Corona Impact Series: How a Bethnal Green confectionery is baking up a storm online January 25, 2021 In this series, City A.M. looks at the financial and economic impact of the ongoing pandemic on a range of small and medium-sized businesses across London. Today: The East London bakery which went entirely digital as the pandemic storm picked up. Before the pandemic, Steph Giordano, the founder of Bethnal Green bakery Baked by Steph, had been baking [...]
Pubs and restaurants struggle to pay rent due to lockdown restrictions January 25, 2021 Commercial landlords collected just 77 per cent of rent in the final quarter, as retail, leisure and hospitality firms struggled under the pressure of lockdown restrictions. The latest research showed that pub, bar and restaurant tenants paid 23 per cent of rent as sales were decimated by Covid-19 restrictions in the crucial Christmas trading period. [...]
Asos shares jump as retailer confirms exclusive talks to buy Topshop January 25, 2021 Shares in Asos jumped more than five per cent this morning after the online retail platform announced it is in exclusive talks to buy Topshop – the jewel in the crown of Sir Philip Green’s collapsed business empire. Asos said this morning that it is in discussions with Deloitte – Arcadia’s administrator – to buy [...]
Boohoo buys Debenhams brand and website for £55m – but stores set to close January 25, 2021 Online retail giant Boohoo has announced it will buy Debenhams’ brand and website for £55m, but will not rescue the high street chain’s stores or jobs. The deal – announced this morning – means Debenhams’ remaining 118 department stores will close down and could result in up to 12,000 job losses. Boohoo said the acquisition [...]
Dr Martens to announce cornerstone investors in £3.5bn London listing January 24, 2021 Iconic footwear brand Dr Martens will launch a £3.5bn London listing tomorrow, with the retailer’s top management set to pocket multimillion-pound payouts. Dr Martens is expected to announce tomorrow that it has secured cornerstone investors when it publishes the prospectus for a share sale ahead of the initial public offering (IPO) next month, The Sunday [...]
London Stock Exchange mulls £300m Covid rescue fund January 23, 2021 The London Stock Exchange is plotting a £300m listed investment vehicle aimed at offering much-needed support to companies hit hard by the pandemic. David Schwimmer, LSE chief executive, has led talks with top City figures and Treasury figures about establishing an investment trust that would list on the index. It is understood the vehicle, dubbed [...]
Retail therapy: How has the Covid-19 pandemic changed the way we shop? January 22, 2021 The lifestyle changes from Covid-19 were reflected in where people chose to spend their hard-earned cash in 2020, with local shops, fitness platforms and recipe boxes feeling the benefit of a year in the coronavirus pandemic.
Has Covid-19 changed the conversation around sustainable investing? January 22, 2021 Sustainable investing is not just about a company’s financial success, but how it achieves that success. The importance of considering all stakeholders is intrinsic to the approach. Those stakeholders range from employees to shareholders to wider society. The Covid-19 pandemic has shone a spotlight on how companies treat their employees, protect their customers, and help [...]
Lloyd’s lures Aviva’s MD for new chief of markets role January 22, 2021 Lloyd’s said this morning it has created a new chief of markets role which will oversee performance and distribution at the insurance giant. Patrick Tiernan has been hired for the position once he has seen out his current stint as managing director at Aviva, where he was previously chief financial officer. Tiernan has 24 years [...]
Wall Street slides as ‘Biden bounce’ runs out of steam January 22, 2021 Wall Street fell today as global markets stepped back from the highs they reached on the back of Joe Biden’s new economic stimulus proposal. After once again hitting record highs earlier this week, Wall Street’s main markets once again showed that they were not immune to the malaise felt around the world. The S&P 500, [...]