Tesco, M&S and John Lewis among UK retail giants to threaten Brazil boycott over Amazon deforestation May 5, 2021 UK retail giants including Tesco, Marks & Spencer and John Lewis have threatened to boycott Brazillian agricultural commodities over the deforestation of the Amazon. In an open letter published today the retailers said they will take action if Brazil’s government passes a law expanding property rights for squatters on public land. Campaigners have warned that [...]
Hipgnosis buys up Dua Lipa and Justin Bieber songwriter’s back catalogue May 5, 2021 Hipgnosis has bought the catalogue of songwriter and producer Andrew Watt as the music investment firm continued its spending spree. Watt recently won producer of the year at the 2021 Grammy Awards for his work with artists including Justin Bieber, Miley Cyrus and Dua Lipa. Hipgnosis’ acquisition binge shows no sign of slowing down, after the [...]
Fewer car sales and new drivers hits brakes on Direct Line growth May 5, 2021 Insurer Direct Line today said that low levels of new car sales and fewer new drivers led to deflationary market conditions during the first quarter. The firm’s total group premiums fell 4.7 per cent year-on-year to £752.3m, with motor premiums plummeting 10.6 per cent to £367.3m. Elsewhere, Direct Line continued to deliver growth in its [...]
Virgin Money swings to profit on lower bad loan provisions May 5, 2021 Banking group Virgin Money today said it had improved half-year earnings after setting aside less cash to cover Covid-driven loan losses. The bank reported statutory pre-tax profit of £72m the six months ended 31 March, compared to a £7m loss a year earlier when it hade hefty provisions for potential bad loans. Virgin Money took [...]
Boohoo sales and profits surge after fast fashion retailer ups loungewear and activewear offering during pandemic May 5, 2021 Fast fashion retailer Boohoo reported a spike in sales and profit last year after refocusing its product offering on loungewear and activewear during the coronavirus pandemic. The e-commerce giant announced this morning that revenue surged 41 per cent in the year ended 28 February 2021, with sales jumping from £1.23bn to £1.75bn. Profit before tax [...]
Made.com doubles London warehouse space with new 350,000 sq ft site, creating 100 jobs May 4, 2021 Online retailer Made.com has announced it will more than double its London warehouse space to meet consumer demand for furniture and homewares. The 350,000 sq ft distribution centre at London Gateway Logistics Park in Tilbury is part of Made’s growth plans and will create up to 100 new jobs. The development, which will be completed [...]
High street recovery blown off course as footfall drops 6.1 per cent May 4, 2021 Wind and rain blew the high street recovery off course this week as footfall dropped 6.1 per cent, according to figures from retail insight company Springboard. The number of shoppers across all retail destinations fell by two per cent last week from the week before. Meanwhile, footfall rose by 2.8 per cent in shopping centres [...]
There is a generation of small businesses hungry to reinvent the high street May 4, 2021 You’d be forgiven for thinking the story of our British high streets was all about the evacuation of large retailers. Debenhams, Mothercare, Topshop, Peacocks barely scratch the surface of the total exodus which has seen 11,000 shops close in just 12 months. Many have been quick to explain that the pandemic has simply accelerated an inevitable, crumbling demise. While our high streets might look bleak right now as larger companies withdraw, small businesses are [...]
Exclusive: EU’s biggest hemp producer sees profits grow 616 per cent in 2020 May 3, 2021 HempFlax saw its profits before tax skyrocket 616 per cent in 2020 to €659,000, as demand grew for its construction materials and CBD. The EU’s biggest hemp grower, headquartered in Holland, saw full year revenues up 43 per cent to €14.5m in 2020, with EBITDA increasing 63 per cent to €1.8m. The numbers were in [...]
Cash down the back of the sofa: Loaf readies for £70m sale May 2, 2021 Home furnishings retailer Loaf is reportedly exploring options for a sale as it looks to cash in on pandemic-driven increased demand. Industry sources told The Times that a sale could raise as much as £70m. Read more: Bargain bin: Topshop’s former Oxford Street site on sale for £420m Loaf was born out of The Sleep [...]