More than 1,800 jobs at risk as Tesco restructures in-store bakeries February 25, 2020 More than 1,800 jobs are at risk after Tesco announced it will restructure its in-store bakery operations. The supermarket giant this afternoon said it will reduce the amount of baking “from scratch” across its stores, meaning some employees will be made redundant. From May, 58 branches will stop baking products on-site and will instead sell [...]
Car dealers confident for coming year as Brexit fears dwindle February 25, 2020 An overwhelming majority of UK car dealerships are confident about the outlook for their business, despite a challenging 2019 for the motor industry. A new survey by Close Brothers Motor Finance shows that 98 per cent of dealers were optimistic about the future, with almost two-thirds (63 per cent) describing themselves as “very confident”. The [...]
February retail sales dampen hopes of post-election bounce February 25, 2020 Retail sales were broadly flat in February, according to the latest research, dampening hopes that the decisive General Election result has sparked a surge in consumer spending. The CBI’s monthly distributive trades survey showed that a net balance of one per cent of retailers reported a jump in sales volume in the year to February, [...]
M&G will continue freeze of its flagship property fund February 25, 2020 M&G is continuing the suspension of its £2.5bn property fund despite making good progress in selling some of the fund’s assets. M&G suspended trading in its flagship property fund in December after investors rushed to withdraw their money. The asset manager blamed the unusually high outflows on Brexit-related political uncertainty, which had made it difficult [...]
Hammerson’s losses widen as retail CVAs dent rents February 25, 2020 Retail landlord Hammerson today warned it will cut its 2020 dividend almost in half as losses mounted in 2019 after another tough year for retailers in which many renegotiated their rents. The figures The real estate giant sank to a £573.8m loss for its latest financial year, up from a £173.3m loss in 2018. While [...]
Ted Baker set to sell London HQ amid accounting crisis February 24, 2020 Beleaguered clothes retailer Ted Baker is close to selling its “Ugly Brown Building” headquarters in London in a move that could bolster its balance sheet amid an accounting crisis. Ted Baker is in talks with the British Airways’ pension scheme, which owns a nearby building, to sell a big stake in the office in north [...]
Frankie & Benny’s owner The Restaurant Group to outline site closure plans February 24, 2020 The Restaurant Group – which owns Chiquito, Frankie & Benny’s and Wagamama – is set to announce site closures as it publishes its full-year results this week. Chief executive Andy Hornby – who joined the casual dining company in August – is expected to announce which underperforming sites will be closed. Out-of-town retail park locations, [...]
Coronavirus: Primark owner ABF warns of long-term supply issues February 24, 2020 Primark’s owner today said it was considering ramping up production from suppliers outside of China in a bid to avoid a hit from the coronavirus outbreak. Associated British Foods (ABF) expects Primark will drive higher operating profit and sales for the six months to the end of February compared to the same period a year [...]
Bunzl reports higher profit as acquisitions drive growth February 24, 2020 Bunzl has reported a higher than expected annual profit with the distribution giant benefiting from a string of acquisitions, although growth in organic revenue slowed in North America, its largest market. Bunzl had warned last year that organic growth was slowing, and said this morning that sales from its grocery and retail business in North [...]
Hammerson expected to slash dividend amid high street woes February 23, 2020 Property development firm Hammerson will reportedly slash its dividend and write down the value of its assets in its results this week. Peel Hunt analysts have forecasted that the shopping centre owner will cut its dividend by 30 per cent, according to reports in the Sunday Times. Analysts estimate that the value of Hammerson’s assets, [...]