Retail and construction insolvencies soar against backdrop of supply chain pressures and war in Ukraine March 15, 2022 Soaring material costs have led to a steep rise in insolvencies in the retail and construction industries of almost 50 per cent. The war in Ukraine and its impact on rising fuel prices, brought concerns over supply chains pressures into sharp focus this week, new research from tax and audit specialists Mazars has shown. During [...]
Clarks appoints ex-New Balance boss as new CEO March 15, 2022 Shoe seller Clarks has appointed an ex-New Balance boss as its new chief executive officer. Jonathan Ram will join the retailer in April 2022. Ram’s last gig was group president of global activewear at Hanes Brands and previously spent 16 years at New Balance. Clarks chairman Colin Li, said: “I am pleased to welcome Jon [...]
Wilko apologises after telling staff: Come to work if you have Covid and feel ok March 15, 2022 Household goods retailer Wilko has apologised after it told staff they should come into work if they test positive for Covid but feel well. The government scrapped its legal requirement for Covid patients to isolate at home, leaving it up to bosses to decide their own policies. The high street retailetr has now backtracked on [...]
UK bans export of luxury goods to Russia and introduces hiked import tariffs March 15, 2022 The UK has banned the export of luxury goods to Russia, including designer handbags and works of art. The Chancellor also outlined new import tariffs that will represent a 35 percentage point increase on current rates. The fresh tariffs will hit products like Russian vodka, fertiliser and steel. Products no longer allowed to be exported [...]
Plumbing giant Ferguson posts rising sales after ‘navigating supply chain pressures’ March 15, 2022 Plumbing and heating products distributor Ferguson has posted soaring sales with price inflation driven by finished goods. Adjusted net sales rose 31.8 per cent, results for the three months ended 31 January 2022 revealed on Tuesday. Adjusted EBITDA also shot up 65.7 per cent in the period, with the firm anticipating “solid revenue growth” in [...]
Virgin Wines battles shifting consumer habits as share earnings slip March 15, 2022 Virgin Wines earnings per share and pre-tax profit have stunted in the past six months, as the online wine retailer battles shifting consumer habits. With spiralling inflation and soaring energy prices, UK consumers are increasingly holding back splurging on non-necessities such as wine. The company, a subsidiary of the Virgin Group, earned an average of [...]
Sofa chain DFS takes hit to profit after Covid hammers supply chain March 15, 2022 Profit at DFS has dipped as the sofa maker pointed to Covid-related supply chain challenges. Profit before tax stood at £21.6m, in comparison to £72.1m the prior year, a 70 per cent loss. However, profit was up 35.8 per cent compared to the furniture maker’s pre-pandemic comparator of £15.9m. The pandemic had squeezed DFS’ supply [...]
Exclusive: Debit card rolls out for shoppers to track and tackle their environmental footprint March 15, 2022 A new debit card which tracks the carbon footprint of every purchase has rolled out to consumers today, as it looks to tap into a surge in demand for sustainable financial products.
Cake Box co-founder leaves CFO role after accounting scandal March 14, 2022 Cake Box co-founder and CFO Pardip Dass stepped down yesterday after 10 years at the company following an accounting scandal.
BrewDog hired private investigators as brewer says ‘false allegations’ made about boss James Watt March 14, 2022 Brewdog CEO James Watt hired private investigators to secure information on individuals he claimed were contributing to a “criminal campaign” of smears. The Guardian reported that investigators were hired to approach people to obtain evidence about other individuals. BrewDog said Watt had been “subjected to a two-year criminal campaign of online harassment, defamation, fraud, blackmail [...]