Harrods brings forward Boxing Day sale as central London footfall drops December 16, 2021 Luxury department store Harrods has brought forward its usual Boxing Day sale as footfall in central London continues to drop amid rising Covid cases. The sale will start on Friday and run into next year, although further discounts will be introduced on Boxing Day. Shoppers have shied away from visiting central London shopping destinations over [...]
No more reason to wine: Government cuts Brexit red tape on wine imports December 16, 2021 The government has today confirmed it will cut the Brexit red tape that costs wine importers coming into the UK some £130m a year. The new legislation will come into effect at the beginning of next year and will ease trading between the UK and the European Union – which accounts for half of the [...]
Retail welcomes move for tougher sentences on those who abuse shop staff December 16, 2021 Businesses have welcomed the progression of legislation that will see people who commit violent offences against retail staff face tougher sentences. The House of Lords passed the government’s amendment to the Police, Crime, Sentencing and Courts Bill this week. The amendment will mean assaults on those serving the public or performing a public duty will [...]
Ryanair mocks absent Chancellor with ‘come back to help out’ tweet December 16, 2021 The Chancellor of the Exchequer faced criticism from Ryanair this afternoon, as the budget airline urged him to return to the UK and help out ailing businesses. Hospitality and tourism firms have been calling on Sunak to bring back pandemic support measures, as they face waves of cancellations amid a surge of Omicron cases before [...]
M&S declares war on Aldi over ‘obvious’ copy of Christmas gin December 16, 2021 Marks and Spencer has launched legal action against discount supermarket rival Aldi, over what it alleges is a copycat gin. Aldi’s ‘The Infusionist’ gold-flake gin liqueur range has been accused of copying M&S’ Light-Up Gin, in papers filed at the High Court earlier this month. M&S registered three varieties of its designs earlier this year, [...]
Hospitality pleads Chancellor for support amid ‘deja vu’ of mass cancellations reminiscent of March 2020 December 16, 2021 Pubs and restaurants have condemned the Chancellor’s “silence” over support measures for businesses after mass cancellations amid a surge in Omicron Covid cases. England’s chief medical officer, Chris Whitty, said the public should be considering “de-prioritising” certain social events in order to ensure they can visit family at Christmas. Fears of the highly transmissible Omicron [...]
Boohoo lowers guidance as more shoppers return clothes with shares plunging 22pc December 16, 2021 Online fashion retailer Boohoo has lowered its guidance for the financial year as profits have been hit by higher return rates, supply chain challenges and inflation skyrocketing. Boohoo said that it was expecting net sales growth to be between 12 and 14 per cent, for the financial year ending 28 February. It had previously forecast [...]
‘A big pay day’ for hedgie short-sellers: Cineworld slumps after £700m court ruling December 15, 2021 Cineworld, the UK’s most-shorted company, had a terrible day today as its shares plummeted almost 40 per cent following a Canadian court order to pay out $900m (£722m) in damages and costs after it was sued for pulling out of a takeover deal with Canada’s Cineplex. The damages payout, which Cineworld will appeal against, is [...]
US investor Fortress snaps up Punch Pubs for undisclosed sum December 15, 2021 Investment group Fortress has acquired Punch Pubs from Patron Capital for an undisclosed sum. The US-based investor owned by SoftBank said it had acquired 100 per cent of the firm’s share capital on Wednesday. The pub group comprises 1,300 venues in the UK, made up of wet-led, community pubs. It is largely focused on a [...]
Zara owner Inditex posts record sales and profits as founder’s daughter prepares for top job December 15, 2021 The Spanish owner of Zara has reported sales and profits at record highs, as it continues to bounce back from a hit at the start of the pandemic. Inditex said sales and net profits were higher than pre-pandemic levels in the three months to the end of October. Shares in the retailer were down on [...]