John Lewis axes 1,500 head office jobs November 4, 2020 John Lewis has announced it will axe a further 1,500 jobs as part of its plan to return to profit. The retailer said this morning that it will cut the head office roles by April next year, in a move that will save £50m as it targets £300m in cost reductions by 2022. It will [...]
Hong Kong private equity firm acquires majority stake in footwear retailer Clarks November 4, 2020 Hong Kong private equity firm Lionrock Capital has confirmed it will acquire a £100m majority stake in high street footwear retailer Clarks. The deal is dependent on Clarks securing shareholder approval for its restructuring plan, which will allow the retailer to close stores and move to a turnover-rent model. Lionrock Capital will acquire a majority [...]
Lockdown: M&S rolls out shopping slot booking service to stop queuing chaos November 3, 2020 Marks & Spencer (M&S) has completed the rollout of its online reservation service to allow customers to book a shopping slot before visiting a physical store
Fortnum & Mason hires former John Lewis and Matches Fashion exec as new CEO November 3, 2020 Fortnum & Mason has appointed a former John Lewis and Matches Fashion executive as its new boss. Tom Athron will join the Piccadilly department store on 1 December, to replace current chief executive Ewan Venters who will step down in January 2021. Athron was most recently the chief operating officer of luxury fashion website Matches [...]
Hello Fresh pushes ahead with expansion plans after surge in demand November 3, 2020 Meal kit delivery firm Hello Fresh is pushing ahead with expansion plans due to a surge in demand during the coronavirus pandemic. The company said it delivered 162m meals during the third quarter, a jump of 135.1 per cent compared to last year, and has expanded its product offering with more vegetarian options. Revenue jumped [...]
Crest Nicholson shares soar after housebuilder hikes profit expectations November 3, 2020 Shares in Crest Nicholson soared this morning after the housebuilder hiked its profit forecast following strong sales after coronavirus lockdown restrictions were lifted. The FTSE 250 firm said adjusted profit before tax is expected to be significantly ahead of the previous forecast of £37.9m, at around £45m. The London-listed developer’s share price surged more than [...]
Online shopping boom could cause Christmas chaos, Post Office warns November 3, 2020 A boom in online shopping and parcel deliveries could cause Christmas chaos this festive season, the Post Office said as it warned the public to send their gifts earlier than usual to avoid a last-minute rush. More than a fifth of Brits have already decided to send presents through the post rather than give them [...]
Lockdown extension in December would be ‘disastrous’ for retail sector, experts warn November 2, 2020 An extension of lockdown restrictions into December would be “disastrous” for the struggling retail sector, which will have already missed out on sales at the beginning of the crucial Christmas trading period. In a note to clients this morning, broker Peel Hunt said listed retailers had balance sheets strong enough to handle the November lockdown, [...]
Pubs urge government to reverse ban on takeaway pints during lockdown November 2, 2020 Pubs have called on the government to reverse its decision to ban hospitality venues from selling takeaway pints during the second coronavirus lockdown, saying the move could cause more businesses to collapse. On Saturday the Prime Minister announced that all hospitality venues in England will be ordered to close to dine-in customers on Thursday in [...]
Purplebricks shares jump as estate agent expects to beat profit forecast November 2, 2020 Shares in Purplebricks jumped this morning as the online estate agent said it expected to post strong profit for the first half of the year following a jump in new instructions after lockdown restrictions eased. The firm’s share price was up more than five per cent this morning after it said new instructions in the [...]
