London’s hotel mojo is back as occupancy rates climb albeit pandemic recovery remains ‘uphill battle’ June 29, 2022 Recovering occupancy rates and food and beverage sales are rapidly powering a recovery in the London hotel market, albeit slower than the industry had anticipated. For the first time since prior to the pandemic, occupancy rates in London are now exceeding the rest of the UK, at 66.9 per cent, overtaking UK rates of 68.4 [...]
Premier Inn-owner Whitbread selects Domino’s Pizza chief to head up hospitality giant June 29, 2022 Premier Inn owner Whitbread has selected Domino’s Pizza boss Dominic Paul as its new chief executive. Paul will leave his role at Domino’s Pizza in December 2022, the pizza chain confirmed on Wednesday. He will step into the shoes of Alison Brittain, who has overseen the historic 280-year-old company over the past six years. Paul headed [...]
Government to review short term holiday lets like Airbnb in tourist hotspots June 29, 2022 The UK government said on Wednesday it was launching a review into short term rentals in popular tourism areas in England, including Airbnbs. Ministers said they wanted to support rental platforms like Airbnb but acknowledged concerns that such businesses could drive communities out of their area – for example if landlords opt to run their [...]
B&M quarterly sales dip after retailer warns shoppers could cut back amid high inflation June 29, 2022 Discount retailer B&M has seen sales plummet in its first quarter, against strong lockdown comparatives, as cash-strapped Brits cut back on discretionary spending. In a trading update for the 13 weeks from 27 March to 25 June, the London-listed business said group revenue had dropped 2.2 per cent on a constant currency basis. Across the [...]
Covid restrictions in China take dent to Mulberry shop and online sales June 29, 2022 Mulberry has said Covid restrictions in China have resulted in a one per cent dip in sales across its retail and digital channels so far this financial year. Stringent pandemic measures in mainland China meant the designer handbag maker was forced to temporarily shutter the majority of its stores, as well as its Shanghai distribution [...]
Moonpig sales fall after lockdowns but card biz remains confident in gift market June 29, 2022 Moonpig has posted plummeting sales as shoppers started buying gifts and greetings cards elsewhere once bricks-and-mortar shops reopened once more over the past year. In full year results to 30 April 2022, the firm admitted its group revenue had tumbled 17.3 per cent year-on-year, standing at £304.3m versus £368.2m in 2021. The online retailer pointed [...]
Cocktail of costs: Two thirds of hospitality businesses not turning a profit June 28, 2022 Just over one third of hospitality businesses in the UK are currently turning a profit amid a cocktail of hefty cost increases. Only 37 per cent of restaurant and bar firms are profitable, according to figures from industry bodies the British Beer and Pub Association, British Institute of Innkeeping and UKHospitality. Bosses pointed to sky-high [...]
Boots’ owner ditches plans for £5bn sale of chemist as market conditions ‘beyond our control’ June 28, 2022 Boots’ US owner has confirmed it has given up on its ambitions to sell the UK chemist after a beleaguered sales process. Walgreens Boots Alliance (WBA) has opted to retain ownership of Boots, with the firm citing “unexpected and dramatic change” felt by the global financial markets in the past few months. A statement from [...]
Incoming CMA chair warns job cuts could make it harder to take on cases that protect consumers from high prices June 28, 2022 The competition watchdog’s ability to get the best deal for British consumers could be endangered by job cuts, the government’s chosen candidate for chair of the body has warned. The government intends to slash 91,000 civil service jobs over the next three years, in an endeavour to bring headcount back to 2016 levels. Ministers’ preferred [...]