‘No plans’ to extend VAT cut for hospitality, Treasury minister says January 26, 2021 The government has “no plans” to extend the VAT cut for hospitality, tourism and leisure firms, despite industry calls for the tax break to continue while the sector is under coronavirus restrictions. Rishi Sunak last year reduced VAT for hospitality firms from 20 per cent to five per cent as part of emergency coronavirus measures. [...]
The ‘lifeblood of the City’ must return to offices after pandemic, Peel Hunt boss says January 26, 2021 The chief executive of Peel Hunt called on “the lifeblood of the City” to return to offices after the pandemic, as the investment bank announced it is moving to a new building in Liverpool Street in a vote of confidence in London’s recovery. Peel Hunt boss Steven Fine said that the firm – which allowed [...]
Irn Bru owner AG Barr to beat revenue expectations despite Covid restrictions January 26, 2021 Irn Bru owner AG Barr said full-year revenue is expected to be ahead of guidance, which was revised down in June due to the coronavirus pandemic. AG Barr announced this morning that revenue for the financial year ended 24 January will come in at around £227m, down from £255.7m the previous year but slightly higher [...]
JD Sports mulls equity raise to fund acquisition spree January 26, 2021 JD Sports has confirmed it is considering tapping shareholders for extra cash to fund acquisitions, following reports that it is mulling a £400m equity raise. The retailer announced this morning that it is “exploring additional funding options” which could involve an equity placing. It said it is seeking to increase its “flexibility to invest in [...]
Cruise operator Saga in talks with lenders as debt mounts January 26, 2021 Over 50s holiday and insurance provider Saga revealed this morning that it is in talks with lenders about its debt levels as restrictions on travel during the pandemic continue to have a negative impact on its business. Saga it has “significant liquidity and headroom to the current covenants in short term bank facilities”, but it [...]
Crest Nicholson reinstates dividend despite swinging to a loss January 26, 2021 UK housebuilder Crest Nicholson swung to a loss last year due to the impact of the coronavirus pandemic, but said it will reinstate its dividend later this year. The company reported a loss after tax of £10.7m compared to profit of £82.5m in the previous year. Revenue fell from £1.09bn to £677.9m, and the firm [...]
Revenue halves at City Pub Group but chain eyes long-term expansion January 26, 2021 City Pub Group this morning announced revenue more than halved last year due to the impact of coronavirus restrictions, but said it is still eyeing long-term expansion plans. The pub chain, which owns 48 venues and four development sites, said sales in the year ended 27 December fell 57 per cent from £60m to £25.7m [...]
US House Democrats deliver Trump impeachment charge to Senate January 26, 2021 The US House of Representatives yesterday delivered to the Senate a charge that former President Donald Trump incited insurrection in a speech to supporters before the deadly attack on the Capitol. The move set in motion Trump’s second impeachment trial. Nine Democrats who will serve as prosecutors in Trump’s trial, accompanied by the clerk of [...]
Mercato Metropolitano to open three London street food markets this year January 25, 2021 Street food market operator Mercato Metropolitano is investing £35m in expansion plans, as it prepares to launch new sites in London, Europe and the US despite the impact of the pandemic on the hospitality industry. The firm will open a Canary Wharf site and a second market in Elephant and Castle this summer, followed by [...]
Fashion victims: What next for the high street after Topshop and Debenhams go online-only? January 25, 2021 Topshop and Debenhams are set to disappear from the high street after e-commerce giants Boohoo and Asos swooped on the beleaguered retailers, reflecting the dramatic impact the pandemic has had on the UK retail sector. The decision to take former high street stalwarts Debenhams and Topshop digital-only strengthens experts’ predictions that the growth of online [...]
