McDonald’s, KFC and Wetherspoon among chains to slash prices after government VAT cut July 15, 2020 High street cafe and restaurant chains including McDonald’s, KFC and Wetherspoon have slashed prices in response to the government’s decision to cut VAT for the sector. Chancellor Rishi Sunak last week announced that VAT would be reduced from 20 per cent to five per cent for hospitality and tourism businesses. Fast food favourites and casual [...]
Storage firm Big Yellow sees revenue creep up despite lockdown July 15, 2020 Self storage firm Big Yellow said that revenues crept up 2.3 per cent in the first quarter despite a fall in demand due to the coronavirus pandemic. Revenue increased to £31.8m in the three months ending in June, up from £31.1m in the same period last year. Shares in the FTSE 250 firm rose one [...]
Dixons Carphone kills dividend as mobile pushes it to loss July 15, 2020 Dixons Carphone has cancelled its dividend as poor mobile sales during lockdown pushed it to another annual loss, prompting its share price to sink today. Shares sank 7.8 per cent in early trading as a jump in online sales failed to offset a 20 per cent plunge in mobile sales during lockdown. The figures Dixons [...]
Furnishings retailer Dunelm predicts £21m fall in profit July 15, 2020 Dunelm said profit for this year could drop by as much as £21m, as the home furnishings retailer assesses the impact of coronavirus on sales. The company, which sells furnishings ranging from cushions and bedding to kitchen equipment, was forced to close its store network for several months under lockdown rules — relying on its [...]
Supermarket sector tops customer service list for pandemic performance July 15, 2020 The supermarket sector topped the list for customer service during the coronavirus crisis, according to the latest research, as grocers stepped up to the challenge to serve shoppers throughout the lockdown. The sector’s score increased four per cent compared to last year, according to analysis by KPMG. Financial services, which was the next best performing [...]
McDonald’s to cut prices following government VAT break July 14, 2020 McDonald’s has announced it will slash prices after the government announced a VAT cut, as the fast food giant gears up to open for dine-in customers for the first time since March. McDonald’s said it had recommended that franchisees reduce prices on meal deals and classic products such as the Big Mac, Quarter Pounder with [...]
Aldi extends Deliveroo trial with 11 extra UK stores July 14, 2020 Budget supermarket Aldi has extended its current trial with Deliveroo by adding an extra 11 stores, including five more in London. The extension more than doubles the number of stores running the trial delivery partnership, after eight stores in Nottingham launched the Deliveroo service in May, with Camden following in June. Aldi stores in London [...]
Vegan milk firm Oatly raises $200m from investor group including Oprah Winfrey and Howard Schultz July 14, 2020 Vegan milk producer Oatly has raised $200m from a group of investors led by Blackstone, including Oprah Winfrey, actress Natalie Portman and former Starbucks boss Howard Schultz. The investment round, which was also backed by Jay Z’s Rocnation, will be used to fund the company’s growth plans, which include expansion in current markets and new [...]
Lidl to open 25 new stores in the UK this year creating 1,000 jobs July 14, 2020 Lidl has said it plans to open a new store every week until Christmas, seeing 25 new branches and 1,000 more jobs. The budget supermarket also plans to invest £1.3bn in the UK for 2021 and 2022, which will see the creation of 100 new stores and around 4,000 new jobs. Lidl aims to have [...]
Fever-Tree shares fall as bar closures impact sales July 14, 2020 Fever-Tree’s share price fell more than five per cent this morning, as investors took stock of its trading update amid the coronavirus pandemic. While the first two months of this year were in line with the company’s expectations, the drinks maker said trading had been “dominated” by coronavirus from March onwards. Its so-called on-trade division [...]