Flexible thinking has got small businesses through this crisis — now we can shop local to support them June 30, 2020 Over the past few months we have seen and heard countless stories of small, local businesses hit hard by the economic lockdown. Covid-19 has triggered businesses to reassess how they can engage with customers in new and innovative ways, and many have had to adapt quickly to survive. Art workshops and yoga classes are being [...]
Burger chain Byron heads for administration with 1,200 jobs on the line June 29, 2020 Burger chain Byron is scrambling to find a buyer who can stave off impending financial collapse, save 1,200 jobs, and reopen its 52 restaurants in the UK by mid-next month. The company has filed a notice of intention to appoint administrators, in an attempt to protect it from creditors during talks with potential buyers. Sources [...]
Coty picks up $200m stake in Kim Kardashian West’s beauty brand KKW June 29, 2020 Coty is to buy a 20 per cent stake in Kim Kardashian West’s make-up brand KKW, valuing the reality TV star’s business at $1bn (£810m). The deal, which will see cosmetics giant put $200m into the celebrity’s beauty line, sent Coty’s shares skyrocketing 17 per cent in pre-market US trading. It means that West’s beauty [...]
Leicester lockdown: Pubs and restaurants may stay closed for two more weeks June 29, 2020 Leicester may be forced to extend restrictions on restaurants and pubs for a further two weeks due to a local coronavirus flare up, according to the city’s mayor. Sir Peter Soulsby said today that the government recommended that England’s current social distancing restrictions, due to be lifted on Saturday, are not lifted for the Midlands city. [...]
Deliveroo debuts dine-in feature for reopening restaurants June 29, 2020 Deliveroo has today announced a new so-called table service feature, which will help restaurants cater to customers choosing to dine in without breaching social distancing measures. Available from 15 July, the tool will let customers browse the menu, order and pay at a restaurant via the Deliveroo app. Deliveroo has said it will not charge [...]
Dwindling number of female chiefs as Card Factory boss leaves June 26, 2020 Karen Hubbard’s departure from Card Factory leaves no women at the top of any FTSE retailer. Hubbard claimed the status as the only female boss after a considerable drop in the number of women at the top of FTSE firms. This is despite around 60 per cent of the retail workforce are women while approximately [...]
Outgoing Tesco boss Dave Lewis sees £6.4m pay packet voted down June 26, 2020 Dave Lewis’ tenure as Tesco’s chief executive looks set to end on a sour note after shareholders voted down the pay report that will give him £6.4m in compensation. Over 67 per cent of shareholders revolted against the report at the grocer’s annual meeting today, but as the vote is non-binding Lewis will still receive [...]
Intu falls into administration after lender talks fall through June 26, 2020 Retail landlord Intu has fallen into administration after lenders failed to agree to last-minute relief on the company’s debt obligations today. Intu’s failure to raise new capital means KPMG will now step in to handle its administration. Adminstrators James Tucker, Michael Pink and David PIke will lead the process. Intu’s shares have now been suspended [...]
Marston’s warns of uncertain outlook ahead of pub reopenings June 26, 2020 Marston’s warned its financial outlook in the short term is uncertain as it looks to reopening pubs and restaurants from next week. The figures The pub operator said the coronavirus outbreak had a material impact on revenues estimated at around £40m. It took a hit to profit as it reported a £9.4m profit before tax [...]
Intu ready to call in the administrators as funding talks fail June 26, 2020 Intu said it is set to call in administrators today after cliff-edge negotiations with lenders failed to secure its future. The retail landlord said “unfortunately, insufficient alignment and agreement has been achieved” with key creditors on a standstill on loan repayments, ahead of its debt waiver period expiring at midnight tonight. Intu was already suffering [...]