John Lewis scraps staff bonus as it crashes to £635m loss September 17, 2020 John Lewis today confirmed it will not pay a staff bonus for the first time in more than 70 years as the department store chain posted a pre-tax loss of £635m in the first half. The retailer reported a 2.7 per cent uptick in revenue to £4.9bn over the period, but said shoppers had spent [...]
Co-op warns on outlook as revenue rises after lockdown shopping boom September 17, 2020 The Co-operative Group today reported a rise in revenue for the first half of the year as the coronavirus lockdown drove up grocery sales, but warned of a challenging six months ahead. The figures The Co-op reported revenue of £5.8bn in the 26 weeks to 4 July, up 7.6 per cent on last year. Pre-tax [...]
Travelex creditors take £368m hit after pre-pack administration September 16, 2020 Unsecured creditors in troubled foreign exchange provider Travelex are set to suffer heavy losses after suffering a shortfall of more than £368m. The majority of the shortfall, around £319m, is owed to bondholders who took control of Travelex but whose identities are unknown, according to the Times. Last month PwC said a pre-pack administration sale [...]
FTSE 100 falls but US stocks rise ahead of Fed decision September 16, 2020 The FTSE 100 fell but US stocks opened higher as investors awaited the latest decision from the US Federal Reserve and digested more economic data. London’s main stock index dropped 0.6 per cent to stand at 6,067 points just before 3pm. The FTSE 250 of mid-cap companies fell 0.1 per cent. Read more: UK inflation [...]
A New Look for high street retail? Here’s what matters in the Covid-19 world September 16, 2020 It has been what Sir Alex Ferguson used to call “squeaky bum time” for fashion retailer New Look these past few days. On Monday it was being reported that British Land and Landsec, two of the chain’s biggest landlords, were preparing to vote against the proposed company voluntary arrangement (CVA) which would have switched the [...]
FTSE 100 and US stocks jump after strong Chinese industrial data September 15, 2020 The FTSE 100 rose sharply and US stocks opened higher as investors reacted well to stronger-than-expected economic data from China. Britain’s main stock index was up nearly one per cent during the afternoon session at 6,085 points. The FTSE 250 index – which is made up of slightly smaller firms – climbed 0.6 per cent. [...]
New Look landlords approve switch to turnover rents September 15, 2020 New Look’s landlords and creditors have given the struggling retailer the green light to push ahead with restructuring plans. The majority of landlords have approved plans to allow the high street chain to switch to turnover-based rents at 402 of its UK stores, which will align rent payments with future sales performance. The remaining 68 [...]
Next agrees deal to rescue Victoria’s Secret UK business and 500 jobs September 15, 2020 Next has agreed a deal with Victoria’s Secret owner L Brands to rescue its UK business, which is currently in administration, in a move that will save around 500 jobs. The joint venture will operate all Victoria’s Secret stores in the UK and Ireland, subject to approval from its landlords. Its UK online business, which [...]
Regulator launches review into consumer investment market September 15, 2020 The consumer investment market is not working as well as it should and it is due a fundamental review, according to the Financial Conduct Authority (FCA). Too often consumers are receiving lower returns than they should because of “unsuitable products with high fees”, the financial regulator said. It is launching a “call for input to [...]
Eat Out to Help Out wipes £155m off supermarket sales September 15, 2020 The government’s Eat Out to Help Out discount scheme saw £155m knocked off supermarket sales last month as consumers ate fewer meals at home. Brits spent less at supermarkets in the four weeks to 6 September compared to July as the discount scheme encouraged people to venture out to restaurants and cafes. Alcohol supermarket sales [...]