1 in 5 nightclubs disappeared since Covid onset as industry head warns of slowing ticket sales August 2, 2022 One in five nightclubs have disappeared over the past three years, with bosses crying out for support as ticket sales slow amid the economic crunch. Nightclub numbers have dwindled to just 1,130 venues across the country during the Covid-19 pandemic, according to figures released by the Night Time Industries Association (NTIA) through insights firm CGA. [...]
Cazoo CFO steps down as company reports £243m half-year loss August 2, 2022 Cazoo has announced its chief financial officer Stephen Morana will step down at the end of the year as the company reported a half-year loss of £243m. Morana will be replaced in the fourth quarter of this year by Graphcore finance boss Paul Woolf. “I would like to thank Stephen for his notable contributions, including [...]
Ethereum’s Merge Approaches as Crypto Adoption Surges in Brazil August 2, 2022 Data from CryptoCompare shows that the price of Bitcoin initially moved down at the start of last week, dropping from $22,000 to $21,000. BTC then quickly surged to retest the $25,000 resistance, and has since corrected to $23,200. Ethereum’s ether, the second-largest cryptocurrency by market capitalization, started the week at $1,500 and after an initial [...]
JD Sports sells Footasylum to private equity firm after watchdog crackdown August 1, 2022 Trainer seller JD Sports has inked a deal to hand over Footasylum to Aurelius Group for £37.5m, following competition concerns. In recent weeks, JD Sports had been rumoured to be in talks with the German private equity group about selling the high street brand, which it attempted to takeover in 2019. JD said the sale [...]
Currys told to ditch price lock by shareholder to increase margins July 31, 2022 Currys has been told to ditch its “price lock” commitment and make goods more expensive by a veteran hedge fund manager amid the cost of living crisis. Crispin Odey, who holds a substantial stake in the firm, said “freezers and washing machines are going to have to be more expensive as they are currently being [...]
Toyota to leave UK if government bans hybrids July 31, 2022 Toyota has threatened to stop manufacturing in the UK if the government goes ahead with its plans to ban the sale of hybrid cars from 2030. The marquee told government officials the ban would constrain “manufacturing, retail and other business activities” as well as “future investment.” “If the government adopts an SZEC [significant zero emission [...]
Kit hits the fan: Retailers running out of England Women’s shirts ahead of Euros final July 28, 2022 Retailers are running out of England Women’s football shirts ahead of the Lionesses’ Euro final against Germany on Sunday. The official England online store, kit maker Nike’s website and a host of high street retailers had sold out of all but extra-small women’s home shirts, which are priced at £75, on Thursday. “We have seen [...]
Shopping centre owner Hammerson sees profits surge as footfall recovers pre-Covid levels July 28, 2022 Property developer Hammerson today said its adjusted earnings had more than doubled on last year, as higher rents as a result of the UK and Europe’s economic from Covid bolstered the shopping centre owner’s business. The London headquartered property investor said its adjusted earnings had increased 154 per cent year on year, after its like-for-like [...]
Frasers Group acquires fast fashion website I Saw It First after rescuing Missguided July 28, 2022 Mike Ashley’s retail emporium Frasers has inked a deal to acquire fast fashion firm I Saw It First. In an announcement on the London Stock Exchange on Thursday morning, the Sports Direct owner confirmed The Telegraph’s reports that it was to poach the website. I Saw It First was created by Jalal Kamani in 2017, [...]
Production delays and China lockdown constrain Jaguar’s profits July 27, 2022 Covid-induced production delays and the impact of China’s lockdown have constrained Jaguar Land Rover’s quarterly profits. In the three months ended 30 June, the luxury marquee posted a loss before tax of £524m, despite a record 200,000 client orders. This comes on the heels of its Indian owner, Tata Motors, suffered a loss of 50 [...]