Shoppers continue turning to own label groceries as yearly food bill to leap by £682 November 8, 2022 Sales of own-brand groceries shot up last month while fewer consumers forked out for a Halloween pumpkin this year, as households seek to trim down costs. Shoppers are increasingly switching to cheaper alternatives of food essentials, as historically high levels of inflation amp up the pressure on Brits this winter, according to data from insights [...]
Hilton Foods warns profit will be dented after slower than expected cost mitigation talks November 8, 2022 Meat packer Hilton Foods warned its annual operating profit would take a hit after challenges passing on high inflationary costs in its seafood arm, causing shares to plunge. In a trading update on Tuesday morning, the FTSE 250 firm admitted its profit would come in at a lower than anticipated sum following challenges in its [...]
Online retailer Marks Electrical delivers double-digit revenue growth despite economic volatilities November 8, 2022 Marks Electrical has delivered a double-digit revenue growth despite current market volatilities. In the six months ended 30 September, the online electrical retailer posted a revenue growth of £43.1m – 15.1 per cent up on last year’s levels. The company grew its position in both the Major Domestic Appliance as well as in the Consumer [...]
Primark owner takes £1bn extra inflation hit amid ‘most challenging’ economy for many years November 8, 2022 Primark owner Associated British Foods (ABF) saw inflationary costs leap by £1bn this year alone, as it weathers “highly volatile” economic conditions and hopes to retain shoppers with its low prices. The chairman of the fashion and food business, Michael McLintock, said ABF had “encountered the most challenging economic conditions for many years with sharply [...]
Dreams of ‘future drinking’ bolsters wine merchant Berry Bros November 7, 2022 THE UK’s oldest fine wine merchant Berry Bros & Rudd said profitability soared this year, as wealthy collectors keep their eyes on “future drinking” through hard economic times. The family-owned business said turnover climbed 7.2 per cent to £220.2m in the year to March 2022, whilst EDITDA rocketed 107 per cent. Berry Bros, which also [...]
Tech troubles: Apple iPhone 14 shipments hit by Chinese Covid-19 curbs November 7, 2022 There will be fewer iPhone 14’s under Christmas trees this year after Apple forecast smaller shipments of its latest offering. Apple supplier Foxconn issued a significant production cut as it battled against a Covid-19 outbreak at one of its large facilities in China in mid-October and tough local pandemic restrictions. The Zhengzhou plant – one [...]
Inside House of Campari: Brexit vote of confidence in London as Italian spirits giant moves to Soho November 7, 2022 Campari Group, the producer of spirits brands in the UK such as Aperol, Wray & Nephew, Appleton Estate Jamaica Rum as well as Campari, has opened a new regional headquarters in the heart of the capital. Named “The House of Campari”, the new London base is situated in Great Portland Street, just off Oxford Street. [...]
Gutsy Loungers sees motorway’s Brightside as retailer launches entire new restaurant chain November 7, 2022 Loungers announced today the launch of a new roadside restaurant brand called Brightside, amid a volatile economic environment. The UK cafe and restaurant operator said it has acquired three sites, with the first one set to open on the A38, south of Exeter, in February. The other two sites will open on the A303 and [...]
Struggling retailer Joules begs investors for fresh cash as merciless restructure looms November 7, 2022 Struggling retailer Joules has revealed talks with investors including founder Tom Joule to inject cash into the business alongside a possible company voluntary arrangement (CVA) restructuring as sales continue to disappoint. The group said Mr Joule – who has recently returned to the firm as product director – is among a number of “strategic investors” [...]
Made.com to fall into administration as soon as Monday November 7, 2022 Troubled online furniture retailer Made.com is reportedly set to go into administration as soon as Monday or Tuesday. It comes after attempts to find a buyer failed earlier this month, which prompted the company “to temporarily suspend new customer orders”. Hundreds of staff, most of them in the UK, are expected to lose their jobs, [...]