These Are The Companies Offering Perks To Offset Cost Of Living Crisis November 21, 2022 It is no secret that it has been a tough year for workers. The cost of living looks set to get worse as rising prices for groceries and basic services, along with the huge cost of energy are biting deeply into disposable income. The Office of National Statistics (ONS) assessed web-scraped supermarket data for 30 [...]
Harrods sees £15m drop in business rates assessment as retail undergoes dramatic revaluation November 21, 2022 More than half a million retail properties across England and Wales have now been revalued with new rateable values, which will be used to calculate business rates liabilities from 1 April 20023 to 31 March 2026, having been published showing a fall of 10 per ccent overall for the sector. The Valuation Office Agency, an [...]
Wilko reviewing management of financing ahead of vital Christmas season November 20, 2022 Discounter Wilko has said it has a strong relationship with lenders, amid newspaper reports that it is urgently attempting to secure a £30m cash injection. The high street chain was reported to be in emergency talks with alternative lenders over rescue cash, off the back of a dramatic leap in interest rates, according to The [...]
UK retail sales rebound following growth in all areas except food shops November 18, 2022 UK retail sales rebounded slightly last month on the back of growth in all areas except food shops, according to new figures out this a.m. The Office for National Statistics (ONS) said retail sales volumes increased by 0.6 per cent in October, following a 1.5 per cent drop in September, which had been impacted by [...]
Hunt plots an ‘OK, but’ budget to spread the pain and fling it to the future November 18, 2022 As Jeremy Hunt competed for headlines with the Australian soap opera Neighbours, its theme song was unwitting inspiration for his financial plan.
Online sales tax gets canned for its ‘complexity’ November 17, 2022 Jeremy Hunt has scrapped the online sales tax, moving away from plans to better support the high street. Following a consultation, the Chancellor decided to dump the tax, reflecting the concerns about the complexity of the move, as well as “creating unintended distortion or unfair outcomes between different business models”. The levy was designed to [...]
Joules appoints administrators amid ‘overwhelming’ interest from suitors November 16, 2022 Administrators were appointed for beleaguered lifestyle retailer Joules on Wednesday, with some 1,600 staff members at risk. Will Wright, Ryan Grant and Chris Pole from Interpath Advisory were appointed joint administrators for the high street firm, which has struggled with a slowdown in sales. Administrators from Interpath were also appointed for its developments arm and [...]
Beaverbrooks: We don’t expect government to solve all of firms’ problems November 16, 2022 A wedding “catch-up” boom post-pandemic has driven momentum for jeweller Beaverbrooks, its top boss told CityA.M. After the Covid-19 lockdowns saw many couples put plans to get hitched on hold, the easing of restrictions has seen a boom in plans for nuptials, driving ring sales, Anna Blackburn said. The pandemic spurred some couples to get [...]
Thomas Cook hits back after rumours over Chinese owner selling its stake November 15, 2022 Thomas Cook has pushed back against reports that its Chinese owner Fosun Tourism Group was looking to sell its stake in the company. “Fosun Tourism Group has no plans to sell Thomas Cook,” a Thomas Cook spokesperson told City A.M. Sources today told Sky News’ Mark Kleinman that the Chinese powerhouse was contemplating either raising [...]
Landsec books nearly £200m loss as it shrinks presence in London November 15, 2022 British property investment trust Land Securities, known as Landsec, has booked a nearly £200m loss over the past six months as interest rates sting. It follows a £275m profit in the same period last year, as the company retreats out of London. Landsec, one of the largest office leasers in London, has cut the capital’s [...]