Made.com receives non-binding proposals in rescue sale talks October 17, 2022 Made has said it has recieved “a number of” non-binding indicative proposals, as the online homeware retailer searches for a buyer amid tumbling sales. After reviewing the proposals, the board has invited” a select number of parties” to progress towards firm offers by the end of October, following a due diligence process, Made said on [...]
Audioboom rakes in £50m in third quarter as advertising revenue perks up October 17, 2022 Podcast giant Audioboom has announced it took in £50m up until September, a 44 per cent increase on last year. The firm said quarterly revenue was however down from £15m to £14.3m as a tough economic climate continued to impact its intake. A boost in advertising revenue of £68m in 2022 so far has helped [...]
‘Heartbreaking’: Eve Sleep calls in administrators after unsuccessful sales talks October 17, 2022 Mattress seller Eve Sleep has been forced to call in administrators after bosses said the scale of the company had struggled to withstand an “economic tsunami” this year. The AIM-listed sleep wellness brand had been searching for a buyer or equity fundraising but said talks had not been successful. Shoppers had shunned big ticket items [...]
Dealmaker’s Spotlight: Evercore October 17, 2022 | City Talk Datasite recently spoke with Alexander Asher, Vice President, Consumer-Retail Team at Evercore, to hear his thoughts and insights on market conditions, trends, and technology. Evercore is a premier global independent investment advisory firm. Founded in 1995, the firm has advised on over US$4.7 trn M&A and restructuring transactions. Headquartered in New York, it has 17 advisory [...]
Shein: Supply chain workers paid as little as 3p to work 18-hour shifts October 16, 2022 Workers supplying Shein are paid as little as 3p and work shifts of around 18 hours, a Channel 4 investigation has uncovered. In its documentary ‘Untold: Inside the Shein Machine,’ the news channel revealed that, in some of the Chinese factories in Shein’s supply chain, workers earn a maximum of £500 per month to produce [...]
Tesco chair says Labour the ‘only team on the field’ on economic policy October 16, 2022 The chair of the UK’s largest retailer has praised Labour’s economic plans and said “there’s only one team on the field” – Sir Keir Starmer’s party. Tesco chair John Allan today said “I don’t think we’ve seen a growth plan from the Conservatives”, but that “we’ve seen the beginnings, I think, of a quite plausible [...]
Asos confirms £350m credit facility as shoppers dial back spending October 15, 2022 Troubled fashion retailer Asos has today confirmed it is in the final stages of arranging a £350m credit facility with financial backers, as consumers dial back spending during the cost of living crisis. In a statement today, Asos said the credit facility, which matures in July 2024, would “significantly” boost its financial flexibility against the [...]
Loungers says it continues to ‘outperform’ the sector as sales climb October 14, 2022 Bar operator Loungers said it continues to “significantly outperform the market” as sales surge for the owner of Lounge and Cosy Club. The firm posted like for like sales growth of 17 per cent growth compared to 2019 levels for the 24 weeks ended 2 October. Since the start of the financial year, Loungers has [...]
Sadiq Khan announces return of in-person New Year’s Eve fireworks display to capital October 14, 2022 Up to 100,000 people will return to the banks of the Thames for London’s spectacular New Year’s Eve celebrations after two years of Covid cancellation. Ticketholders will be able to watch the fireworks display in the centre of London for the first time since 2019, Mayor Sadiq Khan has announced. Coronavirus restrictions prevented the display [...]
Revolution Beauty CEO and executive chair ‘step away’ as investigation into accounts continues October 14, 2022 Revolution Beauty CEO and executive chairman have agreed to voluntarily “step away” from day-to-day management of the company as the investigation surrounding accounts continues. The beauty giant did not indicate when Tom Allsworth (Executive Chairman) and Adam Minto (CEO) would return to their duties, but said the move was aimed at allowing them to support [...]