Watches of Switzerland beats expectations due to surge in online sales May 14, 2020 Watches of Switzerland saw sales smash £590m in the UK as the luxury group beat expectations for full-year revenue despite the coronavirus shutdown. Despite a slowdown in the last six weeks of the year due to the coronavirus, the firm said revenue had risen 5.9 per cent to £819.3m. The figures In the 46 weeks [...]
WH Smith revenue dives 85 per cent during coronavirus lockdown May 14, 2020 WH Smith reported an 85 per cent drop in revenue for last month after the coronavirus lockdown forced the retailer to close high street and transport hub stores. The newsagent chain said travel revenue plunged 91 per cent due to travel bans around the world, and high street revenue was down 74 per cent. WH [...]
Marks & Spencer to reopen 49 cafes as UK lockdown eases May 13, 2020 Marks & Spencer (M&S) will reopen cafes across the UK with social distancing measures in place from tomorrow, as the country gradually starts to ease the coronavirus lockdown. The retailer said 49 cafes will be open to sell takeaway hot drinks following a successful trial at five locations, allowing customers to buy coffee while doing [...]
Bowling alley operator Ten Entertainment prepares for coronavirus lockdown to lift May 13, 2020 Bowling alley operator Ten Entertainment said it was preparing to reopen to customers with social distancing measures in place, and also said it had the resilience to face a second wave of coronavirus. Ten Entertainment this morning announced it has secured personal protective equipment for staff and its sites were being configured for social distancing. [...]
Young’s pub chain to secure extra £100m financing to survive coronavirus crisis May 13, 2020 Pub chain Young’s said it is in the process of securing an additional £100m of financial headroom to help sustain the business throughout the coronavirus crisis. The company said it has issued paper with a value of £30m and a maturity date of 13 May 2021 under the government’s Covid Corporate Financing Facility. It is [...]
8,000 jobs at risk as Tui faces ‘greatest crisis’ for travel industry May 13, 2020 Holiday operator Tui said 8,000 jobs are at risk as it seeks to cut costs due to the coronavirus pandemic, which has presented the “greatest crisis” ever faced by the travel industry. The company said this morning that the coronavirus crisis has forced it to accelerate its transformation plan. Tui is aiming to reduce its [...]
UK retail sales suffer record decline as online surge fails to offset impact of closed shops May 13, 2020 A sharp rise in online shopping failed to offset plummeting UK retail sales last month, which suffered a record decline in April due to the coronavirus lockdown. Total sales plunged 19.1 per cent in April, against an increase of 2.4 per cent last year, which is the worst decline since records began in 1995. Over [...]
Suits you: TM Lewin bought by private equity firm SCP May 12, 2020 British menswear brand TM Lewin has today been acquired by SCP Private Equity via special purpose vehicle Torque Brands. TM Lewin, which was established in 1898, was sold to SCP for an undisclosed amount by Bain Capital Credit which acquired the shirt-and-tie retailer in 2015. SCP has acquired the business as a going concern, taking [...]
McDonald’s set to reopen all drive-thrus by June May 12, 2020 McDonald’s has announced it will open 30 more restaurants this month as it aims to reopen all of its drive-thru sites by June. The fast food giant said it will open 30 drive-thru restaurants in the UK and Ireland from 20 May, and plans to open all sites by early June. The company has not [...]
Hollywood Bowl secures government coronavirus interruption loan May 12, 2020 Hollywood Bowl has secured a £10m loan through the government’s Coronavirus Large Business Interruption Loan Scheme. The bowling alley operator said the loan will be provided by Lloyds Bank. It replaces a £10m revolving credit facility extension to its £35m banking facility, which was announced at the beginning of April. Hollywood Bowl, which has closed [...]