Laura Ashley collapses after coronavirus hits trading March 17, 2020 High street retailer Laura Ashley has collapsed into administration due to the outbreak of coronavirus. The company announced this morning that the outbreak had “an immediate and significant impact on trading”, and the retailer was unable to secure third party backing or additional financial support from main shareholder Mui Asia. Laura Ashley said it has [...]
Coronavirus: Pub stocks plunge on ‘stay home’ advice March 17, 2020 Pub stocks plummeted this morning following government advice for the public to avoid pubs and restaurants to slow the spread of coronavirus. The hospitality sector yesterday branded the government’s decision to urge people to stop going to venues without offering any additional help for businesses “catastrophic”. Pub operator Marston’s share price dropped more than 28 [...]
Compass Group’s shares slump as coronavirus closures dent profits March 17, 2020 Compass Group is the FTSE 100’s biggest faller as it warned interim profits will be lower than expected because of closures in its sport, leisure and education businesses. The catering company said the acceleration of containment measures adopted by governments and clients in Europe and North America, notably the closure of schools and cancellation of [...]
Ferguson shares tumble on coronavirus impact warning March 17, 2020 Shares in plumbing group Ferguson slumped over 13 per cent in morning trading after it warned it could not confirm its full-year outlook due to the coronavirus pandemic. The company also reported a 5.7 per cent drop in pre-tax profit for the six months ending 31 January, which fell to $640m (£522m). Revenue rose 1.1 [...]
City Pub Group to slash jobs as coronavirus threat looms March 17, 2020 City Pub Group today said it will lay off staff across the company as it braces for a decline in footfall caused by the coronavirus outbreak. The upmarket pub chain said it will reduce employee numbers in its head office and at site level, while opening hours will be reviewed to cut out “non-productive” times. [...]
Pub industry warns Boris Johnson that lockdown measures put ‘hundreds and thousands of jobs’ at risk March 16, 2020 The UK pub industry has tonight written to Prime Minister Boris Johnson warning him that the government’s guidance that members of the public should avoid going to bars and pubs presents the sector with an “existential crisis”. In a letter from British Beer and Pub Association chief executive Emma McClarkin, the industry warned that “thousands [...]
Coronavirus measures to have ‘devastating’ impact on UK hospitality sector March 16, 2020 The UK’s pubs and restaurants have called on the government to offer urgent financial help after Boris Johnson advised people to avoid social gatherings, in what could be a death knell for London’s pubs, restaurants and leisure businesses. The prime minister urged the public to practice “social distancing” by staying at home rather than eating [...]
Coronavirus: Supermarkets mull streamlining stores to cope with spike in demand March 16, 2020 The biggest supermarkets in the UK are mulling cutting cafe, counters and other services to focus on maintaining basic provisions as the demand for essential items and hygiene products soars during the coronavirus outbreak. Bosses are stepping up their contingency plans to keep stores running if staff take sick leave or if a potential mass [...]
Walmart edges closer to Asda sale as buyout firms bid March 16, 2020 US retail giant Walmart has edged closer to a sale of Asda after three private equity firms competing to buy the supermarket reportedly made it through to the next stage of bidding. Buyout firms Apollo Global Management, Lone Star Funds and TDR Capital submitted first round offers for the UK grocer and have been invited [...]
H&M closes hundreds of stores as Europe battles coronavirus spread March 16, 2020 H&M’s share price dropped this morning after it announced it has shuttered hundreds stores across Europe as coronavirus continues to spread across the continent. The Swedish retailer’s share price fell more than 11 per cent this morning as it warned that sales had been affected this month due to the outbreak. The group has temporarily [...]