London gets new West End flexible work space as Elizabeth Line brings in hybrid commuters July 4, 2023 A new 45,000 sq ft site flexible work space will open in the heart of the West End in a signal that London’s hybrid work trend is showing no signs of cooling. Runway East, (RWE) already has five spaces across London, including sites in Borough Market and Shoreditch – and will open a new one [...]
Sainsbury’s: ‘Food inflation starting to fall’ as supermarket giant reports grocery sales surge by 11 per cent July 4, 2023 Sainsbury’s has claimed “food inflation is starting to fall” as it recorded an 11 per cent hike in grocery sales in the first leg of the year. The ‘Big Four’ grocer, recorded an inflation-led 9.8 per cent like-for like-increase in total retail sales excluding fuel in the first quarter of the year up from 4 [...]
Le Pain Quotidien operator crashes into administration with only one London store to survive July 3, 2023 A City hotspot for morning coffee, Le Pain Quotidien, has closed all but one of its sites across London, in another fatal blow for the city’s hospitality sector. The Belgian coffee chain, which operates from eight sites across the capital, including a cafe on Fish Street Hill in Monument, has closed all of its sites [...]
CMA takes aim at supermarkets for weakening fuel price competition – as Brits pay nearly £1bn more for fuel July 3, 2023 Increased supermarket profit margins led to drivers paying almost £1bn more for fuel last year, the Competition and Markets Authority (CMA) has found. Following a year long investigation, the watchdog said today that average supermarket fuel margins rose by 6p per litre between 2019 and 2022, with £900m syphoned out of customers pockets in total. [...]
‘Paper’ bottle maker backed by Diageo secures £20m in fresh funding round July 3, 2023 A sustainable packaging business backed by Diageo, is gearing up for a new funding round in efforts to deliver a commercial product line. Pulpex said it has secured financing from CMPC, a Chilean pulp and paper company, to enable the production and supply of over 2bn paper bottles to consumer brands worldwide by 2028. Sources [...]
Retailer insolvencies jump to higher level than pandemic as brands buckle under economic pressure July 3, 2023 A squeeze on shoppers’ finances has increased the number of retailers being plunged into hot water, new research shows, as the cost of living crisis continues to decimate businesses. As inflation sits at a sticky 8.7 per cent, the number of retailers entering insolvency jumped 56 per cent in the past year, according to figures [...]
London life back on top as country homes drop in price July 3, 2023 Soaring interest rates have softened the prices of luxury homes outside of London, according to new data, in a signal that the ‘move to the country’ trend fuelled by the pandemic is showing signs of slowing. The average value of luxury homes across UK markets outside of London – broadly the top five per cent [...]
Sainsbury’s results: Will efforts to keep prices low pay off? July 3, 2023 Investors will turn their focus to Sainsbury’s first quarter trading update on Tuesday to see how shoppers are reacting to the impact of food inflation amid the cost of living crisis. The supermarket is expected to post a jump in revenues driven by higher grocery sales over the quarter to June. Analysts at Shore and [...]
No teas or coffees for shareholders at M&S AGM as chairman tells them to go digital July 2, 2023 Attendees of the Marks & Spencer AGM on Tuesday will not be served any refreshments or get a chance to speak to bosses face to face, as it looks to take the event totally digital. The Percy Pig maker had advised shareholders not to travel to the company’s AGM on Tuesday, with shareholders who do [...]
Heartwood Collection secures £100m cash injection as it steams ahead with ‘pubs with room’ expansion July 2, 2023 Hospitality chain Heartwood Collection, formally known as Brasserie Bar Co, has secured £100m of additional funding as it steams ahead with its growth plans. In June, the pub and restaurant chain revealed a major revamp which saw the hospitality group expand into the pubs with rooms market. Last year, Brasserie Bar Co was snapped up [...]
