. In total, 85,931 mortgages were approved by the main high street banks in August and mortgage approvals for home purchases were 3.2 per cent higher than the previous year as the 31 October Brexit deadline approaches. Read more: First-time [...]
