Package holidays boom shows no sign of abating as Tui enjoys surge in bookings September 20, 2022 The post-pandemic boom in package holidays shows no sign of abating as giants such as Tui continue to enjoy high levels of bookings. The German operator said in a trading update published on Tuesday it would stick to its profitability forecasts following an uptick in summer and winter reservations. TUI saw a travel revival this [...]
B&Q owner Kingfisher profit nosedives 30 per cent amid economic gloom September 20, 2022 B&Q owner Kingfisher posted slumped profit in half-year results, with bosses citing an “exceptionally strong” comparable period last year. Operating profit was down 29.1 per cent, the DIY retailer highlighted, in results for the six months ended 31 July. Depleted sales came against a “backdrop of exceptionally strong” trading in the first-half of 2021, Thierry [...]
FirstGroup sells off US legacy greyhound property portfolio for £122m September 20, 2022 Transport giant FirstGroup is to sell off almost all of its legacy greyhound property portfolio for £122m. The train and bus company announced it will sell all but two if its remaining sites in the US to Twenty Lake Management for net proceeds of $140m. With expected completion in December of this year, it said [...]
Fuller’s sales above pre-covid levels amid concern over ‘unsustainable rise’ in energy costs September 20, 2022 Pub chain Fuller’s brought its sales back above pre-pandemic levels but has warned the energy crisis could give it bills of £18m. The company announced its sales in the first half of the financial year were three per cent up on the pandemic, and 50 per cent up on the same period last year. However, [...]
Mike Ashley to relinquish director role on Frasers’ board September 20, 2022 Frasers Group founder Mike Ashley will relinquish his role as a director on the Sports Direct owner’s board. Ashley will not be standing for re-election as a director at the high street giant’s Annual General Meeting, Frasers announced on Tuesday. The former CEO, who handed the reins of his retail empire over to son-in-law Michael [...]
Value of private equity-backed ‘carve outs’ triples due to Covid and war in Ukraine September 20, 2022 The value of private equity-backed “carve out” deals, through which funds buy up an entire business line, subsidiary, or unit, has more than tripled over the past year. The value of carve out acquisitions by private equity funds jumped threefold from £3.8bn last year to £13.4bn in the year running up to 31 August 2022, [...]
As politics resumes, a cold winter is closing in on Truss’ free market plans September 20, 2022 We face an autumn and winter of difficult political circumstances, it will take all the new prime minister’s deftness and agility to find a way through.
1 in 3 high street businesses miss out on rates relief September 20, 2022 The Government failed to support a third of high street businesses in England promised a discount on their business rates bills, according to new data. Property specialists at Gerald Eve found that just 272,000 out of a promised 400,000 retailers, leisure and hospitality venues were able to claim a 50% discount on the commercial property tax announced [...]
Complex but enduring and adaptable, the City can take cues from the monarchy September 20, 2022 Yesterday, the world watched as our beloved monarch, Queen Elizabeth II, was laid to rest. I had the privilege of attending the funeral and joined so many others in paying my respects to a sovereign who exemplified duty and symbolised stability. In recent days, I have been reflecting on what Queen Elizabeth II meant to [...]
Siloed universities risk holding back tech innovation September 20, 2022 In 2007, when I joined the London Business School, I was struck by how few of the ideas brought forward by students were based on cutting-edge science.
