New Look urges landlords to back restructuring plan after failing to find buyer September 9, 2020 New Look has urged its landlords to back its restructuring plans after the struggling high street retailer failed to attract a buyer. The company said this morning that some parties had expressed an interest in certain New Look assets, however no bid was received for the firm. New Look’s landlords and other creditors will now [...]
Royal Albert Hall warns of ‘bleak future’ as it asks public for donations September 8, 2020 The Royal Albert Hall is asking for £20m in donations from the public in a bid to survive the impact of the pandemic. Since closing its doors in March, the venue has lost £18m in income and refunded over £6.5m in ticket sales. The chief executive has since warned it could go bust by March [...]
UK retailers encouraged to boost exports after Covid-19 batters high streets September 8, 2020 UK retail and consumer brands will be encouraged to ramp up international exporting and online sales amid dwindling high street footfall as part of the government’s coronavirus bounceback plans. The Department for International Trade today unveiled a raft of measures to support brands with exporting and improving their ecommerce platforms after the Covid-19 pandemic accelerated [...]
Iceland hires 3,000 workers to keep up with online delivery demand September 8, 2020 Iceland has created more than 3,000 new jobs as the supermarket seeks to meet the surging demand for home deliveries created by the coronavirus lockdown. The budget supermarket announced this afternoon demand for deliveries increased four-fold after the lockdown was announced, with online shopping orders jumping 300 per cent since August last year. Iceland said [...]
Fortnum & Mason chief executive steps down after eight years September 8, 2020 Fortnum & Mason has launched a search for a new chief executive after the luxury department store’s boss Ewan Venters announced he will step down next year. Venters, who has been chief executive of the Piccadilly retailer since 2012, will leave the firm in the New Year to take up the top job at art [...]
Ten Entertainment appoints COO as new chief executive September 8, 2020 Bowling alley chain Ten Entertainment announced that chief executive Duncan Garrood has stepped down today, earlier than expected, to be replaced by the firm’s chief operating officer. Graham Blackwell has been appointed interim chief executive with immediate effect while Garrood, who took on the role in November 2018, will leave the business today. Blackwell, who [...]
The creative sector is vital to London – we must save it before it is too late September 8, 2020 Save our arts. That is the rallying call. It is a worthy one. The UK’s creative sector is a dynamic part of the economy, but it has been among the areas hit hardest by the coronavirus crisis and looks likely to recover last. While areas like retail and housing are rebounding solidly, the arts are prevented [...]
Shares spike at Royal Mail despite ‘material loss’ in 2020 September 8, 2020 Royal Mail’s share price jumped more than 12 per cent this morning, as the postal service said its revenue had risen during the first half of the year thanks to a boom in online shopping. Royal Mail said it believes revenue could be £75m to £150m higher for the fiscal year 2020/21 if the UK [...]
Fever-Tree shares lose fizz as bar closures bite September 8, 2020 Fever-Tree’s share price slipped more than five per cent as markets opened this morning, after lockdown-enforced bar and pub closures left the brand too reliant on supermarket sales. Overall revenue fell 11 per cent year on year in the six months to the end of June, dropping to £104.2m from £117.3m. In the UK a [...]
JD Sports scraps dividend as Covid-19 footfall slump hits profit September 8, 2020 JD Sports today said it would scrap its interim dividend after the sportswear brand reported a sharp fall in profit and warned of the continued impact of lower footfall. The figures JD Sports posted revenue of £2.5bn in the 26 weeks to 1 August, down 6.5 per cent on the same period last year. Pre-tax [...]