British economy enjoys surprise July jump in activity to record strongest growth in almost a year September 10, 2018 The British economy surprised economists in July as output grew by 0.3 per cent, with a sunny services sector outlook alongside unexpected support from the construction sector contributing to the pick-up. The three months to July saw GDP expand by 0.6 per cent, picking up from 0.4 per cent growth in the second quarter of [...]
About time: Richemont appoints new chief exec after leaving position empty for two years September 10, 2018 Swiss luxury goods firm Richemont has appointed a chief executive after leaving the position unfilled for almost two years. The owner of brands like Cartier and Montblanc said its chief operating officer Jérôme Lambert would step in as boss. It marks a u-turn by chairman and controlling shareholder Johann Rupert, who got rid of the chief executive role [...]
Sweet relief: Primark boosts revenue to alleviate owner ABF’s sugar woes September 10, 2018 Despite a gloomy outlook for retailers, Primark expects to increase revenue by 1.5 per cent to boost profits this financial year, offsetting a fall in sugar prices in Europe for owner Associated British Foods (ABF). Strong first and second half sales are expected to help the budget clothes brand to post the increase, with UK [...]
New homes: Our pick of the new homes going on sale in the London this weekend September 7, 2018 New developments on the market this week Clarendon, Hornsey From £355,000 The first homes at a major regeneration site in north London are on sale. The 12 acre brownfield site will boast 1,700 new homes and over 100,000sqft of retail and offices as well as a new public park. Hornsey Park Place is the first [...]
Shoppers ditch high street in one of the worst Augusts on record for retail September 7, 2018 Shoppers ditched the high street in August, making it one of the worst months on record, new figures have shown. Sales dropped at their steepest rate for three years, accountancy and business advisory firm BDO said in its latest high street tracker, released today. The 2.7 per cent year-on-year decline also marked the seventh month in [...]
Playtech sells entire stake in online trading group Plus500 for £176m September 7, 2018 Playtech has sold its entire 10 per cent stake in online trading platform Plus500 for approximately £176m. The gambling software manufacturer said it sold 11.4m shares at 1,550p each in the retail investor platform. Read more: Playtech profits fall due to "disappointing" Asian markets The company said the move would not impact its entitlement to the [...]
Sports Direct offers loans to help stricken House of Fraser suppliers September 6, 2018 Sports Direct has offered loans to some of House of Fraser's stricken suppliers, it has emerged. Mike Ashley and his team will lend money to companies struggling after the retailer collapsed owing £70m to its suppliers, according to Drapers. Read more: Philip Day's Edinburgh Woollen Mill ends business with House of Fraser This comes just a [...]
Luxury retailer Anine Bing closes $15m series A led by Felix Capital, Index Ventures and Greycroft Partners September 6, 2018 Luxury womenswear brand Anine Bing has closed a $15m series A financing round led by London-based venture capital firms Felix Capital and Index Ventures and LA's Greycroft Partners. The retailer plans to use the funding to double its business between 2019 and 2020, and has aggressively accelerated sales and traffic. Read more: Challenger banking app Monese lands $60m funding round Over the last [...]
UK equity funds out of favour due to Brexit as outflows hit £315m September 6, 2018 The UK is "firmly out of favour" with equity fund investors as outflows hit £315m in July. Outflows have totalled £3.5bn so far this year over ongoing Brexit uncertainty, data published by the Investment Association today shows. Read more: Sterling jumps on report Germany and UK could offer key Brexit concessions Funds in the UK were [...]
Dixons Carphone reveals flat revenue growth following data breach September 6, 2018 Dixons Carphone said it has avoided a loss in its latest trading period, following a cyber attack that saw up to 10m customer records hacked. The figures The electricals retailer said both UK & Ireland and group revenue was flat for the three months to the end of July in a trading update for its [...]