E-commerce group Samarkand announces float plans February 8, 2021 Cross-border e-commerce technology and retail group Samarkand has announced its intention to float on the Aquis Exchange Growth Market. Samarkand is proposing to raise around £10m from the float, which is targeted for March 2021. Headquartered in London, Samarkand focuses on connecting Western brands with China. Samarkand CEO and co-founder David Hampstead said in the [...]
Boohoo buys Arcadia brands Dorothy Perkins, Wallis and Burton February 8, 2021 Online fashion giant Boohoo has bought Arcadia brands Dorothy Perkins, Wallis and Burton out of administration in a £25.2m deal. Boohoo has bought the brands’ e-commerce and digital assets and associated intellectual property rights. The deal does not include the retailers’ physical stores and the brands will become online-only. All 214 Dorothy Perkins, Wallis and [...]
What are the UK-EU memorandum of understanding talks on financial services about? February 8, 2021 Last month the UK Treasury began talks with the EU to put in a place a memorandum of understanding for future financial services regulation on each side of the Channel. Much of the media discourse about these talks revolve around whether they will yield extended EU market access for the City of London, however any [...]
Have confidence in the Covid-19 vaccine, urges Nadhim Zahawi February 8, 2021 The public can have confidence in the UK’s Covid vaccines, despite worries that the Oxford/AstraZeneca’s jab is minimally effective against the South African variant. Early trials have suggested the AstraZeneca vaccine, developed with the University of Oxford, only has limited protection against mild disease caused by the South African variant of Covid-19. Among coronavirus variants [...]
Cheaper rent draws tenants to central London locations February 8, 2021 Lower rents in prime central London locations are grabbing the interest of prospective tenants, suggesting urban living still has strong strength of demand despite the pandemic. The number of new prospective tenants registering in prime central London (PCL) who came from outside the area was 35 per cent between June and December 2020, according [...]
Losses at top 100 restaurant groups rocket 112 per cent to £571m February 8, 2021 Losses at the top 100 UK restaurant groups increased 112 per cent to £517m last year, rising from reported losses of £269m at the end of last month. According to UHY Hacker Young, the losses are expected to continue, as restaurants have been forced to shut again because of the latest coronavirus restrictions. UK Hospitality, [...]
UK business output plummets to nearly year low February 8, 2021 The impact of lockdown restrictions in January caused UK business output to fall at a rate not seen since April 2020. Business output in January 2021 fell by 5.38 points to a near year low, according to consultancy firm BDO, with the service sector driving the decline. Despite business output falling, economic activity was significantly [...]
UK firms will have borrowed more than £60bn by the end of 2021 February 8, 2021 UK firms will have borrowed more than £60bn by the end of the year, having borrowed £35.3bn in 2020, and been forecast to borrow a further £26bn this year, according to the EY Item Club. Following the UK’s third national lockdown, EY predicted that many businesses are unlikely to start making inroads into repaying their [...]
Here comes Govtech: It’s time to digitise government and the public sector February 8, 2021 Boris Johnson’s first telephone call with Joe Biden in the White House reportedly included some joshing over which of them had first used the phrase ‘Build Back Better’. Whether it was the Prime Minister or the President, it is set to be the leitmotif of the global post-Covid recovery. Economies have been devastated, individuals have [...]
UK relaxes repayment terms for Covid Bounce Back Loans February 8, 2021 UK businesses that took out risk-free Covid loans will be given more generous repayment terms, after a recent warning that up to half of the £45bn in borrowing will not be paid back. The Treasury announced today that the 1.4m businesses who have taken out a Bounce Back Loan will be able to pay it [...]
