Paperchase secures future of 90 high street stores – but 37 set to close January 28, 2021 Paperchase has secured a deal to rescue the majority of its high street stores, saving 1,000 jobs, but 37 shops are set to close following the sale. The stationery retail chain announced it appointed administrators this morning and was bought by Aspen Phoenix Newco. Funds managed by Permira Debt Managers are the majority stakeholders in [...]
J20 and Tango owner Britvic suffers slump in sales due to hospitality restrictions January 28, 2021 Soft drinks group Britvic, which owns J2O, R White’s lemonade and Robinsons, suffered a slump in sales in the first quarter due to restrictions on pubs, bars and restaurants. The FTSE 250 firm said this morning that total revenue declined 9.8 per cent to £328.1m in the three months ended 31 December. The Hemel Hempstead-based [...]
Joules mulls hiking prices for shoppers to offset rising Brexit costs January 28, 2021 Fashion retailer Joules has warned it is considering increasing prices for consumers as it revealed that Brexit had disrupted exports and could cost it an extra £1m per year. Joules said that, despite its preparation for the end of the transition agreement, exports to certain EU markets had suffered, with Germany being particularly impacted. The [...]
Tate & Lyle to beat profit expectations as consumers cook at home during lockdown January 28, 2021 Sweetener manufacturer Tate & Lyle is set to beat profit expectations due to strong demand as more people cooked at home during lockdown. The firm, which sold its eponymous sugar brand in 2010, said its food and beverage solutions division recorded sales growth of eight per cent due to higher volumes, good prices and the [...]
Fever-Tree to beat revenue expectations as supermarket sales soar in lockdown January 28, 2021 Fever-Tree expects to beat revenue expectations for last year following strong supermarket sales of its soft drinks and mixers during the pandemic. The firm said this morning that total revenue for 2020 is expected to be £252.1m, ahead of guidance provided in September. Revenue will be down three per cent on the previous year due [...]
Guinness owner Diageo hikes dividend despite impact of pub closures on sales January 28, 2021 Diageo, the owner of Guinness and Smirnoff, this morning announced it will hike its dividend despite the impact of coronavirus restrictions on pub and bar sales. Reported net sales fell 4.5 per cent during the second half of the year, while operating profit declined 8.3 per cent to £2.2bn. Organic net sales increased one per [...]
Vaping wholesaler Supreme targets £156m market cap with AIM listing January 27, 2021 Vaping wholesaler Supreme this morning announced plans to float on London’s stock market, targeting a £156.1m market capitalisation. The Manchester-based e-cigarette firm will launch its initial public offering on London Stock Exchange’s growth market AIM next week. Its market capitalisation is expected to reach £156.1m following the IPO. This morning the company said it had [...]
Paperchase rescue deal to save 1,000 high street jobs January 27, 2021 High street stationery retailer Paperchase is set to announce a rescue deal today that is expected to save around 1,000 jobs. Paperchase will be sold through a pre-pack administration to Permira Debt Managers – connected to its current private equity owners – which has provided funding for the business since 2015, Sky News reported. Up [...]
Poundland sales grow as discount store chain introduces new price points and product lines January 27, 2021 Poundland owner Pepco reported a jump in revenue in the first quarter due to its status as an essential retailer and its introduction of new price points and product lines including clothing and homeware. The discount store chain, which trades as Pepco and Dealz in Europe and Poundland in the UK, said group like-for-like sales [...]
Goldman Sachs boss hit with $10m pay cut due to 1MDB scandal January 27, 2021 Goldman Sachs boss David Solomon took a $10m pay cut last year due to the bank’s role in Malaysia’s 1MDB scandal. Soloman’s pay was reduced 36 per cent, from $27.5m in 2019 down to £17.5m last year, the investment bank said. It had previously confirmed that Soloman’s pay would be cut, along with finance chief [...]
