AO World revenue surges as customers continue online shopping post-lockdown August 20, 2020 Online electrical retailer AO World said today its revenue surged in the months during and after the easing of coronavirus lockdowns as demand for its products and services was sustained even after its rivals reopened stores in July. The company said year-on-year revenue in the UK jumped 58.9 per cent to £401.3m and 91.5 per [...]
UK firms cut more than 106,000 jobs amid coronavirus pandemic August 19, 2020 The coronavirus pandemic has battered the UK economy since it arrived in early 2020 – and no sector has remained unscathed, with more than 100,000 job cuts planned during the pandemic. The government’s furlough scheme has allowed millions of people to keep getting a paycheck, but fears are growing that when this is phased out [...]
Customers question value of clothes bundles in Edinburgh fashion firm’s Lost Stock charity venture August 12, 2020 Frustrated customers have hit out at Lost Stock, a coronavirus charity venture led by an Edinburgh-based fashion company, claiming it misled shoppers over the value and quality of items sold. Mallzee launched its Lost Stock initiative in June following reports that some high street stores had cancelled stock orders with clothing factories in Bangladesh, which [...]
Shakespeare: Zara’s customers return as consumers regain confidence August 12, 2020 The real estate arm of high street fashion retailer Zara, Pontegadea, was this week accused of “bullying tactics” to deny rent reduction requests from other high street stores in the UK. An anonymous retail chain reported that Zara’s investment company has tried to add an extra year to one retail chain’s lease for every month [...]
Standard Life Aberdeen profit hit by coronavirus and £25bn Lloyds withdrawal August 7, 2020 Standard Life Aberdeen’s pre-tax profit slumped 30 per cent to £195m in the first half of 2020 after Lloyds withdrew £25bn in the peak of the pandemic. The figures Fee-based revenue fell 13 per cent to £706m as clients pulled their money out to lower fee assets and Lloyds’ scheduled withdrawal of assets. That missed [...]
Voi to roll out first UK e-scooter trial in Cambridge August 6, 2020 Swedish firm Voi has been selected to run one of the first e-scooter trials in the UK in Cambridge as part of the government’s consultation on the new form of urban mobility. Working in partnership with local authorities, Voi will install its first fleet of coral-coloured scooters in the city by September, and create 50 [...]
Boohoo inquiry calls for former Leicester factory workers to give evidence August 5, 2020 The inquiry into poor working conditions at factories used by Boohoo suppliers in Leicester has called for current and former employees to give evidence. Alison Levitt QC, who is leading the inquiry, urged members of the public to give evidence on working conditions in factories in Leicester, what Boohoo knew about the conditions and suggestions [...]
Corporate spy firm tries to clean up ‘James Bond’ industry’s image July 29, 2020 Technology firm Ground Truth Intelligence (GTI) has today launched its ethical investigations platform in London, as the company seeks to shake-up the corporate intelligence industry following high-profile scandals involving companies such as Lekoil and Credit Suisse. The London-headquartered firm is set to provide an “alternative approach” to the global intelligence and investigations industry, offering ethical [...]
UK tax rises: How will Rishi Sunak pay down the coronavirus deficit? July 28, 2020 Rishi Sunak’s first five months as chancellor has seen him shower the UK economy with hundreds of billions of pounds, helping make him the most popular government figure. However, talk has already turned to the ballooning deficit – predicted to be around £350bn this year – and how to reduce it to more manageable levels. [...]
Boohoo to open ‘model garment factory’ in Leicester July 27, 2020 Boohoo, the fast fashion retailer facing allegations of poor working practices at its factory in Leicester, is setting up its own clothing manufacturing facility in the city. The e-commerce giant purchased a former car showroom site in Leicester about six weeks ago to develop a model garment factory in a joint venture with a supplier. [...]