Topshop collapse: What went wrong for Sir Philip Green’s Arcadia retail empire? November 30, 2020 Topshop was a beloved high street brand, had secured lucrative partnerships with Kate Moss and Beyonce, and boasted star-studded front rows at its London Fashion Week shows. Now, it's facing collapse.
Black Friday boosts central London shopper numbers despite lockdown November 30, 2020 Black Friday boosted retail footfall in central London last week despite the closure of all non-essential shops. Footfall rose 4.8 per cent across all UK retail destinations compared to the previous week, soaring 21.6 per cent in central London and 5.1 per cent in outer boroughs. UK high streets and retail parks benefited the most [...]
Corona Impact Series: A Shoreditch paper goods supplier forced to move online November 30, 2020 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: how a small stationery brand was forced to accelerate its digital transformation. “At the start of the first lockdown we had to close our five brick-and-mortar stores pretty much overnight,” sighs Sidonie [...]
To qualify or not to qualify? Auditors move to ditch risky clients November 30, 2020 Qualifying an audit could lead to unhappy clients and litigation risks, so it is safer to ditch clients instead, an expert has told City A.M., after several auditors dropped clients in October. Last month three separate auditors terminated contracts with clients in compromising circumstances. At the time the reputational risk of being associated with the [...]
FTSE 100 remains on track for best month in 30 years November 30, 2020 The FTSE 100 reversed early losses this morning to remain well on track for one of the best months in its history in November. London’s premier index gained 0.4 per cent this morning, meaning it is is set for a monthly gain of over 13 per cent – its best in 31 years. JD Sports [...]
Mike Ashley offers Philip Green’s embattled Arcadia emergency funding November 30, 2020 Mike Ashley has offered emergency funding to fellow retail billionaire Sir Philip Green’s Arcadia empire, which is on the brink of bankruptcy. After speculation that a deal was in the offing over the weekend, Ashley’s Frasers Group today confirmed that it had offered the Topshop-owner £50m in loans. It added that should the company enter [...]
Vaccine news leads to surge in London business confidence: Lloyds November 30, 2020 London business confidence increased following the news a Covid-19 vaccine may soon be a reality. According to the Lloyds Bank’s Business Barometer for 2020, overall confidence of firms in London rose five points in November to -19 per cent.Firms’ confidence with their own business prospects was -18 per cent, compared to -16 per cent in [...]
Covid-19: London in Tier 2 restrictions – what are the new rules to follow? November 27, 2020 The covid-19 restrictions have been strengthened since before the lockdown, so what are the new rules for work, home and socialising now that London's in Tier 2
Don’t make us pay national insurance for furloughed staff, say struggling businesses November 27, 2020 Business groups representing hospitality, retail and leisure businesses have united to urge the government to provide sector specific support for fear of going bust due to higher tier restrictions. The groups, which have launched a ‘Bounce Back Better’ campaign to urge the government to provide them support, have asked for National Insurance payments to be [...]
Primark to reopen all stores in England with extended hours on 2 December November 27, 2020 Primark will reopen all of its stores in England when lockdown lifts next week, with extended opening hours to cope with higher demand ahead of the holiday season. The fast fashion giant has 153 stores in the country, 11 of which, including the White City store in west London, will open for 24 hours on [...]