Shares plunge for Naked Wines after bleak sales guidance warning June 23, 2022 Naked Wines’ shares tumbled by around 40 per cent on Thursday after the online wine retailer warned its sales would take a hit this year. The London-listed retailer cautioned its shareholders that sales could plunge by as much as four per cent in the year to the end of March. Naked Wines would “not pursue [...]
Amazon tells government online sales tax would wound small retailers using its platform June 23, 2022 An Amazon manager cautioned the government that a levy on internet heavyweights would cause serious damage to the UK’s small retailers, According to a report by Sky News, John Boumphrey, Amazon’s UK country manager, urged a Treasury minister against an online sales tax (OST) at a meeting with retail chiefs on Wednesday. A one per [...]
Un-tea-lievable: Welsh government considers banning children from buying tea and coffee June 23, 2022 The Welsh government is considering stopping the sale of tea and coffee to under-16s as part of a wider ban on energy drinks. A consultation on the proposal to end the sale of energy drinks to children also asks respondents whether the ban “should be widened to consider other drinks typically high in caffeine, such [...]
Ministry of Sound to convert House of Fraser store to lure Londoners to ‘fitness raves’ in Shepherd’s Bush June 23, 2022 Nightclub group Ministry of Sound said this morning it plans to convert a former House of Fraser store in west London to hold ‘fitness raves’ for Londoners. The building will also be turned into flexible offices, a gym as well as a rooftop bar. The group said it plans to start converting the 115,000 sq ft department [...]
Boohoo poaches Trainline CFO weeks after retailer saw first-ever sales drop June 23, 2022 Boohoo has poached Trainline’s former finance lead as its new chief financial officer (CFO), just weeks after the retailer posted its first-ever sales drop. It comes amid a turbulent period for fast fashion brands. Rival retailer Missguided collapsed in late May, after being hammered by spiralling supply chain costs. Shaun McCabe, who has sat on [...]
Barclays calls on retailers to help stop mounting BNPL debt crisis June 23, 2022 Barclays has sounded the alarm over rising buy-now pay-later debt today and called on retailers to step up and protect shoppers, warning that 876,000 Brits could be plunged into unmanageable debt this year without intervention.
Three companies that could avoid inflationary pressures June 21, 2022 Fears of inflation and rising interest rates have hit the global stocks market this week. We look at three companies that could weather the storm. 1. Compass Group’s Compass Group revealed an impressive comeback from the Covid pandemic at its recent results and a share buyback programme. The catering firm plans to return £500 million to shareholders through [...]
Kellogg to split into three firms as cereal maker focuses on snacks June 21, 2022 Cereal maker Kellogg will split into three independent companies and make its snacks division its biggest focus. The Coco-pops maker said it would spin off its North American cereal and plant-based foods businesses. Names for the three companies are yet to be decided upon. Its snack company – which includes brands including Pringles, Cheez-It, and [...]
Cost of living crunch: Shoppers exposed to extra £380 on yearly grocery bill June 21, 2022 Shoppers are now facing an additional £380 to their annual grocery bill as grocery price inflation has hit its highest level in 13 years. According to freshly published data from insight firm Kantar, grocery price inflation hit 8.3 per cent over the past four weeks, the highest level since April 2009. It comes as all [...]
An online sales tax would be a small hassle for Amazon, but a hard blow for our shops June 21, 2022 The Treasury is considering whether to introduce an online sales tax (OST) as a “means to rebalance the taxation of the retail sector between online and in-store retail”. A decision is expected in autumn – probably as part of the Chancellor’s Budget. If the government has any sense, it will run a mile from taking [...]