Drinks industry body and local companies file lawsuit in bid to halt Philadelphia sugar tax on soft drinks September 15, 2016 A US drinks industry body and small businesses have launched a lawsuit to try to block a soft drinks tax in the US city of Philadelphia. The city council voted in favour of the tax in June, which will introduce a levy of 1.5 cents per ounce to sugar-sweetened soft beverages in January. Proceeds from [...]
Curzon cinema Mayfair under threat of closure in soundproofing row September 15, 2016 The historic Curzon cinema in the West End may closure after developers have made a noise complaint. Developers want the cinema – which has been on Curzon street since 1934 – to pay for soundproofing to make it easier to sell the £2m flats being converted on the floors above. However, the cinema will not be able [...]
Car repair and Ovenclean owner Franchise Brands polishes off double-digit revenues after August IPO September 15, 2016 Recently-listed international group Franchise Brands posted double-digit turnover in its maiden results today. The figures Franchise's two main brands, DIY disrupters Ovenclean and minor car repair service ChipsAway, traded well in the six months to 30 June, with group revenue rising 10 per cent to £2.5m. Profit before tax nudged up 18.3 per cent for [...]
Megabrew: Influential shareholder adviser group Glass Lewis backs £79bn AB InBev takeover of SABMiller September 15, 2016 Global investor advisory group Glass Lewis has backed Anhesuer-Busch InBev's (AB InBev) £79bn takeover of British drinks giant SABMiller. Glass Lewis has urged SABMiller shareholders to vote in favour of the takeover at the company's vote on the deal on 28 September. The group said the cash offer, which has been dismissed by other shareholders [...]
McDonald’s gets final bids for super-size sell-off of restaurants to franchise partners in China and Hong Kong September 15, 2016 McDonald's has received final offers from at least three bidders for more than 2,000 of its restaurants in China and Hong Kong that have been put up for sale to franchise partners in a super-sized sell-off. Private equity outfit Carlyle Group has served up an offer with Chinese state group CITIC, while TPG Capital is working with local [...]
Summer retail spend still strong following the Brexit vote September 15, 2016 Retail sales edged downwards in August following the nation's bumper spending spree in July – but sales were more than six per cent higher than last year, indicating consumers were still happy to spend after the Brexit vote. Excluding fuel, sales fell 0.3 per cent month-on-month in August, but sales were up 6.2 per cent on last year, [...]
These are the surprisingly unhealthy high street breakfasts from Pret a Manger, Costa Coffee, Starbucks and Eat September 15, 2016 If you didn't have time to eat breakfast at home this morning, chances are you nipped into a Pret a Manger or Starbucks in the way to work for a last-minute snack. But the illusion that high street coffee and food outlets are healthy has been knocked upside the head by new research from health [...]
A tale of two retail sectors: Shares in fashion retailers fall as supermarkets jump September 15, 2016 It was the best of times, it was the worst of times in the retail sector today, as shares in retailers led both the risers and the fallers in the FTSE 100. Firmly in the spring of hope was the supermarket sector, where Morrisons led the risers, with shares jumping 7.13 per cent to 207.4p in [...]
Big brewer “beerhemoth” companies such as AB InBev and SABMiller are putting the craft beer revival under threat September 15, 2016 In a blow to hipsters and ale aficianados, big brewers' ability to provide significantly cheaper beer is at risk of undercutting Britain's thriving community of local, independent beer producers, the Campaign for Real Ale (Camra) has warned. More than 200 new breweries opened in the past year alone, with 1,540 now operating in Britain. However, the [...]
John Lewis warns on job losses due to its commitment to staff pay September 15, 2016 The John Lewis Partnership warned this morning that it may be losing staff "over time" due to its paying its employees higher than the government-imposed national living wage. The company committed to paying workers "well above" the new national living wage, but said this had landed it with £33m in extra costs. If the department store had [...]