Exclusive: London food hall Mercato Metropolitano to raise £5m to fund international expansion January 28, 2021 London street food market Mercato Metropolitano is aiming to raise up to £5m in a funding round in the coming months. The firm, which this week announced it will open three new sites in the capital in 2021, will raise capital in the second quarter after its plans were delayed due to coronavirus. Morning Wire [...]
Paperchase secures future of 90 high street stores – but 37 set to close January 28, 2021 Paperchase has secured a deal to rescue the majority of its high street stores, saving 1,000 jobs, but 37 shops are set to close following the sale. The stationery retail chain announced it appointed administrators this morning and was bought by Aspen Phoenix Newco. Funds managed by Permira Debt Managers are the majority stakeholders in [...]
J20 and Tango owner Britvic suffers slump in sales due to hospitality restrictions January 28, 2021 Soft drinks group Britvic, which owns J2O, R White’s lemonade and Robinsons, suffered a slump in sales in the first quarter due to restrictions on pubs, bars and restaurants. The FTSE 250 firm said this morning that total revenue declined 9.8 per cent to £328.1m in the three months ended 31 December. The Hemel Hempstead-based [...]
Joules mulls hiking prices for shoppers to offset rising Brexit costs January 28, 2021 Fashion retailer Joules has warned it is considering increasing prices for consumers as it revealed that Brexit had disrupted exports and could cost it an extra £1m per year. Joules said that, despite its preparation for the end of the transition agreement, exports to certain EU markets had suffered, with Germany being particularly impacted. The [...]
Tate & Lyle to beat profit expectations as consumers cook at home during lockdown January 28, 2021 Sweetener manufacturer Tate & Lyle is set to beat profit expectations due to strong demand as more people cooked at home during lockdown. The firm, which sold its eponymous sugar brand in 2010, said its food and beverage solutions division recorded sales growth of eight per cent due to higher volumes, good prices and the [...]
Fever-Tree to beat revenue expectations as supermarket sales soar in lockdown January 28, 2021 Fever-Tree expects to beat revenue expectations for last year following strong supermarket sales of its soft drinks and mixers during the pandemic. The firm said this morning that total revenue for 2020 is expected to be £252.1m, ahead of guidance provided in September. Revenue will be down three per cent on the previous year due [...]
Guinness owner Diageo hikes dividend despite impact of pub closures on sales January 28, 2021 Diageo, the owner of Guinness and Smirnoff, this morning announced it will hike its dividend despite the impact of coronavirus restrictions on pub and bar sales. Reported net sales fell 4.5 per cent during the second half of the year, while operating profit declined 8.3 per cent to £2.2bn. Organic net sales increased one per [...]
Reddit day traders out for blood as they tell GameStop short-sellers: ‘We want to see the loss porn’ January 27, 2021 The ongoing battle between Reddit day traders and corporate short-sellers over GameStop stock has heated up, with the Redditors vowing: “We want to see loss porn”. Shares of US videogame retailer GameStop jumped 146 per cent today, driving the price of the stock to a whopping $365 by midday. Today’s surge leaves GameStop stock up [...]
Vaping wholesaler Supreme targets £156m market cap with AIM listing January 27, 2021 Vaping wholesaler Supreme this morning announced plans to float on London’s stock market, targeting a £156.1m market capitalisation. The Manchester-based e-cigarette firm will launch its initial public offering on London Stock Exchange’s growth market AIM next week. Its market capitalisation is expected to reach £156.1m following the IPO. This morning the company said it had [...]
Amazon halts alcohol sales in Northern Ireland following new Brexit customs rules January 27, 2021 Online retail giant Amazon has halted sales of wines, beers and spirits in Northern Ireland as it prepares to de-list more products under new Brexit customs rules. The company is concerned that excise duty will now have to be paid twice on alcohol shipments sent from British mainland across the Irish Sea. Amazon suspended orders [...]