Cain International mulling insolvency process for Italian chain Prezzo – report February 8, 2021 The private equity firm which bought Italian chain Prezzo in December is reportedly mulling putting the restaurant group through an insolvency process. Sky News reported that Cain International was considering a number of options, including pre-pack administration, as uncertainty over the future of the casual dining sector goes on. The firm, which also owns Swingers [...]
Window shoppers flock back to Central London as footfall jumps on lockdown fatigue February 8, 2021 Window shoppers flock back to Central London as footfall jumps on lockdown fatigue
Franco Manca owner The Fulham Shore in talks over restaurant expansion February 8, 2021 Franco Manca owner The Fulham Shore said it is in negotiations for many sites across the UK as it gets ready to restart its expansion plans as soon as lockdown restrictions are lifted. The firm has been able to secure discounts on new sites, with the coronavirus pandemic enabling it to acquire new restaurants at [...]
Around 2,450 high street jobs lost as Boohoo buys Arcadia brands at ‘discount price’ February 8, 2021 The sale of Dorothy Perkins, Wallis and Burton to Boohoo has put 2,450 jobs at risk, as all of the Arcadia brands’ physical stores are set to close. Deloitte, which was appointed as administrator to Sir Philip Green’s collapsed retail empire, announced today that Boohoo has bought the brands’ digital assets for £25.2m. All 214 [...]
E-commerce group Samarkand announces float plans February 8, 2021 Cross-border e-commerce technology and retail group Samarkand has announced its intention to float on the Aquis Exchange Growth Market. Samarkand is proposing to raise around £10m from the float, which is targeted for March 2021. Headquartered in London, Samarkand focuses on connecting Western brands with China. Samarkand CEO and co-founder David Hampstead said in the [...]
Boohoo buys Arcadia brands Dorothy Perkins, Wallis and Burton February 8, 2021 Online fashion giant Boohoo has bought Arcadia brands Dorothy Perkins, Wallis and Burton out of administration in a £25.2m deal. Boohoo has bought the brands’ e-commerce and digital assets and associated intellectual property rights. The deal does not include the retailers’ physical stores and the brands will become online-only. All 214 Dorothy Perkins, Wallis and [...]
The Week Ahead: Look out for GDP data, Ocado, AstraZ, Twitter and Ted Baker February 8, 2021 Start your week informed: here are the announcements and results to look out for this week. UK GDP: A double dip recession is looming After a fairly decent third quarter, and an expansion of 16 per cent, the UK economy has had a much more troubled fourth quarter, with the likelihood that we may well [...]
Losses at top 100 restaurant groups rocket 112 per cent to £571m February 8, 2021 Losses at the top 100 UK restaurant groups increased 112 per cent to £517m last year, rising from reported losses of £269m at the end of last month. According to UHY Hacker Young, the losses are expected to continue, as restaurants have been forced to shut again because of the latest coronavirus restrictions. UK Hospitality, [...]
UK supermarket chiefs call for online sales tax on firms like Amazon February 8, 2021 Some of the UK’s largest retailers, including Tesco and Asda, have called for Rishi Sunak to “rebalance the tax base” between online and bricks and mortar retail in an apparent push for a new digital sales levy on firms like Amazon. In a letter to Sunak, 18 chief executives and union bosses said “online retailers [...]
Central London retail investment doubles as fresh brands swoop on empty high street stores February 5, 2021 Less established brands swooped on discounted central London property in the final quarter of last year, as the collapse of former high street stalwarts has prime space up for grabs. Total central London retail investment in the fourth quarter of 2020 reached £475m, more than double the volume reported in the final three months of [...]