In memoriam: Ian Taylor 1946-2020 January 16, 2021 Ian Taylor, who died in June of last year, ran Vitol for two decades. He was well-liked in the City not just for his business acumen, but for his philanthropy – which, it was revealed last week, continued after his death. Bloomberg reported he left £1m to the Royal Opera House and significantly more than [...]
More than 200 jobs axed after M&S deal to buy Jaeger fails to save stores January 15, 2021 More than 200 high street jobs have been axed after womenswear brand Jaeger collapsed, resulting in the closure of its 63 stores. Marks & Spencer has acquired Jaegers stock and marketing assets but the retailer’s stores and concessions were not part of the deal. In total 211 store staff and 22 head office employees have [...]
Retail tycoon Philip Day secures deal to save Edinburgh Woollen Mill’s future January 12, 2021 Billionaire businessman Philip Day has reportedly secured a deal with overseas investors to rescue retailers Edinburgh Woollen Mill, Ponden Home and Bonmarche, in a move that could save around 2,500 jobs. Day is expected to use his secured creditor status to acquire the brands’ assets from administrators to then sell them on to Middle Eastern [...]
Marks & Spencer buys Jaeger out of administration January 11, 2021 Marks & Spencer today confirmed it has bought fashion brand Jaeger, which collapsed into administration last year. The retailer has agreed to take over the Jaeger brand, and is finalising terms to buy up stock and marketing assets. The deal will not include any stores, and it is unclear whether any jobs will be saved. [...]
M&S sales fall over Christmas quarter as lockdown hammers clothing division January 8, 2021 Marks and Spencer (M&S) saw their sales slip over the quarter leading up to Christmas as new lockdown restrictions cast a shadow over the normally lucrative season. The high street stalwart said that total sales fell 8.2 per cent to £2.5bn in the three months to 26 December. Shares in the retailer fell 1.9 per [...]
Asos to create 2,000 jobs with new UK warehouse January 8, 2021 Online fashion giant Asos has pledged to create 2,000 new jobs via a £90m new warehouse in Staffordshire, the company announced this morning. The new 437,000 square ft site in Lichfield “will serve Asos’ growing number of customers in the UK and around the world”, the retailer said in a statement. Asos has seen sales soar [...]
This Week: PMIs, Morrisons, Next, US unemployment, Fed, M&S January 4, 2021 City A.M. looks at the first business week of 2021 with Michael Hewson, chief market analyst at CMC Markets UK. Monday: UK PMIs for December Flash numbers in the middle of December were surprisingly encouraging, with manufacturing rising to 57.3. “No doubt due to some pre-Brexit stockpiling. services also managed to rebound a touch, coming [...]
15 incredible Londoners in the New Year’s Honours List January 2, 2021 In a list that was largely dominated by health staff and civil servants this year, Christopher Woolard, who served as interim Chief Exec of the FCA in 2020, became a Commander of the British Empire, while Kate Nicholls, a vocal advocate for the hospitality industry throughout this terrible year for bars, pubs and restaurants, received [...]
Lockdown board games: Forget Monopoly, here are the real games December 30, 2020 For decades board games lived largely unloved lives, their battered boxes pulled off dusty shelves on rainy days and holidays. But as we approach essentially another national lockdown, many of us will be dusting them off once more. Back in their heyday, board games were designed to be simple, with concepts that could appeal equally [...]
Naughty or nice: Which businesses pleased or peeved Santa in 2020? December 21, 2020 Which businesses stood out this year for going above and beyond for customers and staff, and which will be remembered less favourably for their pandemic policies? The last year has certainly been one that will not be forgotten. The last 12 months have been widely been touted “the worst ever” by people around the world, [...]