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 [...]
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 [...]
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 [...]
London health startup Cera to create 5,000 jobs in expansion drive January 13, 2021 London health startup Cera is set to hire 5,000 new employees as it looks to double its headcount this year. Cera, which uses AI to provide in-home care, said it is recruiting data scientists and analysts, software engineers, IT professionals and operational and logistical staff, as well as frontline care workers. The company said its [...]
Debenhams closes six stores including Oxford Street flagship January 13, 2021 Debenhams has permanently closed six department stores, including its flagship site in Oxford Street, due to the third national lockdown. The retailer had planned to reopen the stores to sell off remaining stock, but the introduction of new Covid-19 restrictions means that sites where it was unable to secure lease extensions will close. The closures [...]
Exclusive: City fund managers on the impact of the third lockdown January 13, 2021 In this 2-part series, City A.M. asked UK-focused fund managers what they make of post-Brexit trade arrangements, the impact of three lockdowns and the long-term outlook for the UK’s investment community. Yesterday, in part 1, the investment managers focused on the UK-EU deal and which sectors and companies may become the winners and losers from [...]