Brits slash spending in another sign of looming economic woe April 27, 2022 The worsening cost of living shock is prompting Brits to cut back on unnecessary purchases in a further sign the UK economy is headed for a period of worse than expected growth, reveals fresh figures published today. Households are shunning luxury items in response to their living standards suffering a heavy blow from the highest [...]
Ted Baker: Fashion retailer receives ‘a number’ of bids from suitors as sale hots up April 27, 2022 Ted Baker confirmed it has been the recipient of a number of bids from suitors hoping to snap up the high street fashion retailer. The clothes seller entered into a formal sales process earlier this month, after being wooed several times by US private equity firm Sycamore. It had previously revealed it had been approached [...]
Households face extra £271 on annual food bill as grocery inflation highest since 2011 April 26, 2022 Households are facing an additional £271 to their grocery bill, with price inflation now standing at the highest level in over a decade. According to fresh data from Kantar, grocery price inflation has reached 5.9 per cent, the highest level since December 2011. Brits are facing a slew of price increases this spring, as businesses [...]
The City View: Musk on cusp of Twitter buy, and global markets down April 25, 2022 Today Andy Silvester talks to Jack Barnett, City A.M.’s Economics and Markets reporter. They go through the global market dip and why China’s zero-Covid lockdowns are concerning investors; bank earnings for Q1; and new ONS data showing that 9 in 10 households have recorded an uptick in their cost of living. And in the news, [...]
Shoppers push for tech investment as demand for new payment methods swells April 25, 2022 UK shoppers are pushing retailers to ramp up investment in technology as demand for new payment methods from retailer swells, new data has revealed. Around 80 per cent of shoppers are calling on retailers to invest in tech like frictionless payments to help avoid queues and swerve lengthy checkout forms, according to a report into [...]
Burger King plots 200 new UK restaurants as fast food giant eyes whopper £600m London float April 25, 2022 Burger King is eyeing an additional 200 restaurants in the UK over the next four years, after “significant under-penetration” in the country’s market. The burger chain, which has been eyeing a London float since last year, said its adjusted EBITDA nearly tripled to £49.5m. In results for the year ended 31 December, the fast food [...]
McColl’s warns of ‘softer’ trading as newsagent continues rescue talks April 25, 2022 McColl’s has acknowledged “softer trading” as customers hold back on spending while the chain continues to try secure a financial lifeline from partners. Shares tumbled some 50 per cent in early trading on Monday morning, after the retail firm gave an update on its rescue deal talks. In a trading update on Monday, the convenience [...]
Week ahead: City eyes cladding bill impact on house builders’ bottom lines April 24, 2022 Signs of the negative impact of the government turning to home builders to fix the cladding crisis is likely to draw City traders’ gaze in a week of jam packed corporate and economic announcements. London’s capital FTSE 100 index dipped 0.78 per cent to 7,521.68 over the last week, while the mid-cap domestically-focused FTSE 250 [...]
Poundland owner Pepco pledges to ‘protect prices’ as discounter names new CEO April 22, 2022 Poundland owner Pepco has vowed to “protect prices” as customers feel the pinch of rising bills. The Warsaw-listed retailer posted a 17.6 per cent rise in first-half revenue, sales were buoyed by new store openings. Customers would be protected from increases to prices by the retailer renegotiating terms with key suppliers and stock efficiency programmes, [...]
Ray-Ban maker enjoys spike in revenue ahead of a summer with fewer restrictions April 22, 2022 Eyewear group EssilorLuxottica SA, the maker of Ray-Ban, has enjoyed a spike in revenue over the past three months, as consumers gear up for summer. The French-Italian retailer snagged a cool £4.67bn in the first quarter of the year, up more than a third year-on-year, with consumers more likely to be making trips abroad this [...]