Boohoo’s understanding helps it avoid lockdown tears May 6, 2020 Fashion retailer Boohoo operates its namesake brand, menswear edition Boohooman, PrettyLittleThing, Nasty Gal, Miss Pap and high street brands Karen Millen and Coast. Despite its many names Boohoo follows an online-only model, meaning that the nationwide lockdown in response the coronavirus crisis has led to minimal disruption. Boohoo’s chief financial officer reported that customer acquisition [...]
Barclaycard signs concert sponsorship deal with Global May 6, 2020 Barclaycard has inked a three-year deal with Global to sponsor its flagship pop concerts as the companies turn their focus to live events after the coronavirus lockdown. The partnership includes headline sponsorship of the Capital Summertime Ball and Jingle Bell Ball — the first time the two events have been sponsored together. The Summertime Ball [...]
ITV advertising revenue collapses in April amid Covid-19 crisis May 6, 2020 ITV has warned of a slump in advertising revenue for April as the coronavirus crisis ravages the broadcaster’s business model. ITV’s total revenue fell seven per cent in the first quarter to £694m as the pandemic began to take its toll. Revenue from ITV Studios dropped 11 per cent as the company was forced to [...]
Mythbusting coronavirus is vital for life to go back to normal May 6, 2020 As the government plans the timetable for getting Britain back to work, opinion polls continue to show strong support for the lockdown. An Opinium poll at the weekend is typical. Unsurprisingly, given the overwhelming scientific evidence on dangers associated with large gatherings, a massive 84 per cent of respondents thought stadiums should not be reopened [...]
Co-operative Bank takes £12m hit from coronavirus as losses continue May 6, 2020 The Co-operative Bank booked a loss in the first quarter as it took a £12m hit from coronavirus, it has said in a trading update. The challenger bank said today that it made an underlying loss of £14.2m in the first three months of the year. This was down from a loss of £5.1m in [...]
National Express set for equity raise to strengthen balance sheet May 6, 2020 National Express has announced the placing of up to 19.99 per cent of the coach operator’s share capital to further strengthen its financial position through the coronavirus crisis. The firm said that in its worst-case scenario, profit could fall up to 40 per cent in 2020. The company said that the move had the “unanimous [...]
Hammerson’s £400m retail parks sale collapses as private equity firm backs out amid coronavirus May 6, 2020 Retail landlord Hammerson announced this morning that private equity firm Orion has pulled out of a deal to buy seven shopping parks for £400m. Hammerson said it had access to a £21m deposit that had been held in escrow by its solicitors after Orion European Real Estate Fund V held firm in its decision not [...]
Competition watchdog blocks JD Sports’ £90m takeover of Footasylum May 6, 2020 The competition watchdog has provoked a furious response from JD Sports after blocking the retailer’s £90m takeover of rival Footasylum. Following an in-depth investigation, the Competition and Markets Authority (CMA) ruled the tie-up would lead to a “substantially” lessening of competition nationally. As a result, consumers would be left with fewer discounts and could receive [...]
Virgin Money’s first half profit plunges 60 per cent on coronavirus loan losses May 6, 2020 Virgin Money, formerly CYBG bank, has taken a £164m impairment charge on coronavirus for the first half of 2020 that has sent underlying profit plunging almost 60 per cent. The figures Profit before tax slumped 40.5 per cent from £37m in the six months to March 2019 to just £22m in the six months to [...]
