Rail strikes: Hospitality says it has lost £3bn as it becomes ‘collateral damage’ in rail dispute March 16, 2023 London retail and hospitality bodies have said that the sector is “suffering” due to ongoing tube strikes as the disruptions continue to take a large bite out of the sector’s earnings. As Tube and rail strikes grind London to a halt this week, trade body UKHospitality has claimed that pub and restaurant businesses are expected [...]
Budget: Hunt burns £15 hole in smokers’ pockets as cigarette packs increase by £1.89 March 15, 2023 Smokers will see the price of cigarettes increase to nearly £15 as Chancellor Jeremy Hunt hikes up the price of tobacco for the first time since October 2021. In his Spring Budget, Hunt said that the government would look to “uprate tobacco duty” which will see the price of a 20 pack of cigarettes increase [...]
Budget: ‘Brexit pub guarantee’ means ale is 11p cheaper than supermarket booze but wine guzzlers will pay more March 15, 2023 Beer and other draught products in pubs will be 11p cheaper than in supermarkets, Jeremy Hunt has announced, calling the tax relief a “Brexit pub guarantee” which will come into effect from April 1. In the Spring Budget this afternoon, the Chancellor said that the measure would not have been possible if the UK remained [...]
John Lewis annual partner bonus ‘at risk’ as middle class favourite takes on first CEO and faces down talk of pre-tax loss March 15, 2023 John Lewis has drafted in its first chief executive as chairman Sharon White looks to get another pair off hands on deck to help the retail group ahead of its trading update tomorrow. John Lewis Partnership, which oversees the management of department store John Lewis and upmarket grocery chain Waitrose, has appointed retail veteran Nish [...]
Zara owner sees sales soar to £28.8bn as young shoppers shrug off cost of living crisis to splash cash on latest trends March 15, 2023 The owner of high street fashion chain Zara said young shoppers remained to spend cash on the latest trends despite rising inflation and the cost of living crisis. Inditex, which also owns popular brands such as Pull&Bear and Bershka, reported a sales growth of €32.6bn (£28.8bn) up 17.5 per cent from the same period last [...]
London rents: Why homeowners are £3,000 better off than tenants in the capital every year March 15, 2023 London homeowners are a hefty £3,000 better off than those who rent, however the price to secure a deposit in the capital has soared to new highs due to inflation and a limited pool of supply. According to data by Halifax, those lucky enough to have a place to call their own in the capital [...]
Retail: Employment figures slump to new lows with 150,000 jobs predicted to go by end of the year March 14, 2023 Retailers were cautious about hiring extra workers in the run up to Christmas, the British Retail Consortium (BRC) has claimed after ONS figures show that the number of roles were down 14,000 year on year in the last leg of 2022. “Low consumer confidence and falling sales volumes meant many retailers were more cautious in [...]
CMA probes Asda’s £611m Co-op petrol station takeover deal over fears it could hike fuel prices March 14, 2023 Asda’s £611m takeover over of 132 Co-op petrol stations has come under scrutiny from the UK’s competition watchdog over concerns the deal was likely to push up fuel prices. After the supermarket snapped up the sites last October the Competition and Markets Authority (CMA) launched a Phase 1 investigation at the start of this year [...]
Sainsbury’s forks out £431m to buy 21 store freeholds as it looks to dump lease liabilities March 14, 2023 Sainsbury’s has secured a £430.9m deal to buy the freeholds of 21 supermarkets from real estate investment group Supermarket REIT. The grocery chain has acquired the remaining 51 per cent stake it did not already own in the Highbury and Dragon investment – which is a portfolio of stores Sainsbury’s acquired a 49 per cent [...]
Virgin Wines: Share price falls and major review announced after Christmas ‘challenges’ drink into profits March 14, 2023 Virgin Wines‘ share price tumbled this morning as the online wine bank reveals it is undertaking a full review after a shift in consumer confidence which knocked profits in the first quarter. Shares in the online wine retailer slumped 1.50 per cent when the market opened this morning as the group revealed its profits before [...]