KPMG appointed to handle Mothercare refinancing March 20, 2018 Mothercare has called in KPMG to advise on a refinancing of the business, Morning Wire can reveal. The retail chain is in talks with its lenders about raising money for a turnaround and has drafted in KPMG to advise on securing waivers to its financial covenants. Mothercare's share price fell by more than 10 per [...]
Lucy Watson and Clive Watson discuss Tell Your Friends, London’s upcoming vegan foodie hotspot March 19, 2018 Growing up as the daughter of a man who has launched and sold several successful pub chains, Lucy Watson never thought she would launch her own hospitality business. “I always thought of it as quite a manly industry,” she says. Apart from sometimes working as a waitress in his pubs, her aspirations were fixed elsewhere. [...]
Swingers crazy golf opens second site in former BHS on Oxford Street March 16, 2018 The former flagship site of collapsed retailer BHS on Oxford Street has gained another tenant in the form of crazy golf operator Swingers. The building is already host to Reserved, Poland's answer to H&M opened on the ground floor of the site last year. It will now be joined by Swingers on the first floor, [...]
John Lewis’ staff bonus has fallen again after a weak performance in 2017 March 8, 2018 The company which owns John Lewis and Waitrose has cut its staff bonus to five per cent of salary this year, after a disappointing performance in 2017. The bonus, which is given out to all staff of the John Lewis Partnership under its employee-owned model, was six per cent last year, down from 10 per [...]
BrewDog mocks sexist advertising with sexist advertising March 6, 2018 The ever-so-edgy brewers at pugnacious craft beer company BrewDog have come up with yet another attention-grabbing campaign. Repackaging its flagship Punk IPA with a pink label, BrewDog has said its "Pink IPA" is a "send-up of the lazy marketing efforts targeting the female market". But the campaign has already attracted criticism from BrewDog fans, with [...]
Done deal: Tesco completes £3.7bn acquisition of Booker Group March 5, 2018 Tesco today completed its acquisition of Booker Group, creating the leading food group in the UK. The £3.7bn deal was given court approval on Friday after shareholders voted it through last week. Booker Group's shares have been de-listed from the London Stock Exchange. Each share has been exchanged for 42.5p in cash, and 0.861 new [...]
Trouble in store for House of Fraser as credit insurer pulls cover March 4, 2018 A credit insurer has pulled cover on House of Fraser, underscoring the difficulties faced by the department store following a disappointing set of Christmas figures. A spokesperson for House of Fraser said 20 of the business' 650 suppliers were affected by the credit insurer's decision. Those suppliers will now have to find new insurance, or [...]
Full list of towns and cities where Prezzo restaurants are for the chop March 3, 2018 Italian chain Prezzo confirmed this week that it is closing 94 restaurants. The company has launched a company voluntary arrangement (CVA) which states that it will close branches which would not be profitable even with a rent reduction. Landlords for another portion of the estate will be asked to consider a reduced rent. Update: Prezzo [...]
Retail job losses could number 15,000 as industry strains under cost pressures March 1, 2018 At least 15,000 retail sector jobs have either been slashed this year or are now at risk as household names sink into administration, according to calculations by Morning Wire Toys R Us and Maplin went into administration yesterday, putting more than 5,500 jobs in doubt. The double-whammy for the industry comes after fashion chain East [...]
It’s official: Tesco and Booker will merge to form UK’s largest food group February 28, 2018 Booker Group's shareholders have backed Tesco's £3.7bn bid for the wholesaler today, giving Tesco boss Dave Lewis the green light to create to UK's largest food group. Reuters reported that 83.4 per cent of Booker investors approved the deal; Booker needed the backing of 75 per cent of votes for the merger to go ahead. [...]