UK tech sector growth cools to slowest pace since 2015 amid political uncertainty January 21, 2019 Growth in the UK tech sector cooled to its slowest pace in three years in the final quarter of 2018 as political uncertainty and global trade frictions dented industry confidence. Tech companies also reported the sharpest fall for seven years in backlogs of work, suggesting a lack of new work to replace completed projects at [...]
Mike Ashley enters talks to buy struggling music store chain HMV and eyes new PR team January 20, 2019 Mike Ashley is looking to strengthen his grip on the high street by entering talks to buy struggling music store HMV while searching for a new communications firm to oversee his expanding retail empire. The ambitious business tycoon, who has bought House of Fraser and Evans Cycles in the past six months, is bidding to [...]
Shopping centre put up for auction for £1 as retail sector looks to a challenging 2019 January 18, 2019 Worries on the high street were compounded this morning as a Scottish shopping centre was put up for sale for a solitary pound. The Postings Shopping Centre in Fife boasts a pharmacy, a bakery and a cafe over 80,618 sq ft. Read more: Retail sales fall as 'suffocating' Brexit uncertainty envelopes UK high streets However it [...]
Patisserie Valerie exodus continues as deputy chairman steps down January 17, 2019 Patisserie Valerie has been burned further this morning by the walkout of its deputy chairman. Lee Ginsberg – a non-executive director at the beleaguered cafe chain, which is caught in a devastating alleged fraud – would resign with immediate effect, the company said in an update. Ginsberg had been chair of the audit committee at [...]
Another false Economy: Energy customers were hit by mystery meter readings January 17, 2019 Customers of failed provider Economy Energy say they were hit with mystery meter readings far higher than expected in December as the company fought for its survival. One of the readings, seen by City A.M., inflated a customer’s monthly usage by over 12,000 units, equivalent to around three years’ average use for a household in [...]
Patisserie Valerie reveals balance sheet was significantly manipulated in ‘devastating’ fraud January 16, 2019 Patisserie Valerie posted a bombshell update to the market this afternoon, admitting that its balance sheet was “significantly” manipulated and thousands of false entries were made into the high street baker’s books before a shock £40m black hole was discovered last year. The troubled firm has appointed RSM as auditors and KPMG has been hired to [...]
Offers on the table for HMV, say administrators January 16, 2019 Rescue offers have been made for beleaguered retailer HMV, its administrators confirmed today. Big Four accountancy firm KPMG, which had set a deadline of Tuesday this week for interested parties, said today that several offers have been put on the table for the 97-year-old chain. However, the identity of the bidders is not yet known. Will [...]
Off road: Is the car industry in reverse? January 14, 2019 The automotive industry faces recession and decline. Driverless cars are on the horizon, but has the moment for motors already passed? The first Model T Ford rolled off the production line in 1908. Available in “any colour… so long as it is black”, in the words of magnate Henry Ford, the car marked a breakthrough [...]
HMV future could be decided this week as bid deadline looms January 13, 2019 The future of music retailer HMV will be decided this week as the deadline for rescue bids draws close. HMV collapsed into administration for the second time in six years late last month. Its administrator KPMG has set a deadline of Tuesday for suitors to lodge bids for the chain, Sky News was the first [...]
Christmas shoppers shunned the high street, but attacking Amazon won’t help January 11, 2019 Between the fierce renewal of the Brexit saga, parliamentary shenanigans, and a particularly chilling cold front (interpret that literally or metaphorically, as you will), the merriness of Christmas feels like a thing of the past. But for the high street, it feels like Christmas never came at all. Reports of retail sales, released yesterday by [...]