Boohoo sales and profits surge after fast fashion retailer ups loungewear and activewear offering during pandemic May 5, 2021 Fast fashion retailer Boohoo reported a spike in sales and profit last year after refocusing its product offering on loungewear and activewear during the coronavirus pandemic. The e-commerce giant announced this morning that revenue surged 41 per cent in the year ended 28 February 2021, with sales jumping from £1.23bn to £1.75bn. Profit before tax [...]
High Court rules against hospitality bosses on indoor closures May 5, 2021 Hospitality bosses have lost their legal battle for a quicker reopening of indoor hospitality in England. Punch Taverns founder Hugh Osmond and Sacha Lord, the night-time economy adviser for Greater Manchester, brought a case against the government challenging the current rules. Lord and Osmond said there was no justification or scientific bias for pubs and [...]
Ikea launches scheme to buy back used furniture after pandemic delays May 5, 2021 Ikea has launched a service allowing customers to sell furniture back to the store after the planned start date was delayed due to the pandemic. The Swedish homewares giant said the buy back scheme will be available to UK customers from today. Customers will be able to sell furniture they no longer need back to [...]
Amazon pays no European corporation tax despite record sales last year May 4, 2021 Amazon reportedly did not pay any corporation tax in Europe last year despite reporting record sales, raising fresh questions over the ecommerce giant’s tax planning. The US firm, which has its European headquarters in Luxembourg, recorded sales income of €44bn (£38bn) in the region last year but reportedly not have to pay any corporation tax [...]
Made.com doubles London warehouse space with new 350,000 sq ft site, creating 100 jobs May 4, 2021 Online retailer Made.com has announced it will more than double its London warehouse space to meet consumer demand for furniture and homewares. The 350,000 sq ft distribution centre at London Gateway Logistics Park in Tilbury is part of Made’s growth plans and will create up to 100 new jobs. The development, which will be completed [...]
High street recovery blown off course as footfall drops 6.1 per cent May 4, 2021 Wind and rain blew the high street recovery off course this week as footfall dropped 6.1 per cent, according to figures from retail insight company Springboard. The number of shoppers across all retail destinations fell by two per cent last week from the week before. Meanwhile, footfall rose by 2.8 per cent in shopping centres [...]
Exclusive: Four out of five on furlough consider switching to jobs they are overqualified for May 4, 2021 Four in five furloughed Brits are considering applying for jobs they are overqualified for if they cannot return to their existing employment. Some 62 per cent of respondents feared they would not have a job to return to after furlough, according to new research by consultancy firm NTT DATA UK, shared with Morning Wire this [...]
Mike Ashley’s Frasers Group launches £60m buying spree despite recent Covid setbacks May 4, 2021 Mike Ashley’s Frasers Group has announced plans to spend £60m between now and and July despite warning less than a month ago that it would suffer a £200m hit from the Covid-19 pandemic. The company, which includes House of Fraser, Sports Direct, Evans Cycles and Jack Wills, among others, will start the buying spree later [...]
Travelodge to open 17 new hotels in 2021, creating 360 jobs May 4, 2021 Travelodge this morning announced that it will open 17 new hotels this year, creating 360 new jobs across its network. The new hotels mean that the firm will have a total of 597 venues across the UK, Ireland, and Spain. Two of the new hotels will be in London, with the rest spread around the [...]
Exclusive: EU’s biggest hemp producer sees profits grow 616 per cent in 2020 May 3, 2021 HempFlax saw its profits before tax skyrocket 616 per cent in 2020 to €659,000, as demand grew for its construction materials and CBD. The EU’s biggest hemp grower, headquartered in Holland, saw full year revenues up 43 per cent to €14.5m in 2020, with EBITDA increasing 63 per cent to €1.8m. The numbers were in [...]