Weak UK retail sales drags FTSE 100 lower – CityAM : CityAM August 20, 2021 London’s FTSE 100 extended yesterday’s sharp losses into this morning as weak UK retail sales figures weighed on market sentiment. The capital’s premier index slipped 0.22 per cent to 7,043.22 points during the first two hours of trading on Friday. The blue-chip index is on track to register its worst week since January. Also Read: [...]
Government borrowing smashes expectations but debt-to-GDP highest since 1960s – CityAM : CityAM August 20, 2021 Government borrowing smashed official forecasts last month as the deficit narrowed by nearly half its levels registered at the height of the Covid crisis, official figures released today reveal. Data released by the Office for National Statistics shows in July of this year, public sector borrowing reached £10.4bn, the second highest figure for the month [...]
End of Euro 2020 dampens retail sales in July August 20, 2021 UK retail sales fell sharply over the last month driven by the end of the Euro 2020 football tournament in July stemming Brits’ spending on food and drink, according to official figures released today. Data from the Office for National Statistics shows retail sales volumes dropped 2.5 per cent between June and July of this [...]
Bidding war for Morrisons heats up as US private equity giant makes £7bn move August 20, 2021 A fresh £7bn bid for supermarket chain Morrisons has been put forward by US private equity firm Clayton, Dubilier & Rice (CD&R). The deal has been unanimously accepted by the board of the grocer and directors have said shareholders should vote in favour of the takeover at a meeting due in early October. It means [...]
Amazon plans to open department stores in US August 19, 2021 Amazon plans to open department stores in the U.S. allowing the trillion dollar tech company to expand its physical presence in retail. The company’s flagship retail stores are expected to be located in Ohio and California, an insider told The Wall Street Journal. The new spaces will offer customers access to household goods, clothing and [...]
London Amazon sellers generate £263m monthly revenue in e-commerce boom August 19, 2021 UK Amazon sellers now account for 5.5 per cent of the country’s retail sector’s monthly turnover. Some 13,483 Amazon sellers generate almost £2.5bn in monthly sales, according to analysis from online consumer goods company Trasio. This represented 5.5 per cent of the entire UK retail sector’s turnover in June. London Amazon sellers generate £263m revenue [...]
Inside the crazy, expensive world of whisky miniature collecting August 19, 2021 The founder of The Whisky Exchange is selling his collection of rare and old whisky miniature bottles. The collection will be sold as part of the quarterly miniatures and memorabilia auction at, live until Tuesday 24 August. Sukhinder Singh, who founded the global whisky retailer with his brother Rajbir in 1999, is putting four hundred [...]
Brits abroad: M&S to sell Percy Pigs and other classic products to over 150 countries August 18, 2021 M&S has teamed up with export platform British Corner Shop to sell 800 of its classic food products, including Percy Pig sweets and Luxury Gold Teabags, in an effort to recover its struggling business through online sales. It comes after the British retailer reported a significant annual loss in May, as pandemic store closures weighed [...]
UK inflation drops to two per cent in July August 18, 2021 Inflation in the UK dropped in July, driven by sharp falls in prices for clothing and footwear as retailers sought to stimulate demand by slashing prices amid the traditional summer sale season, according to official figures released today. The Office for National Statistics said prices rose two per cent over the last year, down from [...]
Electra Private Equity to rename as Unbound in hospitality demerger August 17, 2021 Electra Private Equity has reiterated its plans for a spin off of its hospitality brands and will rename the company Unbound Group. Restaurant brands TGI Friday and 63rd+1st will be split away under a new company named Hostmore, with shares given to Electra shareholders. The private-equity investment trust will be left with one remaining business, [...]