Cake Box says sales slowed as summer sun slices profits November 14, 2022 The hot weather and cost living sliced into Cake Box’s trading success in the last six months, as the premium cake maker struggles to keep up with strong comparators. Although group revenues were up a humble 2.1 per cent to £16.8m, EBITDA and pre-tax profit plunged over 32 per cent as cost pressures start to [...]
It’s harder to quit smoking if you’re single new data suggests November 11, 2022 Single and a smoker? Adults who are in a relationship could be smoke-free by 2029, at least 22 years before those who are single, new data has revealed. Projections based on current UK smoking trends found stark differences in the dates by which many adults are likely to become smoke-free, with drivers like gender and [...]
Exclusive: Spirits set for double digit tax rise in industry’s largest duty hike since 1643 November 11, 2022 Distillers have warned that they’re being squeezed to the bone following the government’s decision to scrap the alcohol duty freeze. With massive increases in the cost of living, a tax increase of almost 16 per cent is set to hit consumers in the pocket just before Christmas. New industry analysis shows that the potential hike, [...]
Staff take legal action against Made after job losses announced over Zoom November 10, 2022 Staff are taking legal action against Made.com after being told they would lose their jobs over Zoom yesterday afternoon. About a dozen employees have instructed law firm Aticus to pursue the legal challenge after being made redundant when the collapsed home retailer was bought out of administration by retail giant Next. Former chief exec Nicola [...]
WeWork cuts office space in a bid to save cash November 10, 2022 WeWork has announced it would be closing some of its US offices in a bid to save costs and boost profitability. Announcing its third quarter results, the flexible office space said it would be shutting about 40 “underperforming” offices in the US, comprising of approximately 41,000 workstations. WeWork said that although these closures are expected [...]
Musk sends remaining Twitter staff back to office November 10, 2022 Elon Musk has ordered all Twitter staff back into the office, ending an era of remote working for the social media firm. The new chief exec told employees in an email late on Wednesday that they would need to prepare for “difficult times ahead”, according to reports from Bloomberg. Musk had already made his views [...]
Forbes in ‘exclusive discussions’ with potential buyer after IPO flop November 10, 2022 Forbes said it has entered into “exclusive discussions” with an investor consortium as it gears up to sell the media firm. Although the value of the deal is not known, the consortium is made up of family offices and global investors. “We have entered into exclusive discussions with an interested buyer for Forbes, which is a [...]
Bumble tumbles as it misses Wall Street estimates November 10, 2022 Shares in the Bumble tumbled last night after the dating app’s third quarter results fell below Wall Street expectations. Although total revenue increased 16.8 per cent to $232.6m, compared to $199.1m, the dating group failed to rally momentum behind its other apps, including Badoo and Fruitz. The Badoo app and other revenue dropped 10.2 per [...]
Next snaps up collapsed Made.com in £3.4m swoop November 9, 2022 NEXT snapped up the brand, domain names and intellectual property of Made.com for £3.4m in a prepack administration this morning, just 18 months after it made its £775m London debut. In a statement this morning, Made.com confirmed it had appointed administrators PwC to sell off its other assets and pay off its debts. Former chief [...]
Vodafone sells towers stake in £14bn consortium deal November 9, 2022 Vodafone agreed to sell a hefty stake in its phone mast business this morning to KKR and Global Infrastructure Partners in a deal valuing the firm €16.2bn (£14.3bn). The FTSE 100 firm said in a statement that it had agreed a €32-a-share deal for Vantage Towers, allowing Vodafone to move its 81.7 per cent holding into [...]
