Fast-growing logistics outfit Shift to pick up pieces of Tuffnells June 25, 2023 An up and coming logistics firm is understood to have snapped up pieces of delivery giant Tuffnells Parcel Express, following its collapse earlier this month placing 2,000 jobs at risk. Shift, which was launched five years ago by 29 year old Jacob Corlett has acquired the brand and intellectual property of the British delivery service, [...]
Profiteering? Supermarkets to face Parliamentary grilling this week June 25, 2023 Supermarket bosses will be probed this week on whether or not they are profiteering from high prices. Lead figures from UK ‘Big four’ grocers, including Morrison’s boss David Potts, will face questions from MPs on Tuesday on red hot food and fuel prices, and when customers might see price falls. Sainsbury’s’ food commercial director, Tesco’s [...]
Boohoo drafts in former THG chief as it steams ahead with Revolution coup June 22, 2023 Boohoo has drafted in the former head of cosmetics from THG as it doubles down on its attempted boardroom coup at Revolution Beauty. Tensions between the fast fashion giant and troubled makeup brand have been brewing for the past week, after Boohoo, which holds a 26.6 per cent stake in Revolution, said it would vote [...]
Morrisons loyalty scheme helps hike sales to £3.7bn June 22, 2023 Morrisons has recorded a 0.9 per cent decline in group revenues, blaming a slowdown in sales across its petrol stations. During the quarter, its total sales excluding its fuel offering rose by 3.1 per cent to £3.7bn, and sales across its wholesale channel were also up 20 per cent. The former ‘Big Four’ grocery, which [...]
Housing market reeling after BoE hike interest rates in fresh blow for mortgage holders June 22, 2023 Prospective buyers and homeowners looking to reinstate fixed rate or tracker deals on their homes were met with a fresh blow this afternoon following the central bank’s decision to hike interest rates for the 13th time in a row in efforts to cool soaring inflation. It is expected that the decision will lead high street [...]
Ocado share price soars over 40 per cent following Amazon takeover rumours June 22, 2023 Shares in Ocado soared over 40 per cent this morning following speculation that Amazon is eyeing a takeover of its grocery technology business. The tech giant is reportedly mulling an £8-a-share move, The Times has reported, with Goldman Sachs and JP Morgan said to be acting for the potential bidders. “Bid chatter helped lift web-based [...]
Whitbread: Premier Inn owner thanks London travel boom for hike in hotel sales June 22, 2023 Tourists flocking to London for the King’s coronation helped bolster Premier Inn owner Whitbread’s trading in the first leg of the year, as the hotel group revealed an 18 per cent hike in sales. As Brits embraced travel and leisure after the pandemic, the chain of affordable hotels said sales across its 800 strong portfolio [...]
Shares in UK housebuilders slump as inflation woes increase prospect of rate hikes June 21, 2023 Shares in some of the UK’s biggest housebuilders closed down today after Berkeley Group warned that its sales could fall by up to 20 per cent as rising mortgage rates rock the housing market. Berkeley’s share price fell around 3 per cent this morning following its announcement, but recovered slightly closing down 1.56 per cent. [...]
Private equity firm Elliott joins £500m takeover race for Reiss June 21, 2023 US private equity firm Elliott Advisors has reportedly joined the race to takeover upmarket fashion brand Reiss from its current stakeholders Next and Warburg Pincus. Elliott has expressed interest in buying the fashion brand for upwards of £500m, Sky News has reported. Up to three parties are also keen to buy the brand, which is [...]
Revolution or all-out war? Firm brands ‘hostile’ Boohoo coup ‘self-serving and opportunistic’ June 21, 2023 All eyes turn to the AGM of troubled fashion giant Revolution Beauty as it hit back at “hostile” shareholder Boohoo ,labelling its attempted coup as “opportunistic” and “self-serving”. Boohoo, which holds a 26.6 per cent stake in the Revolution, revealed it would vote against chief executive Bob Holt, chairman Derek Zissman and chief financial officer [...]
