Boohoo makes major US change in bid to broaden appeal September 11, 2024 Boohoo has announced significant changes to its operations in the US market as it looks to broaden its product offering across the Atlantic. The Manchester-headquartered group will stop supplying US customers from its distribution centre in Pennsylvania, as the company’s management look at ways to drive a more sustainable and profitable business. Orders will instead [...]
Asos slashes £500m debt pile as refinancing deals revealed September 11, 2024 Asos has announced the successful refinancing of the majority of its £500m debt due in 2026, with only just over £70m outstanding. The online fast-fashion retailer, which has struggled with post-pandemic shopping trends, had £500m in convertible bonds due 2026. The London-headquartered company has now exchanged £253m into convertible bonds due in 2028 rather than [...]
The winter fuel cut is Starmer’s first peek into the Too Difficult Box. Now give him courage! September 11, 2024 Means-testing winter fuel payments show Starmer is willing to peek into the Too Difficult Box, but he must resist to urge to slam it shut again, writes James Price
Value of mortgages in arrears hits highest level since 2014 – Bank of England September 10, 2024 Mortgage holders are continuing to feel the pain from the Bank of England’s efforts to combat inflation, according to new figures. Data released by the Bank showed that the value of outstanding mortgages in arrears hit £21.9bn in the second quarter of this year, the highest figure since 2014. This was a 32 per cent [...]
Grocery inflation stabilises, but Brits still concerned about shopping costs September 10, 2024 Grocery inflation has returned to its downward trend but nearly two thirds of Brits remain worried about the rising cost of their shopping, according to fresh data. Annual grocery price inflation in the four weeks to 1 September fell to 1.7 per cent, down from 1.8 per cent in the previous four-week period, according to [...]
Bank of England gets the ‘green light’ for another rate cut following wage figures September 10, 2024 For the second month in a row the figures show that pay growth eased markedly even while unemployment edged lower.
Luceco: Sales rise beyond expectations at lighting giant September 10, 2024 Revenue at LED lighting specialist Luceco grew beyond expectations during the first half of its financial year as easing inflation helped to stabilise prices. The London-listed firm, which is headquartered in Telford, saw its sales increase to £109.6m in the six months ending 30 June, 2024, up from £101.1m in the same period last year. [...]
Inspecs: Eyewear maker ‘optimistic’ for the future despite revenue cut September 10, 2024 Sales at eyewear manufacturer and distributor Inspecs have been cut after being hit by inflation and competitor acquisitions. However, the company added it remains optimistic about the future. The firm’s revenue for the six months ended 30 June, 2024, was down 7.3 per cent from £111.2m to £103m, compared to the same period in 2023, [...]
State pension set to rise by £460 next year amid winter fuel debate September 10, 2024 This would mean that the state pension rises to around £11,962 next year from £11,502, an increase of almost £9 per week.
Wickes profit down by almost a quarter as sector struggles September 10, 2024 Profit at British DIY and home improvement retailer Wickes fell by almost a quarter over the past six months as sales slowed across the entire home improvement market. The London-listed company, which is headquartered in Watford, reported an adjusted pre-tax profit of £23.4m during the six months ending 29 June, 2024, down just under 25 [...]