Ex-De Vere boss Andrew Coppel to be appointed as Arcadia chairman November 20, 2019 Sir Philip Green’s Arcadia Group is preparing to appoint the former boss of the De Vere hotel and leisure group as its new chairman. The appointment of Andrew Coppel, who currently sits on the board of housebuilder MJ Gleeson, is expected to be announced tomorrow, Sky News reported. Read more: Arcadia bolsters senior digital team [...]
House of Fraser accused of reversing fur ban November 20, 2019 Retail tycoon Mike Ashley is facing accusations that he has overturned a ban on real fur at House of Fraser. Customers posted images on social media that appeared to show fur-lined coats found in store, despite the company’s previous no-fur stance. Read more: Sports Direct hit by ‘terminal’ House of Fraser problems Some shoppers pledged [...]
All Bar One owner Mitchells & Butlers cheers rise in profit amid food and drink demand November 20, 2019 All Bar One owner Mitchells & Butlers has toasted a rise in full-year profit as rising appetite for its food and drinks offset fears of a slowdown in the casual dining sector. Shares in the firm jumped seven per cent in early morning trading. Read more: UK retail sales unexpectedly fall as economy slows The [...]
Fevertree cuts forecast as slowdown takes fizz out of UK sales November 20, 2019 Drinks supplier Fevertree has cut its full-year revenue forecast amid “challenging comparators” and a slowdown in UK consumer spending in the second half. The mixer specialist cut its revenue expectations to between £266m and £268m for the full-year, representing year-on-year growth of 12 to 13 per cent. Read more: Fevertree shares go flat as poor [...]
Shoppers plan to spend more on high streets this Christmas November 20, 2019 The Christmas trading period could deliver some much-needed festive cheer for retailers after a challenging 12 months as a new research reveals that shoppers plan to spend more this year. Most UK shoppers – 87 per cent – are planning to spend the same or more than last year, while 57 per cent said political [...]
Hammerson continues retail property disposal with £54m sale November 19, 2019 Hammerson has continued its property disposal programme with the £54m sale of a Gloucester retail park to a local authority. Following the sale of St Oswald’s Retail Park, Hammerson has reached £577m worth of disposals in 2019, including the sale of a major stake in its Italie Deux flagship destination in Paris for £423m in [...]
Moss Bros appoints ex-Ted Baker finance chief as CFO November 19, 2019 Suit retailer Moss Bros has appointed former Ted Baker interim chief financial officer Bill Adams as its new finance chief. Adams, who was interim finance chief at Ted Baker before Rachel Osborne joined the company last week, will takeover from Tony Bennett in February. Previously, Adams was finance director at Argos and Homebase. Read more: [...]
Major UK high street chains close 6,000 stores in 2019 November 19, 2019 Major UK high street chains have closed almost 6,000 stores so far this year as the retail industry continues to struggle with high rents, business rates and slumping sales. Retailers with 10 or more stores have shuttered 5,834 branches between 1 January and 30 September, an increase of 77 per cent on last year. Read [...]
Luxury jewellers Boodles reports profits ‘back on track’ November 18, 2019 Luxury jewellery retailer Boodles reported sales growth following a strong Christmas trading period last year and a 220th anniversary collaboration with Swiss watchmaker Patek Philippe. The family-owned jewellers reported turnover of £77.1m for the year ended 28 February, up 8.9 per cent from £70.8m in 2018. Read more: Diamond in a rough year: Petra sell [...]
Saudi Aramco bets on local demand as it cancels European IPO roadshow November 18, 2019 Saudi Aramco this morning cancelled plans for its European roadshow for its long-delayed initial public offering (IPO), a day after doing the same for investor meetings in the US and Asia. The decision, which was reported by the Financial Times, means that shares will not be formally marketed outside of the Gulf. Read more: Saudi [...]