Intu sells Spanish shopping centre for £245m to pay off debt January 28, 2020 Retail landlord Intu has sold a shopping centre in Spain for €290m (£245.3m), as the company seeks to fix its balance sheet and repay debt. Intu, and its joint venture partner Canada Pension Plan Investment Board, has sold the Asturias shopping centre to ECE European Prime Shopping Centre Fund II, with Intu’s share of the [...]
How the coronavirus knocked seven per cent off Burberry’s share price January 28, 2020 Shares in British luxury brand Burberry continued to fall this morning on the designer’s exposure to the Chinese market, which has been hit by the outbreak of coronavirus. The retailer’s share price is down a further three per cent to 1,939.5p this morning after closing down 4.6 per cent last night as the spread of [...]
UK retail sales flatline again after bruising Christmas January 28, 2020 UK retail sales flatlined for the third month in a row in January, survey data showed today, as Britain’s high street braces itself for “another tough year for the sector”. The CBI’s distributive trends survey said sales were also expected to be flat next month, marking a disappointing start to the year for the UK’s [...]
Saga takes £4m hit from Thomas Cook collapse January 28, 2020 Over-50s insurer Saga has said underlying profit before tax will meet expectations despite the company taking a £4m hit from the administration of Thomas Cook. However, it warned home and motor insurance policies will pull in revenue three per cent lower than the previous year. But margins will still hit the higher end of Saga’s [...]
Almost 10,000 retail jobs lost in first three weeks of 2020 January 27, 2020 Almost 10,000 retail jobs have already been lost in the first three weeks of 2020, following a string of store closures and restructurings. New research published today showed that 9,940 jobs have been cut following store closures at high street chains. Supermarkets including Sainsbury’s and Morrisons have also announced plans to axe back office and [...]
The new Downing Street team can’t afford to ignore business January 27, 2020 Political wisdom has it that the first hundred days of any new government is its most vital opportunity to set its agenda. Not so with this government. Having just racked up its first 50 days, it risks accusations of being coy by its lack of public visibility and the paucity of new policy proclamations since [...]
Festive cheer for Reiss ahead of potential sales process January 27, 2020 Fashion brand Reiss has bucked the UK high street trend to report strong sales figures over the Christmas period, as the firm’s private equity owner mulls a potential sale of the business. The retailer, which has 82 standalone stores, said total like-for-like sales increased 18 per cent in the seven weeks to 18 January, while [...]
Jobs at risk as Iceland launches review of management structure January 26, 2020 Frozen food retailer Iceland has launched a review of its management structure, in a move that could see some roles axed. The supermarket said it will review the structure to ensure it is running the “business as efficiently and economically as possible”. The review is ongoing and no final decisions have been made, although no [...]
Mike Ashley in talks to sell Newcastle United for £340m January 26, 2020 Retail tycoon Mike Ashley is in talks to sell Newcastle United football club to a consortium including Saudi Arabia’s sovereign wealth fund for £340m. The billionaire owner of Sports Direct – recently renamed Frasers Group – bought Newcastle United in 2007 but is now in talks with a group led by British financier Amanda Staveley [...]
Ikea recalls travel mug over leaking chemicals risk January 23, 2020 Ikea has warned customers to stop using a travel mug bought from the store over concerns it could leak dangerous chemicals. The Swedish retailer issued a recall notice for its “Troligtvis” travel mug, after tests found it could leak levels of toxic Dibutyl phthalate (DBP) exceeding the safe limits. Owners of the travel cup – [...]