What Brexit? Full steam ahead for the UK’s £605m superyacht industry January 9, 2017 The UK's superyacht industry is posting revenues "not seen since the financial crash", according to new figures. While sharp ripples of uncertainty were caused in the wake of the Brexit vote, business confidence soon rebounded. According to a report by British Marine unveiled at the London Boat Show, the UK's leisure marine industry grew for [...]
Music to the industry’s ears as indie acts get £250,000 government funding boost to go global January 9, 2017 Some of the UK’s most succesful independent music acts have been given a £250,000 government funding boost to help grow their profiles overseas. MOBO-winning jazz saxophonist YolanDa Brown and Welsh singer-songwriter Cate Le Bon are among the 21 British acts to benefit from the eighth funding round of the Music Exports Growth Scheme (Megs). Funds [...]
Cameron Mackintosh takes home £35.5m dividend from theatre empire January 8, 2017 Theatrical producer Sir Cameron Mackintosh more than doubled his dividend payout last year to £35.5m, despite a slight dip in his company’s profits. Cameron Mackintosh Limited, which produces a range of West End hits including Les Miserables, Oliver!, and Cats, reported profits before tax of £27.7m in the year to March, down from £28.2m in [...]
Sports Direct may sell famous brands in bid to become more upmarket January 8, 2017 Sports Direct is looking into selling several of its brands as part of its bid to become the “Selfridges of Sports”. Founder Mike Ashley’s mission to turn the company’s standing around and to make Sports Direct more upmarket has reportedly progressed to ditching brands no longer deemed relevant to the UK market. According to sources, [...]
Online retailers including Asos and Boohoo set to be the winners of the festive season January 8, 2017 Retailers with a strong online offering are set to be some of the biggest winners of the festive season's trading, with analysts pencilling in sales jumps for Asos and Boohoo of 30 per cent and 46 per cent respectively. The City had been fearful that the festive period was a bloodbath for retailers after Next [...]
All eyes on M&S clothing – and its chief executive Steve Rowe – as the retailer unveils its latest results collection later this week January 8, 2017 Marks & Spencer's beleaguered clothing division could finally be on the up, with sales growth expected by some analysts when the high street behemoth reveals its third quarter results this week. On 12 January, M&S will reveal its third quarter to 31 December. Analysts are on average forecasting like-for-like sales growth in its clothing and home [...]
Solid fare expected from the UK’s listed supermarkets this week, including Tesco and Morrison’s, as a raft of retailers reveal their seasonal sales results January 8, 2017 The UK's three major listed supermarkets are expected to report solid Christmas trading this week, although investor focus will be on the outlook given this year's expected squeeze on consumer spending. On 10 January, Morrison's is expected to report underlying sales growth of 1.1 per cent for the nine weeks to 1 January according to [...]
Tui in talks with Swiss firm Kuoni and American companies KKR and Warburg Pincus over Travelopia sale January 8, 2017 Tour operator Tui is in talks with Swiss rival Kuoni and American buyout giants KKR and Warburg Pincus over the sale of a range of travel websites. In September of last year, Europe's biggest tour operator confirmed it had asked Citigroup to find a buyer for specialist holiday arm Travelopia in a deal potentially worth €500-600m (£428m-£514m). [...]
Private equity firm 3i mulls sale of retailer Hobbs for as much as £80m January 8, 2017 It could be a busy New Year for 3i. City A.M. understands the British private equity firm is looking to sell clothing brand Hobbs, which it has owned since 2004, for as much as £80m, with investment bank Rothschild being lined up to handle the auction. 3i declined to comment. The retailer undertook a strategic review of the [...]
CitySprint cycle courier wins workers’ rights in a key gig economy ruling January 7, 2017 A courier for same-day delivery firm CitySprint has won the rights to paid holidays and minimum pay in a landmark ruling by the central London employment tribunal. CitySprint claimed its couriers were not employed but were independent freelancers, meaning they aren't covered by statutory protections like holiday pay. But the tribunal ruled Margaret Dewhurst was not self-employed and is therefore [...]