Coronavirus: Calls for price controls dismissed as ‘economically illiterate’ April 10, 2020 Economists have hit back at Which? after the consumer watchdog said that the government should enforce price controls on certain items to prevent so-called “price gouging” during the coronavirus pandemic. The calls came after the consumer group said it had found that items such as handwash, cleaning products, and baby formula were selling at vastly [...]
Coronavirus: UK consumers ease up on stockpiling in run up to Easter April 10, 2020 UK consumers spent an additional £83m on groceries last week, but sales are down by 2.6 per cent compared to the same period in 2019, suggesting the nation has eased up on stockpiling. Grocery sales in the UK have increased significantly over the past weeks, as a result of stockpiling, amid health fears around the [...]
Cross-sector expert group offers free mentoring for businesses facing coronavirus crisis April 9, 2020 Experts across all sectors, including retail, hospitality and tech, have teamed up to provide mentoring for company founders and chief executives affected by the outbreak of coronavirus. The All Together scheme includes Martin Williams, the chief executive of Gaucho and M Restaurant brands, Innocent Drinks co-founder Jon Wright and ex-Flying Tiger chief executive Xavier Vidal. [...]
Coronavirus: Half of major UK retailers ‘could run out of cash’ as sales dive April 9, 2020 More than half of the UK’s major non-food retailers will run out of cash if the government’s coronavirus lockdown continues into the summer, as research found that sales have plunged 70 per cent. A new report by restructuring firm Alvarez & Marsal (A&M) and Retail Economics found that the UK’s biggest retailers will deplete their [...]
Debenhams to permanently close Irish stores after appointing administrators April 9, 2020 Department store chain Debenhams has fallen into administration and announced that it will permanently close its stores in Ireland. Debenhams has appointed FRP Advisory as administrators in the UK in a move that it said will protect the high street chain from legal action. The retailer said it could have faced liquidation while its 142 [...]
Just Eat Takeaway orders soar 50 per cent amid coronavirus lockdown April 9, 2020 Just Eat Takeaway orders soared 50 per cent in the first quarter of the year as more people opted for food deliveries after governments imposed restrictions on movement due to the coronavirus crisis. Just Eat Takeaway also said it suffered “severe” denial of service attacks in the week beginning 16 March which affected hundreds of [...]
Coronavirus: Guinness owner Diageo pauses £4.5bn shareholder returns scheme April 9, 2020 Guinness owner Diageo has scrapped its financial guidance and suspended a £4.5bn shareholder returns programme after bars and restaurants across the world closed due to coronavirus. The drinks giant has not scrapped its interim dividend, however it has paused a three-year shareholder returns programme after governments ordered pubs to shut. Diageo said it had seen [...]
Coronavirus: Arcadia races to raise £50m to secure immediate future April 9, 2020 Sir Philip Green’s Arcadia retail empire is scrambling to raise £50m to secure its future amid the coronavirus crisis, which has forced stores to close indefinitely. Arcadia, which owns Topshop and Dorothy Perkins, has reportedly approached banks and hedge funds as it seeks to borrow around £50m against its Daventry distribution centre, Sky News reported. [...]
Wagamama owner The Restaurant Group raises £57m amid coronavirus crisis April 9, 2020 Wagamama owner The Restaurant Group has raised £57m through a share placing to shore up its finances amid the coronavirus pandemic. Restaurant Group completed the equity raise this morning after announcing it last night. In a statement the company said: “The placing is expected to provide sufficient liquidity for the Company to deal with this [...]
Coronavirus: Global fashion industry set to contract 30 per cent this year April 8, 2020 The global fashion industry is set to contract by up to 30 per cent this year due to the coronavirus outbreak, according to the latest research. The luxury personal goods sector, including jewellery, watches and beauty products, is set to shrink by 35 to 39 per cent. Eight out of 10 listed fashion companies in [...]