Sir Philip Green set to axe jobs and stores in vast Arcadia restructure March 15, 2019 Sir Philip Green is set to close vast numbers of Top Shop, Dorothy Perkins and Miss Selfridge in a huge restructure of his Arcadia retail empire, it is reported. Read more: Philip Green closes 210 Arcadia stores over two years The high street billionaire is preparing a company voluntary arrangement (CVA) that could result in [...]
Profits fall at The Restaurant Group after £559m Wagamama merger March 15, 2019 The Restaurant Group has posted a drop in profits for last year as well as warning of falling like-for-like sales, but said its controversial takeover of Wagamama will prove “transformative”. Read more: Like-for-like sales fall at The Restaurant Group despite Wagamama boost The figures Adjusted profit before tax slipped eight per cent year on year [...]
SEC sues Volkswagen over ‘massive fraud’ on US investors during emissions scandal March 15, 2019 Volkswagen perpetrated a “massive fraud” on US investors over its diesel emissions scandal, according to a major regulatory body now suing the firm. Read more: Volkswagen boss apologises for 'unfortunate' Nazi gaffe The Securities and Exchange Commission (SEC) filed a civil complaint against the company overnight, claiming that the car manufacturer issued more than $13b [...]
Police discover unexploded Second World War bomb in no-deal Brexit lorry car park March 14, 2019 An unexploded bomb from World War Two has been found in the abandoned airport that is to be used as a lorry car park in a no-deal Brexit. Read more: ‘Wrecking ball’: Grayling refuses to resign over £33m Eurotunnel fiasco Police and army bomb disposal experts arrived at Kent’s Manston Airport this morning to investigate [...]
Cineworld hails kingsize profits after purchase of US cinema chain Regal March 14, 2019 Cineworld’s mega £2.7bn purchase of US cinema chain Regal sent profits soaring 125 per cent in 2018 the group revealed today, even as UK cinemas struggled. Read more: Cineworld shares slide due to disappointing UK revenue growth The figures Cineworld saw profit before tax grow 125 per cent to $349m (£262.9m) last year, up from [...]
UK house prices: Ongoing Brexit uncertainty will hurt housing market, says RICS March 14, 2019 UK house prices will continue to plunge this year as prolonged Brexit uncertainty weighs on the market, according to the latest forecasts. Read more: UK house prices: Experts cast doubt on 'volatile' price hike Buyer enquiries, agreed sales and instructions to sell have fallen for the sixth month running, according to the Royal Institute of [...]
Debenhams considers Mike Ashley’s £150m loan offer March 14, 2019 Debenhams said it will give “careful consideration” to Sports Direct’s proposed £150m loan this morning, after receiving the offer last night. Read more: Sports Direct accuses Debenhams of 'deliberately misleading' the market The struggling department store chain received the 12-month loan offer from billionaire Mike Ashley last night, as the retail magnate accused the board [...]
Govia Thameslink Railway hit with £5m fine over May’s timetable chaos March 14, 2019 Govia Thameslink Railway (GTR) faces a £5m fine over its role in last May’s timetable chaos, the rail regulator announced this morning. The Office for Rail and Road (ORR) accused the train operator of failing to provide “appropriate, accurate and timely” information to passengers about the timetable change. Read more: Rail review head Keith Williams [...]
Everyman’s growing chain of cinemas underpins rocketing revenue growth March 13, 2019 A raft of new cinemas helped Everyman Media Group grow revenue 27 per cent to £52m last year, as it prepares to open a further seven venues this year. Read more: Everyman cinemas on track amid expansion plan Earnings before interest, tax, depreciation and amortisation rose 38 per cent year on year to £9.2m, the [...]
Spring Statement: Hammond warns against no deal as UK slashes 2019 growth forecast March 13, 2019 The UK chancellor Philip Hammond slashed the 2019 growth forecast in his Spring Statement and said future spending and economic wellbeing are dependent on an orderly Brexit. Hammond announced that the Office for Budget Responsibility (OBR) had cut the country’s 2019 growth forecast to 1.2 per cent, down from the 1.6 per cent predicted in [...]
