Phones 4u collapses after key partner EE hangs up September 14, 2014 High street mobile retailer Phones 4u has collapsed into administration after being dropped by its last remaining network partner EE. In a statement last night, the group’s private equity owner BC Partners said it had no option but to call in administrators after being informed by EE that it would not be renewing its contract [...]
UK footfall takes a hit in August despite rebound in retail sales September 14, 2014 FEWER shoppers visited shopping centres and high streets in August, even as retail spending rebounded, new figures show. The British Retail Consortium (BRC) and Springboard revealed this morning that footfall dropped by 1.1 per cent in August compared with the same time last year. This was greater than the 0.6 per cent fall in July [...]
What’s in a name? Salesforce set to lose battle to rename Heron Tower September 11, 2014 The controversial renaming of Heron Tower to Salesforce Tower is set to be abandoned after the owners of the City skyscraper agreed this week to withdraw the application. The parties involved are understood to be close to reaching an agreement that will see the building called simply 110 Bishopsgate, its street name, with existing name [...]
Waitrose feels the pressure as profit declines September 11, 2014 The John Lewis Partnership warned yesterday that the grocery market would remain tough for some time, as a strong performance across its department stores helped offset a decline at its grocery chain Waitrose. The middle-class food retailer, which accounts for about two-thirds of the group’s sales, has grown its share of the market thanks to [...]
Morrisons profit halves in fight to win shoppers September 11, 2014 MORRISONS appeased investors yesterday by hiking its dividend payout by five per cent despite the troubled supermarket group reporting a plunge in first-half profits. Underlying pre-tax profits fell by 51 per cent to £181m in the six months to 3 August – its lowest in eight years – after Morrisons slashed the price of thousands [...]
Ocado dismisses concerns over Waitrose as sales beat forecasts September 11, 2014 SHARES in Ocado edged two per cent higher yesterday, after the online grocer surprised the City with a better-than-expected rise in sales. Ocado, which prides itself on its high-tech warehouses, said sales rose 15.5 per cent to £218.5m in the 12 weeks to 10 August, up from 13.4 per cent in the second quarter. Chief [...]
Analyst Views: What did you think of Ocado’s performance in the third quarter? September 11, 2014 JAMES GRZINIC | JEFFERIES Market was too concerned on slowing sales and the confirmation of an acceleration in third-quarter retail sales growth to 15.5 per cent was a relief. NICK BUBB | INDEPENDENT ANALYST The figures didn’t look too bad, although given the amount of extra capacity, it is hard to escape the feeling that [...]
Dunelm family back at helm as chief exec quits September 11, 2014 DUNELM’s former chief executive has returned to the helm of the homewares chain after the abrupt departure of Nick Wharton. The furniture-to-kitchenware retailer said yesterday that Wharton, who joined four years ago from Halfords, was stepping down to pursue “a new challenge”. Will Adderley, the son of Bill and Jean Adderley who founded the group [...]
West End landmark Trocadero to be turned into budget hotel September 11, 2014 THE TROCADERO in Piccadilly is to be given a makeover after Europe’s largest hotelier Accor announced yesterday it had struck a deal to turn the famous West End landmark into a budget three-star hotel. Owners Criterion Capital, run by property magnate Asif Aziz, have already begun work on redeveloping the building into a 583-room hotel, [...]
Barratt boss warns of labour shortage September 10, 2014 The boss of Britain’s largest housebuilder Barratt Developments warned yesterday that a shortage of skilled workers could prevent the country from delivering the homes needed to tackle housing crisis as the company reported a doubling of full-year profits. Mark Clare said the lack of skilled workers – from bricklayers to architects and plasterers – is [...]
