Made.com considers public listing amid pandemic boom February 12, 2021 Online retailer Made.com is said to be mulling an IPO after a bumper year of sales amid the pandemic. The furniture specialist is in talks with banks about its options, which could include a public listing valuing the company at more than £500m, according to Sky News. City A.M. understands Made.com has not yet appointed [...]
FTSE 100 gains despite record slump in UK GDP February 12, 2021 The FTSE 100 pared back its losses this afternoon despite data showing the UK economy shrank by a record 9.9 per cent last year. The figures reflect the damaging economic nature of national lockdowns imposed to curb the spread of coronavirus. Mining and financial stocks led the declines, as the FTSE 250 also dipped by [...]
Exclusive: Online retail sales record five years growth in 12 months due to pandemic February 12, 2021 Online retail sales recorded five years of growth in just 12 months as the coronavirus pandemic accelerated the shift to digital shopping, the latest research showed. E-commerce sales accounted for 19 per cent of retail spending in 2019 compared to 28 per cent 2020 after restrictions and lockdowns forced consumer spending online and away from [...]
Lastminute.com threatened with legal action over unpaid package holiday refunds February 12, 2021 Travel platform Lastminute.com is facing legal action from the UK competition watchdog unless it repays customers whose package holidays have been cancelled due to the pandemic. The Competition and Markets Authority (CMA) warned the firm that it will take court action unless Lastminute processes the repayments – totalling £1m – within seven days. On 1 [...]
Superdry poaches new finance chief from Marks & Spencer’s clothing division February 11, 2021 Fashion retailer Superdry has poached a senior Marks & Spencer director to be its new chief financial officer. Shaun Wills, who has served as the finance director of M&S’s beleaguered clothing and home division since 2018, will join Superdry at the end of April. Wills, who has worked in the retail sector for 30 years, [...]
Ted Baker races to improve ecommerce offering as online sales disappoint February 11, 2021 Fashion retailer Ted Baker said it is racing to improve its digital shopping platform as it reported disappointing online sales in the fourth quarter, which were unable to offset the impact of store closures on revenue. The firm also revealed that it will take a £5m Brexit-related hit in its full-year results, reflecting extra duty [...]
Westfield London owner posts €7.6bn loss after rent squeeze as UK tenants go bankrupt February 10, 2021 The shopping centre landlord that owns Westfield London, Stratford City and a swathe of similar mega-malls across Europe and the US has seen its like-for-like rental income drop 24 per cent.
Boris Johnson tells firms to ‘wait for Budget’ for verdict on business rates holiday extension February 10, 2021 Boris Johnson has said there will be no announcement on a potential extension to the business rates holiday until the 3 March Budget. The Prime Minister told MPs today that the “government is committed to supporting businesses and people’s livelihoods throughout the pandemic” and that UK businesses should “wait for the chancellor’s Budget to explain [...]
Dunelm reinstates dividend as pandemic continues to drive homeware sales February 10, 2021 Dunelm this morning announced it will reinstate its dividend as sales boomed – despite store closures in lockdown – due strong consumer demand for homewares. Total sales soared 23 per cent from £585m to £719.4m in the first half of the year and profit before tax was up 34.4 per cent from £83.6m to £112.4m. [...]
Shakespeare: Paperchase look set for a stronger 2021 February 10, 2021 Stationary retailer Paperchase has struggled throughout the pandemic, and was at the brink of administration at the start of this year. The chain has now been rescued in a deal which will save 1,000 jobs and 90 of its 125 stores. A Paperchase spokesperson said the coronavirus crisis and the closure of non-essential retail had [...]