Frasers shares jump 16 per cent on growth forecast despite profit hit August 20, 2020 Shares in Mike Ashley’s Frasers Group jumped 16 per cent this morning after it said it expected growth of up to 30 per cent this year, despite profit falling one-fifth in the year to April. Frasers, which was formerly called Sports Direct, released its preliminary results today, a week after they were scheduled to come [...]
UK firms cut more than 106,000 jobs amid coronavirus pandemic August 19, 2020 The coronavirus pandemic has battered the UK economy since it arrived in early 2020 – and no sector has remained unscathed, with more than 100,000 job cuts planned during the pandemic. The government’s furlough scheme has allowed millions of people to keep getting a paycheck, but fears are growing that when this is phased out [...]
Coronavirus: Cineworld in legal battle over unpaid lockdown rent August 17, 2020 Cineworld is said to be facing a legal challenge from one of its landlords after the cinema chain failed to pay rent during the coronavirus lockdown. The London-listed cinema group is understood to be withholding rent from property giant AEW after it was hit by closures due to the Covid-19 crisis. AEW has now filed [...]
Mike Ashley’s Frasers Group bids for DW Sports August 16, 2020 Mike Ashley’s Frasers Group has reportedly made a bid for DW Sports, the sports retail empire of his old rival Dave Whelan which collapsed earlier this month. DW Sports announced it had appointed BDO as its administrator at the start of August. It said it would be winding down its retail business, with its website [...]
Wanted: A plan to save London August 7, 2020 The motto of the City of London is “Domine dirige nos”: Lord, direct us. But who is directing the capital as we struggle to comprehend the future in the wake of the Covid-19 pandemic? In the UK, we are notoriously poor at strategic planning (except, perhaps, in times of war). Partly, this is an ideological [...]
Disney’s earnings take a hit as pandemic wreaks havoc on theme parks business August 4, 2020 Disney reported a profitable third quarter but missed analysts’ expectations as it battled the effect of coronavirus on its theme parks business. Revenue for the quarter was $11.78bn, substantially less than the $20.35bn in the comparable period, and missing the expected $12.39bn. Net loss from continuing operations was $4.72bn, or $2.61 per share, in the [...]
Government-backed coronavirus lending tops £50bn August 4, 2020 Banks have now lent £50.7bn to companies through the various government-backed coronavirus loan schemes, official figures showed today. By far the biggest programme is the bounce back loans scheme (BBLS), which had seen banks lend out £34.34 to small businesses as of yesterday, the Treasury said. It comes with a 100 per cent government guarantee [...]
London’s bowling alleys, comedy clubs and arts venues slam fresh lockdown as life-threatening July 31, 2020 London venues have slammed the Prime Minister’s decision to U-turn on plans to reopen tomorrow as “pulling the rug out” from underneath them. In a press conference today, Boris Johnson said plans to reopen venues tomorrow will be pushed back until at least 15 August, following a sharp spike in coronavirus infections. Night clubs, casinos, [...]
Casinos blast new lockdown measures as ‘sickening’ July 31, 2020 Britain’s casinos have slammed the Prime Minister’s decision to U-turn on plans to ease lockdown restrictions tomorrow as “sickening”, warning that business hangs in the balance with venues forced to shut over the critical summer months. In a press conference today, Boris Johnson said plans to reopen venues tomorrow will be pushed back until at [...]
Mike Ashley’s Game offloads UK e-sports arena network July 29, 2020 Game Digital is selling off its Belong Gaming e-sports arena network to US startup Vindex, following the forced closure of its locations during the coronavirus pandemic. New York-based Vindex intends to immediately begin rolling out new locations across the US, with Game Digital’s chief executive Martyn Gibbs to join the firm as Belong’s new boss. [...]