B&Q owner Kingfisher expects £175m profit boost due to Covid-19 support and cost savings November 19, 2020 B&Q owner Kingfisher expects to report an extra £175m profit for the year due to temporary cost savings, including government Covid-19 support measures. The London-listed DIY firm said today that sales soared 17.6 per cent to £3.5bn in the third quarter due to a surge in people beginning home improvement projects during the pandemic. Kingfisher [...]
Bottoms up: Naked Wines revenue soars on lockdown boom November 19, 2020 Naked Wines’ first-half revenue has soared thanks to an increase in home delivery orders amid lockdown. With pubs and bars shut from March, Naked Wines recorded an 80 per cent surge in sales to £157.1m, compared with £87.5m a year earlier. It also narrowed first-half adjusted loss before interest and tax from £4.5m a year [...]
Cineworld reportedly mulling CVA to get through to the spring November 19, 2020 Cineworld is reportedly mulling entering a “company voluntary arrangement” (CVA) in a bid to keep the struggling cinema chain alive through to the spring. As a result of new restrictions imposed by the pandemic and decisions by Hollywood execs to delay a number of blockbusters, the company has shut all 657 of its cinemas in [...]
Boohoo factory saga ‘one of the worst ESG scandals’ in UK history, Leicester MP says November 18, 2020 The discovery of poor working conditions in Boohoo’s Leicester supply chain has been branded “one of the worst environmental, social and corporate governance (ESG) scandals in modern UK history”, by one of the city’s MPs. Liz Kendall, the MP for Leicester West, today again called on Boohoo’s executive chairman Mahmud Kamani and chief executive John [...]
Hospitality: 96,000 firms to close next year without reform to tier system November 18, 2020 The coronavirus pandemic could force around 96,000 hospitality firms out of business next year, industry trade bodies have warned. A survey of British Beer & Pub Association, British Institute of Innkeeping and UK Hospitality members found that 72 per cent of firms expect to become unviable and close in 2021. Firms said the tiering system [...]
Marks & Spencer launches ‘innovation hub’ to expand plant-based food range November 18, 2020 Marks & Spencer (M&S) has announced the launch of a “innovation hub” to develop sustainable food products. The retailer announced today that the nine-strong innovation team, which will launch in January, will seek to capitalise on emerging trends, such as veganism and environmental causes, to become “more relevant” to its customers. Research will include soya-alternative [...]
B&M sales benefit from lockdown loophole, but fails to grow customer base November 18, 2020 B&M benefits from being classed as an essential retailer due to stocking food and household goods, meaning stores have been allowed to remain open during lockdowns – an issue that has been widely discussed in the media.
Halfords doubles profit after lockdown cycling boom November 18, 2020 Retailer Halfords more than doubled its profit in the first half of the year after capitalising on the lockdown cycling boom. The FTSE 250 firm, which sells motoring and cycling products, reported pre-tax profit of £56m in the six months to 2 October, up from £25.9m in the same period last year. There has been [...]
Hospitality boss warns 660,000 jobs lost before second lockdown pushed sector into ‘intensive care’ November 17, 2020 Around 660,000 hospitality jobs were lost this year before the second coronavirus lockdown was implemented, the industry trade body told MPs today The pandemic had already wiped out 20 per cent of jobs in the sector, which was previously the third biggest employer in the country, by the end of September, UK Hospitality boss Kate [...]
Hospitality supplier Johnson Service Group axes 1,500 jobs November 17, 2020 Johnson Service Group, a provider of workwear and hotel and restaurant linens, has announced it will shrink its headcount by around 1,500 jobs this year, as the impact of the coronavirus pandemic on the hospitality sector sweeps through the supply chain. The Cheshire-based firm said its hotel, restaurant and catering (HRC) division had been badly [...]