Aldi extends Deliveroo trial with 11 extra UK stores July 14, 2020 Budget supermarket Aldi has extended its current trial with Deliveroo by adding an extra 11 stores, including five more in London. The extension more than doubles the number of stores running the trial delivery partnership, after eight stores in Nottingham launched the Deliveroo service in May, with Camden following in June. Aldi stores in London [...]
Vegan milk firm Oatly raises $200m from investor group including Oprah Winfrey and Howard Schultz July 14, 2020 Vegan milk producer Oatly has raised $200m from a group of investors led by Blackstone, including Oprah Winfrey, actress Natalie Portman and former Starbucks boss Howard Schultz. The investment round, which was also backed by Jay Z’s Rocnation, will be used to fund the company’s growth plans, which include expansion in current markets and new [...]
JP Morgan sets aside $10.5bn to cover loan defaults due to coronavirus pandemic July 14, 2020 Investment bank JP Morgan Chase & Co has set aside $10.5bn (£8.38bn) of reserves to cover a potential surge of loan defaults due to the coronavirus pandemic as US cases of Covid-19 continued to rise. The bank increased its provision for credit losses by $9.3bn compared to the previous year reflecting the “deterioration and increased [...]
London tourism sector calls for urgent financial support to avert crisis July 13, 2020 London’s tourism sector has urged the government to provide it with a specific package of support, warning the coronavirus pandemic could create an economic crisis for the industry. In total 10,776 London attractions, restaurants, hotels, industry bodies and event organisers have written to the Prime Minister to call for investment and a plan for tourists [...]
Wetherspoon slashes prices after hospitality VAT cut July 13, 2020 Pub chain JD Wetherspoon will slash the price of a range of meals and drinks following the government’s decision to cut VAT for the hospitality industry. Chancellor Rishi Sunak announced last week that VAT will be reduced from 20 per cent to five per cent until next year. Wetherspoon said today that it will “fully [...]
Retail footfall growth doubles as consumers return to high streets July 13, 2020 Retail footfall growth more than doubled last week as consumers visited high street cafes, pubs and restaurants after lockdown restrictions were eased. Footfall across all UK retail destinations rose by 10.6 per cent last week compared to the week before. During the previous week footfall grew just 4.1 per cent, according to the latest research [...]
John Lewis to join Primark in rejecting government jobs retention bonus July 13, 2020 Department store chain John Lewis is expected to join Primark in rejecting the government’s offer of a job retention bonus. The chancellor last week announced that firms could claim a £1,000 bonus for each worker they bring back from furlough and continue to employ until at least January. John Lewis, which last week announced the [...]
Diageo to launch plastic-free Johnnie Walker bottles in 2021 July 13, 2020 Drinks giant Diageo will sell Johnnie Walker whisky in plastic-free bottles from next year as it seeks to reduce waste. The company announced this morning that it had created the fully recyclable bottle wood pulp that meets food grade standards in partnership with venture management firm Pilot Lite. The two firms launched a sustainable packaging [...]
Standard Life Aberdeen offloads Boohoo stock over Leicester factory scandal July 10, 2020 Investment giant Standard Life Aberdeen has dumped its entire stake in fast fashion firm Boohoo after the retailer was caught up in a scandal over low pay and poor conditions for factory workers. Boohoo launched an independent review of its UK supply chain following allegations of poor working practices and underpayment of workers at a [...]
Most Brits still ‘uncomfortable’ dining out in restaurants July 10, 2020 Most Brits are still uncomfortable with sitting indoors at a restaurant due to fears over the spread of coronavirus, according to a new survey. Alongside pubs and bars, restaurants were allowed to reopen on 4 July after months in lockdown. But the latest survey by the Office for National Statistics found that six in 10 [...]
