Oak Furnitureland to cut 160 jobs amid store closures July 27, 2020 Oak Furnitureland is preparing to permanently close 27 showrooms, putting 163 employees at risk of redundancy in the latest blow for the UK retail industry. The furniture retailer, which was bought by investment firm Davidson Kempner Capital Management last month, said adverse trading conditions after the coronavirus lockdown had forced it to close stores. All [...]
Boohoo to open ‘model garment factory’ in Leicester July 27, 2020 Boohoo, the fast fashion retailer facing allegations of poor working practices at its factory in Leicester, is setting up its own clothing manufacturing facility in the city. The e-commerce giant purchased a former car showroom site in Leicester about six weeks ago to develop a model garment factory in a joint venture with a supplier. [...]
Rishi Sunak mulls online sales tax for e-commerce retailers July 27, 2020 Chancellor Rishi Sunak is mulling a new tax on online retail sales to ease pressure on the struggling UK high street. In a call for evidence published last week the Treasury sought industry views on a potential online sales tax for e-commerce retailers to help physical stores compete. The tax, which would exist alongside business [...]
Markets live: FTSE 100 and US stocks drop sharply as US-China tensions flare July 24, 2020 The FTSE 100 and US stocks fell after US-China relations soured and rising coronavirus cases threatened the global economic recovery. London’s blue-chip index closed 1.4 per cent lower at 6,124 points, despite some better-than-expected economic data. The FTSE 250 closed 1.3 per cent down. Read more: Asian shares retreat as US-China tensions sour Germany’s Dax [...]
Three charts suggest a V-shaped recovery, but economists are sceptical July 24, 2020 British businesses reported the best growth in five years in July and shoppers spent their money at close to pre-coronavirus rates in June, data showed today in a positive sign for the UK economy. It was a stark contrast to two weeks ago, when figures showed that the economy undershot expectations in May with just [...]
Vodafone targets 2021 IPO for European towers unit July 24, 2020 Vodafone today confirmed it would target an early 2021 initial public offering (IPO) for its European telecoms towers business. The spin-off will see the division renamed Vantage Towers after Vodafone signalled its intention to separate the unit to maximise shareholder value. Vodafone said it will seek a prime listing in Frankfurt for its European mast [...]
Private sector grows at fastest pace in five years as UK economy reopens July 24, 2020 Britain’s all-important services sector grew at its fastest pace in five years in July as much of the UK economy reopened from the coronavirus lockdown, a survey has shown. Private sector output as a whole also grew at its fastest clip since 2015 as manufacturing production picked up speed, according to the early survey reading. [...]
Bottoms up: Naked Wines sales surge even as lockdown ends July 24, 2020 Online wine seller Naked Wines today said its sales surged 67 per cent in June compared with last year as orders continued to rise even after the easing of the coronavirus-triggered lockdown in Britain. The company also announced the departure of chairman John Walden, who has led the group through the sale of the Majestic [...]
French Connection secures injection from Hilco to help with pandemic fallout July 24, 2020 Fashion retailer French Connection has agreed a £15m liquidity deal with buyout group Hilco Capital to help keep the business going for another two years. French Connection said a deal had to be found as it was ineligible for the government’s coronavirus support schemes. Hilco will provide the retailer with a £15m working capital facility, [...]
UK bosses more positive on hiring but worried about economy July 24, 2020 Employers became more positive in July about making hiring and investment decisions for the first time since February, although more companies laid off workers as coronavirus bit the UK economy. Bosses’ confidence in bringing in new workers and spending to grow rose to a net level of four in July, according to the Recruitment & [...]