Franco Manca owner says restaurants in office locations struggling to return to pre-Covid trade June 8, 2022 The owner of pizza chain Franco Manca has said its restaurants situated nearby office hubs “still have a way to go” with returning to pre-pandemic levels. However, Fulham Shore said that its small number of restaurants situated in worker hotspots were “showing continued improvement” as demand recovers after Covid lockdowns. Footfall was down 15 per [...]
City Pub Group evaluates menu offering as increased headwinds hammer sector June 8, 2022 The City Pub Group’s sales have surged faster than predicted, with last month’s results slightly ahead of pre-pandemic levels. The pub operator said it was trying to mitigate historic cost inflation hitting the sector, with a “particular focus on labour scheduling to maximise sales and efficiency.” “Control of energy usage and procurement remains a key [...]
World Bank slashes global growth forecast after warning the world is teetering on the edge of ‘stagflation’ June 7, 2022 THE WORLD Bank yesterday slashed its forecast for global growth this year by more than 1 per cent due to increasing inflation and the economic after-effects of Russia’s invasion of Ukraine. The body had anticipated global growth of 4.1 per cent at its last update in January, but cut that in an announcement yesterday to [...]
Union announces three-day rail strike at end of June June 7, 2022 The RMT union announced that its anticipated rail strike will take place over three days at the end of the month. Tens of thousands of railway workers will walk out on 21, 23 and 25 June following failed negotiations with Network Rail and 13 other operators. The union announced that London Underground workers will strike [...]
Identify your governance, risk and compliance gaps June 7, 2022 Financial services firms must prepare themselves for the regulatory challenges ahead. Anticipating potential risk is vital, be it the Ukraine conflict, runaway inflation or the faltering post-pandemic economic recovery. Governance, risk and compliance professionals are required to manage these external pressures in the context of a hyper-competitive job market, an expanding regulatory and environmental, social [...]
Cazoo cuts 750 jobs to save more than £200m by end of next year June 7, 2022 Online car retailer Cazoo has announced it will cut 15 per cent of jobs to save more than £200m until the end of next year. Under its business realignment plan, the company will axe 750 UK and EU positions, cutting vehicle preparation as well as customer support sites. Cazoo’s focus will instead be driving its [...]
Service sector dealt hammer blow as cost of living crunch sinks in June 7, 2022 The UK service industry was hammered last month, posting its worst performance for more than a year, as soaring inflation weighed down consumer demand. The closely-watched IHS Markit/CIPS UK services PMI survey scored 53.4 last month, tumbling from a 58.9 reading in April. Any score above 50 shows growth in the sector. However, this represented [...]
Scamming spike: Three in four self-employed wealthy people have fallen victim to financial fraud June 7, 2022 Almost 75 per cent of self-employed wealthy individuals have fallen victim to financial fraud, a new study has shown. There has been 10 per cent spike in the scourge over the last six months with victims on average losing £9,000. Self-employed High-Net-Worth-Individuals (HNWI) and those with assets over £3m are most at risk, self-employed workers [...]
FTSE 100 brushes off Prime Minister’s no confidence vote June 7, 2022 The FTSE 100 opened flat on Tuesday as investors were largely unaffected by the Prime Minister narrowly dodging a vote of no confidence last night. The capital’s premier index was mostly unchanged at 7,610 points on opening on Tuesday. Tory MPs voted by 211 to 148 in support of the Prime Minister as part of [...]
National Express: Profit recovery held back by desire for low UK fares as demand recovers June 7, 2022 Coach operator National Express said its endeavour to keep price affordable for UK users will limit the pace of its margin recovery. The company made the headlines when its offer to buy rival Stagecoach was snubbed in favour of German asset manager DWS Infrastructure. National Express reiterated an expectation for an average profit margin of [...]