FTSE 100 drops to October lows on recession fears January 15, 2021 The FTSE 100 sunk into the red today, capping off its worst weekly performance since the end of October amid fresh Covid woes. The blue-chip index closed down 0.97 per cent at 6,735 points after new data showed UK GDP fell 2.6 per cent in November, sparking fears of a double-dip recession. London’s main market [...]
Plus-size retailer N Brown’s shares drop after pandemic hits revenue January 15, 2021 Shares in plus-size fashion retailer N Brown plunged this morning after the company, which owns Simply Be and Jacamo, announced a dip in revenue due to a drop off in occasionwear sales during the pandemic. N Brown’s share price fell 13.48 per cent to 64.2p after it reported a 1.4 per cent drop in product [...]
Commercial landlord Segro bucks trend to collect majority of rent owed in 2020 January 15, 2021 Commercial landlord Segro has bucked the current trend to collect almost all of the rent due last year, as its out-of-town business property assets proved to be resilient during the pandemic. The real estate investment trust (Reit) said it had collected 98 per cent of the £417m owed in 2020. Segro has also received 88 [...]
UK set for double-dip recession as GDP plummets 2.6 per cent January 15, 2021 The UK economy shrank by 2.6 per cent in November as the Covid-19 pandemic took hold of multiple sectors across the country, according to new figures published this morning. The Bank of England estimates Britain’s economy shrank by just over 1 per cent over the final three months of 2020. With a new lockdown in [...]
Pubs and restaurants suffer festive flop as Christmas sales slump January 15, 2021 Pubs and restaurants were plunged into festive misery as tough Covid-19 lockdown restrictions prompted a slump in sales in Christmas. UK boozers and eateries saw total sales drop by almost three-quarters during what should have been the sector’s busiest trading period of the year. Drink-led pubs and bars were worst hit, with sales down 83.7 [...]
‘Phantom roles’ may mask the true state of the UK job market January 14, 2021 Last month, the Office for National Statistics (ONS) painted a bleak picture of the UK job market with the hospitality and retail sectors being in a particularly bad shape. ONS data showed the biggest-ever year-on-year decline in job vacancies in those sectors as the number of open positions fell by 49 percent and 52 per [...]
London landlord Great Portland Estates confident capital will bounce back after Covid January 14, 2021 London commercial landlord Great Portland Estates reported that tenants have struggled to pay their rent due to the impact of lockdown measures on trading, but said the Covid-19 vaccination programme is the light at the end of the tunnel. December quarter rent collection was ahead of September levels, with Great Portland Estates receiving 77 per [...]
UK high streets to ‘lose up to 40 per cent of stores’ due to pandemic January 14, 2021 Up to 40 per cent of high street shops could be forced to close due to the impact of the shift to remote-working and online shopping, the latest analysis showed, in the latest blow to the struggling UK retail sector. A report published this morning by professional services giant KPMG said UK high streets could [...]
Sazka taps former Sainsbury’s boss Justin King for National Lottery bid January 14, 2021 European lottery group Sazka has tapped former Sainsbury’s chief executive Justin King to advise on its bid for the UK National Lottery licence. King, a veteran retail executive who also serves as vice chairman of private equity firm Terra Firma, is the first appointment to a new advisory board working on Sazka’s tender. He will [...]
Grocery delivery app Weezy raises $20m for London expansion January 14, 2021 Grocery delivery platform Weezy has raised $20m (£14.6m) to fund its expansion in London and across the UK as it cashes in on bumper demand during the pandemic. Weezy, which offers local grocery deliveries in 15 minutes, said it will use the funding to add 50 employees to its London-based team over the next four [...]