Diageo shares drop as profit almost halves amid coronavirus crisis August 4, 2020 Shares in Guinness owner Diageo fell more than five per cent this morning after the drinks giant revealed that profit almost halved this year. The figures Diageo said this morning that operating profit in the year ended 30 June fell 47 per cent from £4.04bn to £2.13bn. Net sales dropped nine per cent from £12.86bn [...]
Pizza Express plans to close 67 restaurants, putting 1,100 jobs at risk August 4, 2020 Pizza Express is planning to close 67 UK restaurants due to the coronavirus pandemic, putting 1,100 jobs at risk, as the casual dining chain put itself up for sale. The company announced this morning that it will launch a company voluntary arrangement (CVA) in the “near future”. The CVA proposals would see the group close [...]
DEBATE: Is the Eat Out To Help Out scheme the solution our struggling restaurant sector needs? August 4, 2020 Is the Eat Out To Help Out scheme the solution our struggling restaurant sector needs? Benedict Spence, a freelance writer and avid gourmand, says YES. It seems fitting that a government led by a man so perplexingly successful in the bedroom would launch a national recovery initiative with a name carrying such potential for smut. [...]
The City View: Glass half full? Emma McClarkin on the future of British pubs August 4, 2020 Subscribe to The City View Podcast: Apple / Google / Spotify / RSS In this episode Christian is joined by the chief executive of the British Beer and Pub Association, Emma McClarkin, who represents over 20,000 pubs and whose members are responsible for 90 per cent of the beer brewed in the UK. Emma describes how pubs and brewers have responded to [...]
Gym chain DW Sports collapses into administration, putting 1,700 jobs at risk August 3, 2020 Gym chain and sportswear retailer DW Sports has collapsed into administration, putting 1,700 jobs at risk. DW Sports, which will appoint administrators today, has closed 25 of its 75 stores and has ceased trading through its website immediately. The remaining 50 retail sites will continue to trade, but will move into closing down sales from [...]
Hammerson pins hopes on ‘£800m’ raise to survive crisis August 3, 2020 Retail landlord Hammerson is considering tapping investors for up to £600m in a bid to shore up its finances during the coronavirus crisis. Hammerson, which owns Birmingham’s Bullring shopping centre and Brent Cross in north London, also confirmed that it is in advanced talks to sell its 50 per cent stake in Via Outlets to [...]
DEBATE: Is Rishi Sunak’s digital tax a good idea to save the high street? August 3, 2020 Is Rishi Sunak’s digital tax a good idea to save the high street? Jordan Shlosberg, co-founder of proSapient, says YES. High street retail is not fundamentally unprofitable, but is disadvantaged compared to online retail through higher taxes and overpriced leases. Through shifting the national tax burden from physical to online retail, the government can support [...]
Byron saved from bankruptcy but 650 staff to be axed July 31, 2020 Burger chain Byron has been saved from bankruptcy this afternoon after it was bought by Calveton UK, with current investors taking a minority stake. However, more than half of the popular high street restaurant’s stores and employees will be axed as a result of the deal. Only 20 of Byron’s 51 restaurants will continue to [...]
UK retailers must adapt business models to survive pandemic, experts say July 31, 2020 Around half of UK retailers must pivot their businesses in order to avoid collapse during the coronavirus pandemic, industry experts said. UK retailers need to move away from traditional, store-centric models and embrace online shopping, the latest KPMG Ipsos Retail Think Tank (RTT) said. The coronavirus pandemic has accelerated changes that were already happening in [...]
Pets at Home shares rise on jump in pet ownership July 31, 2020 Shares in Pets at Home jumped this morning after the retail chain reported a surge in demand for pet ownership after the coronavirus lockdown. Pets at Home said there were “tangible signs” of an increase in animal owners “as people adopt new attitudes to work and leisure pursuits” following the lockdown. A jump in pet [...]