FCA probe and bonus clawbacks: WH Smith acts against former directors as North America profit plunges December 19, 2025 WH Smith’s board will trigger clawback provisions for senior executives following accounting errors woes that had resulted in a probe by the Financial Conduct Authority (FCA). WH Smith chief executive Carl Cowling stepped down with immediate effect last month after the report, produced by Big Four audit firm Deloitte, identified weaknesses in the operations of [...]
Zara turns to AI-edited models amid shop closures December 18, 2025 Zara is using artificial intelligence to edit images of human models for its e-commerce platforms, Morning Wire understands, as the fast-fashion giant looks to cut costs amid a tough retail backdrop. Models who have previously shot campaigns for Zara have since been contacted by the Spanish retail giant and asked for permission for their images [...]
Stella McCartney: Losses widen as sales hit 15-year low December 17, 2025 Losses widened at Stella McCartney’s fashion brand in the year the designer bought LVMH out of its stake as its sales fell to their lowest level since 2009, it has been revealed. New accounts filed with Companies House show that the firm’s pre-tax loss went from £25m in 2023 to £33.5m in 2024. Stella McCartney [...]
Fowl play: Morrisons loses £17m VAT battle over rotisserie chickens December 16, 2025 Supermarket giant Morrisons faces a £17m tax bill after the First-Tier Tax Tribunal threw out its dispute over VAT on cool-down rotisserie chickens. The dispute arose from George Osborne’s controversial 2012 Finance Act changes that sought to clarify the VAT treatment of hot takeaway food, famously known as the “pasty tax” debacle. Morrisons tried to [...]
Profit triples at Cartier owner as UK sales rise December 16, 2025 Profit has almost tripled at the UK arm of the luxury goods giant behind the likes of Cartier, Net-a-Porter and Montblanc, new results have revealed. Richemont UK has posted a pre-tax profit of £30m for the 12 months to 31 March, 2025, according to its latest accounts which have been filed with Companies House. The [...]
Budget knocks confidence to two-year low amid ‘deteriorating conditions’ December 15, 2025 Households’ nerves about future finances has jumped to a two-year high, a top survey has indicated, with extra taxes expected to dampen activity in the UK economy. S&P Global researchers have said that Britons were more pessimistic about their financial health over the next twelve months than at any time since December 2023, with confidence [...]
Timberland owner cuts UK jobs as sales slip again December 15, 2025 Almost 100 jobs have been lost at the UK and Ireland arm of the retail giant behind the likes of The North Face, Vans and Timberland as its sales continued to fall during its latest financial year, it has been revealed. The division of VF Corporation, whose brands also include Eastpak, Kipling and Napapijri, cut [...]
Kellogg’s UK returns to profit despite £200m sales slump December 15, 2025 The combined UK operations of Kellogg’s returned to profit despite sales slumping by more than £200m during its latest financial year, it has been revealed. Kellogg’s runs two separate companies in the UK from its headquarters in Salford: Kellogg Marketing and Sales Company (UK) and Kellogg Company of Great Britain. For 2024, Kellogg Marketing and [...]
Christmas attractions face sharp rise in property taxes after Budget December 15, 2025 London’s Winter Wonderland and Hamleys are set to be hit by sharp jumps in their property taxes from next year as UK Christmas attractions come under pressure from next year’s business rates overhaul. Analysis of official figures has shown that a raft of Christmas attractions, markets and destination-led retail will face increases in business rates [...]
WH Smith to unveil delayed results as progress hit by accounting errors December 14, 2025 WH Smith is set to shed light on the state of its finances next week after its annual results were delayed following accounting errors which led to the resignation of its boss. The historic retailer, which is now focused on travel stores, will reveal results for the year to August 31 on Friday. It is [...]