The Works: Arts and crafts retailer’s profit slumped as demand stayed soft October 1, 2024 High street arts and craft retailer The Works has reported weaker sales in 2024, leading to a slump in profit. Adjusted earning before interest, tax, depreciation and amortisation fell by 30 per cent to £6m, from £9m last year, while adjusted profit before tax fell 39 per cent to £3.2m, from £5.3m in 2023. The [...]
Greggs delivers success once again as evening trade boosts sales October 1, 2024 High street bakery Greggs has reported another quarter of strong sales growth, fueled by new products and extended evening opening hours. The sausage-roll maker told markets this morning that total sales rose by 10.6 per cent in the third quarter of 2024, with like-for-like sales up five per cent. This growth was “supported by menu [...]
Tech and taxes: What do SMEs want to see in the upcoming Budget? September 30, 2024 Small businesses have called on the government to prioritise growth in the upcoming Autumn Budget in order to avoid a slowdown of growth.
Mike Ashley’s Frasers Group tables £83m Mulberry takeover bid after capital raise snub September 30, 2024 Mike Ashley’s Frasers Group has tabled a £83m takeover of Mulberry and launched a tirade against its board after allegedly being shut out of discussions over a £10m fund raise. The retail giant, which owns a 37 per cent stake in Mulberry, offered £83m for the rest of the luxury fashion brand, valuing each share [...]
Profit slashed at King Charles’ bed maker Sleepeeze ahead of takeover September 30, 2024 Profit at Sleepeeze, King Charles’ favoured bed maker, was slashed by more than 50 per cent in the year before it was acquired, it has been revealed. The Kent-headquartered business has reported a pre-tax profit of £159,261 for 2023, down from the £360,565 it reported for 2022. Newly-filed accounts with Companies House also show its [...]
Meet the fund managers: Renewable infrastructure in the FTSE 250 September 30, 2024 In this weekly series, investment reporter Elliot Gulliver-Needham sits down with a fund manager for a Q&A. This week, we’re hearing from Minesh Shah, manager of The Renewables Infrastructure Group (TRIG). How does your fund stand out from others in the same market? The Renewables Infrastructure Group (often known as TRIG) is a £3bn FTSE [...]
Can Asos fight back against Shein and Temu in the market it once dominated? September 30, 2024 To say that investors have lost confidence in Asos may be something of an understatement: its share price has plummeted since April 2021, to the tune of about 90 per cent. The stock resembles a playground slide, dotted with small cliffs that correspond to profit warnings, news of a slump in sales, or lowered guidance. [...]
Next boss Lord Wolfson sells £29m of stock in the high street bellwether September 29, 2024 Next’s chief executive has sold £29m worth of shares in the FTSE 100 fashion and homeware store. Lord Wolfson of Aspley Guise sold around 290,000 shares, leaving him with 950,000 shares worth £100m, Next told markets on Friday. News of the sale sent Next’s share price down 3.5 per cent, although it’s risen by 21.24 [...]
Hard Rock Cafe nears return to profit as UK sales rise September 27, 2024 Hard Rock Cafe took a huge step towards returning to the black in 2023 as it continued its recovery from the Covid-19 pandemic. The themed restaurant chain’s London-headquartered division reported a pre-tax loss of £1m for the 12 months, after having posted a loss of £9.4m for 2022. The last time the company reported a [...]
Bravissimo: Founder sells up ahead of 30th anniversary September 27, 2024 Lingerie retailer Bravissimo, which was set up by entrepreneur Sarah Tremellen almost 30 years ago, has been sold to a Japanese giant. The Warwickshire-headquartered company has been snapped up by Wacoal’s European division, which is based in Northamptonshire, for an undisclosed sum. Tremellen has owned Bravissimo with her husband Mike since she founded the firm [...]