Dunelm to repay furlough cash after sharp rise in sales October 15, 2020 Dunelm has announced it will repay furlough money to the government following a sharp rise in sales as consumers have increased spending on homewares during lockdown. The company said total sales jumped 36.7 per cent to £359.1m in the 13 weeks to 26 September as it continued to gain market share in the “buoyant” homewares [...]
London lockdown: Tier 2 restrictions the ‘death knell’ for hospitality sector October 15, 2020 The government’s announcement that London will be placed under a Tier 2 lockdown this week is the “death knell” for the capital’s struggling hospitality sector, industry bodies have warned. Care minister Helen Whately told London MPs this morning that the city will move from Tier 1 to Tier 2 on Friday night. The new restrictions [...]
Franco Manca owner Fulham Shore spots expansion opportunities in coronavirus chaos October 15, 2020 Fulham Shore, the owner of restaurant chains Franco Manca and The Real Greek, is eyeing expansion due to the low rents and empty venues caused by the coronavirus pandemic. The firm said this morning that “the future looks promising” as more sites become available and with rents “likely to be falling for the next few [...]
Marston’s cuts 2,150 jobs due to new coronavirus restrictions October 15, 2020 Pub chain Marston’s has put 2,150 jobs at risk of redundancy following the introduction of new three-tier coronavirus restrictions. The government announced the new local lockdown system earlier this week, with most pubs in areas placed in the highest tier of restrictions expected to close. Marston’s said the introduction of the new rules is “hugely [...]
Return of live sport after lockdown pushes Domino’s sales to £342m October 15, 2020 The return of televised live sport after lockdown saw Domino’s sell an extra 600,000 orders in the third quarter, pushing sales to £342.1m. The pizza chain reported an 18.7 per cent jump in UK and Ireland sales for the 13 weeks ended 27 September, with orders also boosted by the increase in UK staycations over [...]
Snakes and Ladders: Who is moving jobs in the City this week? October 14, 2020 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Despite the unnatural quiet that has replaced the fast-paced bustle of the Square Mile over the last few months, behind the scenes things are still moving. While the pandemic has [...]
Retail property values forecast to fall up to 40 per cent due to pandemic October 14, 2020 Retail property values are expected to fall up to 40 per cent over the next year due to the impact of the coronavirus pandemic on the UK high street, according to a survey of investors. Commercial real estate investors are seeking more “pandemic resistant” assets, such as logistics, the analysis found. Research by Duff & [...]
Asos to launch budget brand as 20-somethings face economic impact of Covid-19 October 14, 2020 Asos is planning to launch a budget brand, the fast fashion retailer announced this morning as it warned that its core 20-something audience were vulnerable to losing their jobs during the coronavirus pandemic. The online retail giant said today that the new brand called “As You” will meet the gap in its portfolio for lower-priced [...]
Gourmet Burger Kitchen rescued by ‘chicken king’ Ranjit Boparan October 14, 2020 The multi-millionaire owner of a UK poultry business will reportedly buy Gourmet Burger Kitchen, in a move that will rescue more than 600 jobs. Ranjit Boparan, who is known as the “chicken king” after founding the 2 Sisters Food Group, will buy GBK through a pre-pack administration, Sky News reported. Boparan has built one of [...]
Pearson sales slump amid Covid-19 closures of schools and test centres October 14, 2020 Educational publisher Pearson (PSON) has suffered a drop in sales since the beginning of the year after the coronavirus pandemic forced test centres and schools to close. Group sales in the nine months to 30 September fell 14 per cent, reflecting the continued impact of the Covid-19 crisis. The company said its online learning sales [...]
